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Compare and contrast: Worldwide Real Estate Investment Trust (REIT) Regimes
This booklet will keep you up to speedandallowyouto compare the various global REIT regimes
July 2011
Contents
Introduction 1
Australia 2
Belgium 4
Bulgaria 6
Canada 8
Finland 10
France 12
Germany 14
Greece 16
Hong Kong 18
Italy 20
Japan 22
Malaysia 24
Mexico 26
Singapore 28
South Korea 30
Spain 32
The Netherlands 34
Turkey 36
United Kingdom 38
United States 40
1 PwC Worldwide Real Estate Investment Trust Regimes (REIT) Country summaries
Introduction
DuringthepastfewmonthsRealEstateInvestmentTrusts(REITs)havecomebackfromthefinancialcrisis showinganimpressiveupswing.TheREITregimesrespondtotheeverchangingmarketenvironmentandare continuouslyevolving.
PwC’sAssetManagementpracticehasaglobalteamofrealestatetaxandlegal professionalswhohaveconceivedthisbooklettokeepyouuptospeedandallowyouto comparethevariousregimes.Asyouwillnotice,itisahighlevelcomparisonofkey attributesofselectedREITregimes.Inthisyear’sbooklet,wehaveincludedFinlandasan additionalcountry.Wetrustthatyouwillfinditausefulreferenceandsourceof information.
TheREITcontactslistedwithineachcountrysectionwillbedelightedtoassistyouwithany furtherrequestsonthelocalREITmodel.Otherwise,pleasedon`thesitatetocontactmeor yourusualPwCcontactdirectly.
Uwe Stoschek GlobalRealEstateTaxLeader PwC(Germany) +493026365286 uwe.stoschek@de.pwc.com
2 PwC Worldwide Real Estate Investment Trust Regimes (REIT) Country summaries
Australia
TheAustralianREITmarkethasahistorydatingbackto1971,whenthefirstREITwaslistedontheAustralian StockExchange(ASX).TheAustralianREITmarketisnowverylarge,wellestablishedandsophisticatedwith approximately70%ofAustralianinvestmentgradepropertiessecuritised.Asof28February 2011,therewere 57listedREITsontheASXwithamarketcapitalisationofoverAU$80billion.
Brian Lawrence PwC(Australia) +6128266-5221
brian.lawrence@au.pwc.com
Manuel Makas PwC(Australia) +6128266-5926
manuel.makas@au.pwc.com
Legal form TherearenospecificREITrulesinAustralia. AustralianREITsaretruststhatcanbelisted orunlisted.AustralianREITscanbesector specific(e.g.industrial,office,etc.)or diversifiedfunds.In1998,theManaged InvestmentScheme(MIS)ruleswere introducedintotheCorporationsLaw. TheMISrulesgoverninvestmentvehiclesin Australia,includingREITs.Therulesdeal withregulatoryissuessuchaslicensingand boardcompositionforthemanagerrather thanspecificteststhatmustbesatisfiedto qualifyasaREIT.
Australiais,however,goingthrougha periodoftaxreform.Oneoftheareasthatis being proposedistointroduceaspecific taxregimeforanMIS.Atthisstage,itisnot knownwhattheoutcomeofthisreform willbe.
Capital requirements Therearenocapitalrequirementsfora REIT(iflisted,however,itmustmeetASX requirements).Thereare,however,capital requirementsforthemanager.
Listing requirements Therearenolistingrequirements.AREIT canbelistedorunlisted.
Restrictions on investors Therearenoinvestmentrestrictionson investors.
Asset/income/activity tests Publicunittrustsinvestinginlandmust dosoforthepurpose,orprimarilyfor thepurpose,ofderivingrentalincome (“eligibleinvestmentbusiness”).Publicunit truststhatcarryonatradingbusinesssuch asdevelopinglandforsale,willnotreceive flowthroughtreatment.Eligibleinvestment businessincludesotherpassive,investment-typeactivitiessuchasloans,portfolioshare investment,derivatives,etc.
Restrictions on foreign assets
Therearenorestrictionsonforeignassets.
Distribution requirements Undistributedincomeorgainsaretaxedat 46.5%.Fulldistributionofincomeandgains byREITsgenerallyoccurs.
Tax treatment at REIT level Flowthrough,providedallunitholders areentitledtotheincomeoftheREIT. AREITisresponsibleforwithholdingtax ondistributionstonon-residents.Some treatiesdealspecificallywithREITs,e.g. US/Australia,Japan/Australia.
Withholding tax on distributions
• Domestic:None
• Foreign:30%orreducedamountof7.5% ifinvestviacertaincountries
• Treatyaccess:Yes,dependinguponexact treatywording.Limitationscanariseif treatyrequiresbeneficialownership (duetotrustlegalform).NoteREIT distributionsarenotdividendsandnot coveredunderdividendarticles.
3 PwC Worldwide Real Estate Investment Trust Regimes (REIT) Country summaries
Tax treatment at the investor level
Resident investors Residentunitholdersareliabletopaytaxon thefullamountoftheirshareofthetaxable income(includingcapitalgains)ofaREIT intheyearinwhichtheyarepresently entitledtotheincomeoftheREIT.This applies,irrespectiveofwhethertheactual distributionoftheincomefromtheREITis paidinasubsequentyear.
DistributionsfromtheREITretaintheir characterandthereforethetaxtreatment ofthevariouscomponentsmaydiffer.For exampleadistributionfromaREITmay includebothforeignsourcedincomeand gains(e.g.frompropertieslocatedoverseas) andAustraliansourcedincomeandgains. DistributionsfromanAustralianREITmay alsoincludeataxdeferredcomponent, capitalgainstax(“CGT”)concession component,acapitalgaincomponentand aforeigntaxcreditcomponent.
Taxdeferredamountsaregenerally attributabletoreturnsofcapital,building allowances,depreciationallowancesand othertaxtimingdifferences.Itisthe practiceofthecommissioneroftaxationto treattaxdeferredamountsasnotassessable whenreceived,unlessanduntilthetotaltax deferredamountsreceivedbyaunitholder exceedtheunitholder’scostbaseofthe REITunits.ForCGTpurposes,taxdeferred amountsreceivedreducetheunitholder’s costbaseoftheREITunitsandtherefore affecttheunitholder’scapitalgain/losson disposalofthoseunits.
Whereacapitalassetthatisownedbythe AustralianREITforatleast12monthsis disposedof,thetrustmayclaima50%CGT discountonthecapitalgainrealisedupon disposalofthatasset.TheCGTconcession componentofadistributionbytheREITwill representtheCGTdiscountclaimedbythe trustinrespectofassetdisposals.TheCGT concessioncomponentisnotassessable whenreceivedbyunitholders(andnoCGT costbaseadjustmentisrequired).
ThecapitalgaincomponentofaREIT distributionmustbeincludedinthe unitholder’snetcapitalgaincalculation.
Unitholdersmaybeentitledtoaforeign taxcreditforforeigntaxespaidbyaREIT. ThecreditisappliedagainsttheAustralian taxpayableonforeignsourcedincome.
ThedisposalofREITunitswillhaveCGT implications.
Non-resident investors
Non-residentunitholdersaresubjectto AustraliantaxontheirshareoftheREITs taxableincomethatisattributableto Australiansources.Foreignsourcedincome canflowthroughanAustralianREITto anon-residentunitholder,tax-free. Distributionstonon-residentsofAustralian sourcedtaxableincomearesubjectto withholdingtax(referabove).
ThedisposalofREITunitscanhaveCGT implicationsforforeigninvestorsowning 10%ormoreoftheREITunits.
Transition to REIT/ Tax privileges
None
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