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The Actuary The magazine of the Institute & Faculty of Actuaries

Down with tax barriers to European pensions!

Tax has been identified over the years as a major obstacle for market integration of occupational pensions. In April, European commissioner for taxation and customs union LászlÓ Kovács received two reports on discriminatory tax treatment in respect of occupational pension funds. The reports were prepared by the EFRP and the EU direct tax group of PricewaterhouseCoopers (PwC).

EFRP chairman Jaap Maassen told the commissioner that both EFRP and PwC are preparing formal complaints with the European Commission on the discriminatory tax treatment of pension institutions in respect of cross-border transfers of pension capital, and in respect of payments of dividends and interest to foreign pension funds (higher taxation of foreign pension funds). The details of the complaints will be made public when the complaints have been formalised.