La Soparfi luxembourgeoise au sein d'un groupe international : analyse d'un cas concret
Mailleux, Maxim
Promotor(s) : Philippe, Denis-Emmanuel
Date of defense : 19-Jun-2018/21-Jun-2018 • Permalink : http://hdl.handle.net/2268.2/4820
Details
Title : | La Soparfi luxembourgeoise au sein d'un groupe international : analyse d'un cas concret |
Author : | Mailleux, Maxim |
Date of defense : | 19-Jun-2018/21-Jun-2018 |
Advisor(s) : | Philippe, Denis-Emmanuel |
Committee's member(s) : | Capodici, Giuseppina
Herman, Magali |
Language : | French |
Number of pages : | 108 |
Discipline(s) : | Business & economic sciences > International economics |
Institution(s) : | Université de Liège, Liège, Belgique |
Degree: | Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management |
Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[fr] This master thesis explains and describes the concept of a SOPARFI (in French “Société à Participations Financières”) and specifically, the position of a SOPARFI as a Luxembourg holding entity within an international group.
The first aim of this thesis is to determine if a Luxembourg SOPARFI is still economically and fiscally attractive for an international group even in a world under continuously changing tax regime. In order to obtain a precise picture of that, a case study of a multi-country project including a Luxembourg entity, a Dutch holding company and two Italian entities is conducted.
This thesis starts by a theoretical part in which the concepts of a SOPARFI is fully explained in order to properly understand all the specifications of this type of structure. In this part several key points of the legal environment Europe are also elaborated. Indeed, the concepts of “Base Erosion and Profit Shifting” is explained as well as the Anti-Tax Avoidance Directive (ATAD).
The theoretical part is then followed by the case that is mentioned above. The legal aspect of the structure is mainly taken into account. The analysis tries to provide possible repercussions of the ATAD, which will be implemented by January 1st 2019, and how the structure should anticipate that. The tax perspective is also taken into account through the path of repatriation of financial incomes of the entire structure.
The results of this study highlight that a SOPARFI in Luxembourg is still attractive for an international group. The ATAD is expected to bring several crucial changes (about controlled foreign companies or interest deduction for example) but the group would normally be able to respond properly to them. However, through the studied structure, it is seen that the incomes are less taxed thanks to several tax treaties within the countries in Europe. A SOPARFI also benefits from specific aspects to this type of entity which allow it to be more efficient.
As we write these lines, we can say the analysed structure is still efficient. However, with all the changes that will occur on the world tax level, the group is highly recommended to follow and anticipate these modifications in order to remain efficient.
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