Fiscal treatment for a European investor? From Italy or Germany for instance?
Feedback Stephan (AAFS) on an AMC case / 04.09.2023
"Fiscal treatment is always tricky to comment on, as we are not allowed to provide tax advise (several laws are clearly stating, that this can only be done by qualified and registered tax advisors) but a general comment by myself:
The tax treatment depends on the status of the investor.
If the investor is a pension fund, a foundation, or any other non-taxable, tax-exempt or tax-reduced investor the tax treatment should be similar to any other bonds investment issued by a corporate.
Same applies to any physical Person, investing into securities, eg corporate bonds.
Depending on their individual tax treatment, realised gains and losses might be taxed according to their tax situation, as well as the duration of their holding.
The tax formalities are normally done by the custodian bank of the investor, as they are tracking any prices, the investor entered first, and the custodian bank is doing an automatic deduction of any taxes in relation to the investor either at interest payment (not applicable in our case at this point in time) as well as towards the redemption/maturity
I know, very much generic, but our investor base is too broad to have a standard and applicable answer to all."