In advance of the event, Delano spoke with Tim McCann, group head of tax at Schroders. He speaks on the “Corporate taxation in Europe: Key trends and developments of relevance for Luxembourg management companies” panel, at 4pm.

Aaron Grunwald: What do you want the audience to get most from the “Corporate taxation in Europe: Key trends and developments of relevance for Luxembourg management companies” session?

Tim McCann: I’m hoping they will find this an interesting and exciting topic that is worth engaging with. The last 10 years have seen a huge increase in the tax compliance and reporting obligations for all multinational companies, including Luxembourg management companies, and there is plenty more in the pipeline.

In many respects, the increased volume of compliance and reporting obligations applies equally to managed funds and it is critical that businesses stay ahead of these developments with a view to ensuring that the implications are properly understood and managed in an effective way.

From your point of view, what are the most challenging tax topics that management companies (mancos) need to address this year?

The new global minimum tax that comes into effect from 1 January 2024 creates significant logistical challenges for businesses and tax authorities alike. The proposed Atad 3 or Unshell Directive will necessitate an immediate review of many EU fund structures. At the same time, management companies have to address existing tax filing obligations, tax audits and the many tax implications associated with the rapid pace of business change.

What aspect of European corporate taxation are you most optimistic about at the moment?

I’m hoping that with the introduction of the global minimum tax, governments, tax authorities and other stakeholders can and will now pause to assess whether the reforms of the last 10 years to address perceived tax avoidance by muti-nationals have delivered on expectations.

Aside from your own talk at the Alfi event, which session are you most looking forward to hearing, and why?

I’m keeping my fingers crossed for a positive update from Karen Ward [editor’s note: Tuesday 21 March at 10am] on the macro outlook and its implications for asset management.