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Astrid Barnsteiner
Astrid Barnsteiner
BDO Tax and Accounting
Director

Astrid is a Director in the Tax Advisory department at BDO Luxembourg. Before joining BDO in 2015, she has been a tax director at a big four firm. Astrid has 25 years of experience as a tax professional in the Luxembourg market with an industry focus on investment management, and more particularly alternative investment funds with assets classes comprising real estate, infrastructure, private equity and debt. Astrid advises on all tax aspects of fund structures throughout the life of the fund, including set-up of the fund, acquisition and exit structuring, refinancing, and provides assistance upon implementation. Astrid is a fully qualified German and Luxembourg lawyer, having completed Studies of Law at Ludwig-Maximilians-Universität in Munich, followed by the First and Second Legal State Exam in Bavaria/Germany and the Bar Examination in Luxembourg. She speaks German, English and French.

Speaking at

Luxembourg
Tuesday, 24 October 2023
17.15 - 17.55
The concept of "substance" in investment fund structures and the asset management business models

The investment fund and asset management industry is highly regulated. UCITS, AIFs and their subsidiaries, as well as investment managers operate in accordance with EU directives and regulations. They are tax-neutral entities that generally operate on a pan-European basis and are used for pure investment purposes. They provide an essential platform for EU and non-EU investors to channel capital in particular to EU entities in a regulated manner. In this context, economic substance derives from EU Directives and the rules set by the competent national authorities that shape their operational set-up. In the context of tax rules, however, the perception may be somewhat different. The panel will present and discuss the concept of "substance" in investment fund structures and in the asset management business model(s) seen from a tax perspective including, inter alia, the potential impacts of the draft "Unshell" Directive, the influence of case law and of the increasing use of new ways of working.

Astrid Barnsteiner
Astrid Barnsteiner
BDO Tax and Accounting

Director

Michel Lambion
Michel Lambion
Deloitte Tax & Consulting

Managing Director

Christina Leomy-Voigt
Christina Leomy-Voigt
ATOZ Tax Advisers

Partner

Geoffrey Scardoni
Geoffrey Scardoni
Clifford Chance

Avocat à la Cour - Partner