We hope you may find interesting the September 2026 version of the WTS Global Financial Services Infoletter, presenting the following taxation-related news from 13 countries, with a focus on the international Financial Services industry, covering a diverse range of international Financial Services tax topics:

• Hot Topic: Original lender’s loan servicing not VAT exempt
• Australia: Foreign resident capital gains tax (CGT) regime – Significant expansion ahead
• China: Offshore trusts face China tax crackdown – Amnesty ends 22 October 2026
• Finland: Fund vs. CFC taxation – Where does the economic activity exemption end?; Reform of investment fund tax exemption to align with EU law and facilitate ELTIFs
• Germany: Cum-cum transactions and the right to self-defence
• Germany: EU WHT claims in Germany – Refunds have started – Procedural hurdles remain; Hybrid entities and German dividend WHT – Good and bad news for US investors
• India: Integration with global financial markets – Recent tax news on first IFSC (Gujarat)
• Indonesia: International Financial Centre – Law published, including special tax regime
• Italy: EU/EEA pension funds – New 20% Withholding Tax opens a possible new front on the free movement of capital
• Luxembourg: Share premium repayment may trigger WHT – New court decision
• Nigeria: Carbon credits as a new asset class – Tax and regulatory considerations for institutional investors
• Poland: Foreign real estate funds – Polish tax administration takes U-turn – Tax exemption for interest and dividend income
• Singapore: Return of capital, return of certainty – Tax-deferred distributions from foreign trusts
• Spain: Spanish Supreme Court decision on WHT reclaims
• United Kingdom: New UK Securities Transfer Tax (STT) – Simpler in law, harder in practice; Asset management – New carried interest tax rules and the BlueCrest decision