Doing business in the Benelux

Attractive tax climate for foreign investors

The Benelux tax climate is generally very attractive for Indian investors because of:

• Low corporate income tax rate

• No withholding taxes on interest, royalties or fees for technical services

• No stamp duties, no capital taxes

• A dividend tax which is most often reduced (even to as little as 0%)

• Favourable special tax incentives (e.g. for R&D activities, Energy Investment Allowance, favourable tax regime for foreign skilled workers)

• Participation exemption: tax-exempt dividends and capital gains

• Advance tax rulings (ATRs) and pricing agreements (APAs) can be obtained from the tax authorities

• VAT deferral on goods imported into the European Union

• Practical and pro-active approach of the customs authorities

• Reducedcomplianceburdenbyfilingconsolidatedtaxreturns,applyingforfunctionalcurrency

• Extensive tax treaty network (reduction of foreign withholding taxes) and bilateral investment treaty network

Loyens & Loeff’s India Desk is specialised in structuring cross-border matters, ensuring that allpossibletaxbenefitsaretakenintoconsideration.

Contact

For more information about Loyens & Loeff, our India Desk and the services we provide, please send an e-mail to india@loyensloeff.com or contact one of the members of our India Desk directly.

India DeskIntegrated legal and tax advice on doing business in the Benelux

11-0

7-E

N-IN

D

www.loyensloeff .com

Offices

BENELUX

AMSTERDAM 1)

Fred. Roeskestraat 1001076 ED AmsterdamNetherlandsTelephone +31 20 578 57 85Fax +31 20 578 58 00

ARNhEM 4)

(ooSTERBEEk)Utrechtseweg 1656862 AJ oosterbeekNetherlandsTelephone +31 26 334 72 72Fax +31 26 333 73 42

INTERNATIoNAL

ARUBA 4)

ARFA Building (Suite 201)J.E. Irausquin Boulevard 22oranjestad, ArubaTelephone +297 582 48 37Fax +297 583 52 14

CURAÇAo 4)

Landhuis ArraratPresidente Romulo Betancourt Blv 2Willemstad, CuraçaoTelephone +599 9 434 11 00Fax +599 9 465 15 18

DUBAI 1)

Dubai International FinancialCentre (DIFC)Gate Village, Building # 10, Level 2P.o. Box 506647Dubai, United Arab EmiratesTelephone +971 4 4372 700Fax +971 4 4255 673

BRUSSELS 3)

Woluwe AtriumNeerveldstraat 101-1031200 BrusselsBelgiumTelephone +32 2 743 43 43Fax +32 2 743 43 10

EINDhoVEN 2)

Parklaan 54a5613 Bh EindhovenNetherlandsTelephone +31 40 239 44 44Fax +31 40 239 44 40

FRANkFURT 3)

Barckhausstraße 1060325 Frankfurt am MainGermanyTelephone +49 69 971 570Fax +49 69 971 571 00

GENEVA 4)

RueduRhône59(1stfloor)1204 GenevaSwitzerlandTelephone +41 22 818 80 00Fax +41 22 312 02 03

LoNDoN 1)

26 Throgmorton StreetLondon EC2N 2ANUnited kingdomTelephone +44 20 7826 3070Fax +44 20 7826 3080

LUXEMBoURG 3)

18-20, rue Edward Steichenk-Point Building2540 LuxembourgLuxembourgTelephone +352 46 62 30Fax +352 46 62 34

RoTTERDAM 1)

Blaak 313011 GA RotterdamNetherlandsTelephone +31 10 224 62 24Fax +31 10 412 58 39

NEW yoRk 1)

555 Madison Avenue27th FloorNew york, Ny 10022U.S.A.Telephone +1 212 489 06 20Fax +1 212 489 07 10

PARIS 1)

1, Avenue Franklin D. Roosevelt75008 Paris, FranceTelephone +33 1 49 53 91 25Fax +33 1 42 89 14 60 (legal)Fax +33 1 49 53 94 29 (tax)

SINGAPoRE 3)

80RafflesPlace# 14-06 UoB Plaza 1Singapore 048624, SingaporeTelephone +65 6532 3070Fax +65 6532 3071

Tokyo 3)

12F, Nishimoto kosan kandaNishikicho Bldg.3-23 kanda NishikichoChiyoda-ku101-0054 TokyoJapanTelephone +81 3 528 155 87 (legal)Telephone +81 3 528 155 82 (tax)Fax +81 3 528 155 89 (legal)Fax +81 3 528 155 83 (tax)

zURICh 4)

Dreikönigstrasse 558002 zurichSwitzerlandTelephone +41 43 266 55 55Fax +41 43 266 55 59

1) ATToRNEyS AT LAW, TAX ADVISERS AND CIVIL LAW NoTARIES

2) TAX ADVISERS AND CIVIL LAW NoTARIES

3) ATToRNEyS AT LAW AND TAX ADVISERS

4) TAX ADVISERS

Loyens & Loeff's India Desk

A specialised team for the Indian market

We recognise India as being one of the fastest growing economies in the world. Indian investors and traders are looking beyond their own borders for international opportunities, and India itself is successfully attracting the interest of Western companies. To meet the increasing demand for expertise in all tax and legal aspects relating to investments and trade between India and the Benelux, Loyens & Loeff has set up a specialised team: the India Desk.

Broad expertise and in-depth knowledge

We have been active in the Indian market for more than ten years and have gained invaluable experience in doing business in India and advising clients in India on matters of Benelux law and international tax law. We travel to India on a regular basis, to maintain close ties with our clients, Indian advisers and other business contacts. our expertise and frequent collaborationwithIndianadvisoryfirmsmakesusideallyplacedtoadviseourclientsoncrossborder transactions between India and the Benelux.

OurteampoolsalltheexpertisethatwehavewithinourfirmwithrespecttoIndia-relatedmatters. Members of the India Desk are experienced in advising clients on international transactions relating to the Indian market in particular. They are experts in tax (including customsandVAT),corporateandM&A,bankingandfinance,aswellasemploymentlaw,employmenttaxesandbenefits(includingworkandresidencypermitissues).

Dedicatedexpertsinallmajorfinancialcentres

Withofficesinallmajorfinancialcentres,Loyens&Loeff isableto identifytheneedsofclientsworldwideandtoadapttospecificdemands,cultureandexpectations.Inaddition,it enables us to provide our services around the clock. The members of Loyens & Loeff’s India Desk are based in the Netherlands, Belgium, Luxembourg, Singapore and Dubai. We workcloselytogetherwithexpertsinallourinternationaloffices,suchasinSwitzerlandandthe USA.

Loyens & Loeff

Integrated legal and tax advice

Loyens&Loeffisanindependentfull-servicelawfirmspecialisedinprovidinglegalandtaxadvicetointernationalbusinesses,financialinstitutionsandgovernmentbodies.Thankstoour legal and tax practices working closely together, we have built up a unique and very solid position in the market. Different specialists tackle issues from different sides, offering youthebestadviceinthemostefficientway.

With about 1600 employees worldwide, consisting of about 400 tax experts and about the same number of legal experts, we are capable of effectively structuring and supervising both domestic and international matters.

our practices include:

• Taxation, including customs and VAT

• Corporate and M&A

• Bankingandfinance

• Employmentlaw,taxesandbenefits

International focus

WeprovideourservicesfromoursixofficesinBelgium,theNetherlandsandLuxembourg(together the ‘Benelux’), as well as from our eleven branches based in the world’s major financialcentres,suchasDubai,Tokyo,Singapore,NewYorkandLondon. In thisway,Loyens & Loeff offers top-level advice worldwide. When providing advice on cross-border matters,wemaintaincloserelationshipswithleadinglawfirmsandtaxadvisersaroundtheglobe.

Our experience

Loyens & Loeff has assisted:

• European and US investment funds investing in Indian real estate or infrastructure projects via the Netherlands and/or Luxembourg

• Indian clients that acquire European enterprises with both tax structuring and M&A documentation

• IndianclientsthatsetupaEuropeantradeofficeandobtaincustomslicencesandREACHregistrations

• Clients thatmakeagreenfield investment inEurope,byrepresenting thembefore the localauthoritiesandnegotiating relevant tax incentives

Leading the field

Each year, Loyens & Loeff is awarded the highest ranking in the Tax category in the Chambers guide, Legal 500 and International Tax Review’s World Tax. Also with respect to Corporate / M&A, Banking & Finance, Investment Funds, as well as many other categories, Loyens & Loeff achieves excellent results every year in the leading guides on legal and tax services providers.

Chambers: • “Withsuchawell-staffedoperation,thefirmoffersadviceacrossthecompletespectrumoftaxation” • “Clientscanrelyonadvicewhichistimelyandofaconsistentlyhighquality” • “ArobustplayerthroughouttheBeneluxregion” • “Alwaysclearandstraighttothepoint”

Legal 500: • “Loyens & Loeff is outstanding, with its width of services and large network of almost 400 tax specialists”

• “Expert,accurate,innovative,respectful,andswift”

Example1:Sales/marketingofficeintheNetherlands

IfanIndia-basedgroupwantstosetupasales/marketingofficeinEurope,thereareseveralissuestoconsider.Willtheofficeleadtoataxablepresence–permanentestablishmentorpermanentrepresentative–intheEUcountrywherethatofficewillbesetup?IfoneweretosecondIndia-residentemployeestosetupsuchanoffice,howwouldtheybetaxed?Howdoes one determine the remuneration for the local sales activities, e.g. the transfer pricing aspectsregardingthe(Indian)goodssoldthroughthesalesoffice?

IfsuchanofficeissetupintheNetherlands,amererepresentativeofficewouldnotqualifyas a permanent establishment and therefore would not yet lead to a taxable presence in the Netherlands.Thiscanbeconfirmedinanadvancedtaxruling(ATR).Theskilledworkersprovisions can be applied, whereby (subject to certain conditions) Indian employees can obtain residency and work permits and be allowed to receive 30% of their salaries tax-free. Iftheactivitiesexceedthoseofamererepresentativeoffice(orwouldbeperformedbyaDutch resident company), an advanced pricing agreement (APA) could be obtained. In this way,thetaxauthoritiescouldconfirminadvancethearm’s-lengthremunerationforthelocalsales activities, e.g. a cost-plus or resale-minus basis if local activities are limited.

Example 2: Production facilities in Belgium

Loyens & Loeff’s India specialists can explain everything that you need to know about thesignificantadvantagesof locatingaproductionfacility inBelgium.Belgiumoffersanattractivefiscalclimateandwell-organisedandefficientcustomsauthorities.Youcandiscussyour tax position directly with them and apply for a tax ruling, which is binding for the tax administration. Being able to obtain a ruling allowing a downward profit adjustment forgroup synergies is particularly relevant for production facilities in Belgium. Also, Belgian tax law provides various tax incentives both for Research & Development and for labour, including an advantageous expat regime. Moreover, the notional interest deduction allows youtodeductfictitiousinterestbasedontheequityofthecompany,whichoffersgreaterpossibilitiestooptimisethefinancing.Finally,Belgiumhasanextensivetaxtreatynetwork.Loyens & Loeff can also advise you on all employment issues that you may have to deal with regarding employees in the Benelux.

Loyens & Loeff's India Desk

A specialised team for the Indian market

We recognise India as being one of the fastest growing economies in the world. Indian investors and traders are looking beyond their own borders for international opportunities, and India itself is successfully attracting the interest of Western companies. To meet the increasing demand for expertise in all tax and legal aspects relating to investments and trade between India and the Benelux, Loyens & Loeff has set up a specialised team: the India Desk.

Broad expertise and in-depth knowledge

We have been active in the Indian market for more than ten years and have gained invaluable experience in doing business in India and advising clients in India on matters of Benelux law and international tax law. We travel to India on a regular basis, to maintain close ties with our clients, Indian advisers and other business contacts. our expertise and frequent collaborationwithIndianadvisoryfirmsmakesusideallyplacedtoadviseourclientsoncrossborder transactions between India and the Benelux.

OurteampoolsalltheexpertisethatwehavewithinourfirmwithrespecttoIndia-relatedmatters. Members of the India Desk are experienced in advising clients on international transactions relating to the Indian market in particular. They are experts in tax (including customsandVAT),corporateandM&A,bankingandfinance,aswellasemploymentlaw,employmenttaxesandbenefits(includingworkandresidencypermitissues).

Dedicatedexpertsinallmajorfinancialcentres

Withofficesinallmajorfinancialcentres,Loyens&Loeff isableto identifytheneedsofclientsworldwideandtoadapttospecificdemands,cultureandexpectations.Inaddition,it enables us to provide our services around the clock. The members of Loyens & Loeff’s India Desk are based in the Netherlands, Belgium, Luxembourg, Singapore and Dubai. We workcloselytogetherwithexpertsinallourinternationaloffices,suchasinSwitzerlandandthe USA.

Loyens & Loeff

Integrated legal and tax advice

Loyens&Loeffisanindependentfull-servicelawfirmspecialisedinprovidinglegalandtaxadvicetointernationalbusinesses,financialinstitutionsandgovernmentbodies.Thankstoour legal and tax practices working closely together, we have built up a unique and very solid position in the market. Different specialists tackle issues from different sides, offering youthebestadviceinthemostefficientway.

With about 1600 employees worldwide, consisting of about 400 tax experts and about the same number of legal experts, we are capable of effectively structuring and supervising both domestic and international matters.

our practices include:

• Taxation, including customs and VAT

• Corporate and M&A

• Bankingandfinance

• Employmentlaw,taxesandbenefits

International focus

WeprovideourservicesfromoursixofficesinBelgium,theNetherlandsandLuxembourg(together the ‘Benelux’), as well as from our eleven branches based in the world’s major financialcentres,suchasDubai,Tokyo,Singapore,NewYorkandLondon. In thisway,Loyens & Loeff offers top-level advice worldwide. When providing advice on cross-border matters,wemaintaincloserelationshipswithleadinglawfirmsandtaxadvisersaroundtheglobe.

Our experience

Loyens & Loeff has assisted:

• European and US investment funds investing in Indian real estate or infrastructure projects via the Netherlands and/or Luxembourg

• Indian clients that acquire European enterprises with both tax structuring and M&A documentation

• IndianclientsthatsetupaEuropeantradeofficeandobtaincustomslicencesandREACHregistrations

• Clients thatmakeagreenfield investment inEurope,byrepresenting thembefore the localauthoritiesandnegotiating relevant tax incentives

Leading the field

Each year, Loyens & Loeff is awarded the highest ranking in the Tax category in the Chambers guide, Legal 500 and International Tax Review’s World Tax. Also with respect to Corporate / M&A, Banking & Finance, Investment Funds, as well as many other categories, Loyens & Loeff achieves excellent results every year in the leading guides on legal and tax services providers.

Chambers: • “Withsuchawell-staffedoperation,thefirmoffersadviceacrossthecompletespectrumoftaxation” • “Clientscanrelyonadvicewhichistimelyandofaconsistentlyhighquality” • “ArobustplayerthroughouttheBeneluxregion” • “Alwaysclearandstraighttothepoint”

Legal 500: • “Loyens & Loeff is outstanding, with its width of services and large network of almost 400 tax specialists”

• “Expert,accurate,innovative,respectful,andswift”

Example1:Sales/marketingofficeintheNetherlands

IfanIndia-basedgroupwantstosetupasales/marketingofficeinEurope,thereareseveralissuestoconsider.Willtheofficeleadtoataxablepresence–permanentestablishmentorpermanentrepresentative–intheEUcountrywherethatofficewillbesetup?IfoneweretosecondIndia-residentemployeestosetupsuchanoffice,howwouldtheybetaxed?Howdoes one determine the remuneration for the local sales activities, e.g. the transfer pricing aspectsregardingthe(Indian)goodssoldthroughthesalesoffice?

IfsuchanofficeissetupintheNetherlands,amererepresentativeofficewouldnotqualifyas a permanent establishment and therefore would not yet lead to a taxable presence in the Netherlands.Thiscanbeconfirmedinanadvancedtaxruling(ATR).Theskilledworkersprovisions can be applied, whereby (subject to certain conditions) Indian employees can obtain residency and work permits and be allowed to receive 30% of their salaries tax-free. Iftheactivitiesexceedthoseofamererepresentativeoffice(orwouldbeperformedbyaDutch resident company), an advanced pricing agreement (APA) could be obtained. In this way,thetaxauthoritiescouldconfirminadvancethearm’s-lengthremunerationforthelocalsales activities, e.g. a cost-plus or resale-minus basis if local activities are limited.

Example 2: Production facilities in Belgium

Loyens & Loeff’s India specialists can explain everything that you need to know about thesignificantadvantagesof locatingaproductionfacility inBelgium.Belgiumoffersanattractivefiscalclimateandwell-organisedandefficientcustomsauthorities.Youcandiscussyour tax position directly with them and apply for a tax ruling, which is binding for the tax administration. Being able to obtain a ruling allowing a downward profit adjustment forgroup synergies is particularly relevant for production facilities in Belgium. Also, Belgian tax law provides various tax incentives both for Research & Development and for labour, including an advantageous expat regime. Moreover, the notional interest deduction allows youtodeductfictitiousinterestbasedontheequityofthecompany,whichoffersgreaterpossibilitiestooptimisethefinancing.Finally,Belgiumhasanextensivetaxtreatynetwork.Loyens & Loeff can also advise you on all employment issues that you may have to deal with regarding employees in the Benelux.

Loyens & Loeff's India Desk

A specialised team for the Indian market

We recognise India as being one of the fastest growing economies in the world. Indian investors and traders are looking beyond their own borders for international opportunities, and India itself is successfully attracting the interest of Western companies. To meet the increasing demand for expertise in all tax and legal aspects relating to investments and trade between India and the Benelux, Loyens & Loeff has set up a specialised team: the India Desk.

Broad expertise and in-depth knowledge

We have been active in the Indian market for more than ten years and have gained invaluable experience in doing business in India and advising clients in India on matters of Benelux law and international tax law. We travel to India on a regular basis, to maintain close ties with our clients, Indian advisers and other business contacts. our expertise and frequent collaborationwithIndianadvisoryfirmsmakesusideallyplacedtoadviseourclientsoncrossborder transactions between India and the Benelux.

OurteampoolsalltheexpertisethatwehavewithinourfirmwithrespecttoIndia-relatedmatters. Members of the India Desk are experienced in advising clients on international transactions relating to the Indian market in particular. They are experts in tax (including customsandVAT),corporateandM&A,bankingandfinance,aswellasemploymentlaw,employmenttaxesandbenefits(includingworkandresidencypermitissues).

Dedicatedexpertsinallmajorfinancialcentres

Withofficesinallmajorfinancialcentres,Loyens&Loeff isableto identifytheneedsofclientsworldwideandtoadapttospecificdemands,cultureandexpectations.Inaddition,it enables us to provide our services around the clock. The members of Loyens & Loeff’s India Desk are based in the Netherlands, Belgium, Luxembourg, Singapore and Dubai. We workcloselytogetherwithexpertsinallourinternationaloffices,suchasinSwitzerlandandthe USA.

Loyens & Loeff

Integrated legal and tax advice

Loyens&Loeffisanindependentfull-servicelawfirmspecialisedinprovidinglegalandtaxadvicetointernationalbusinesses,financialinstitutionsandgovernmentbodies.Thankstoour legal and tax practices working closely together, we have built up a unique and very solid position in the market. Different specialists tackle issues from different sides, offering youthebestadviceinthemostefficientway.

With about 1600 employees worldwide, consisting of about 400 tax experts and about the same number of legal experts, we are capable of effectively structuring and supervising both domestic and international matters.

our practices include:

• Taxation, including customs and VAT

• Corporate and M&A

• Bankingandfinance

• Employmentlaw,taxesandbenefits

International focus

WeprovideourservicesfromoursixofficesinBelgium,theNetherlandsandLuxembourg(together the ‘Benelux’), as well as from our eleven branches based in the world’s major financialcentres,suchasDubai,Tokyo,Singapore,NewYorkandLondon. In thisway,Loyens & Loeff offers top-level advice worldwide. When providing advice on cross-border matters,wemaintaincloserelationshipswithleadinglawfirmsandtaxadvisersaroundtheglobe.

Our experience

Loyens & Loeff has assisted:

• European and US investment funds investing in Indian real estate or infrastructure projects via the Netherlands and/or Luxembourg

• Indian clients that acquire European enterprises with both tax structuring and M&A documentation

• IndianclientsthatsetupaEuropeantradeofficeandobtaincustomslicencesandREACHregistrations

• Clients thatmakeagreenfield investment inEurope,byrepresenting thembefore the localauthoritiesandnegotiating relevant tax incentives

Leading the field

Each year, Loyens & Loeff is awarded the highest ranking in the Tax category in the Chambers guide, Legal 500 and International Tax Review’s World Tax. Also with respect to Corporate / M&A, Banking & Finance, Investment Funds, as well as many other categories, Loyens & Loeff achieves excellent results every year in the leading guides on legal and tax services providers.

Chambers: • “Withsuchawell-staffedoperation,thefirmoffersadviceacrossthecompletespectrumoftaxation” • “Clientscanrelyonadvicewhichistimelyandofaconsistentlyhighquality” • “ArobustplayerthroughouttheBeneluxregion” • “Alwaysclearandstraighttothepoint”

Legal 500: • “Loyens & Loeff is outstanding, with its width of services and large network of almost 400 tax specialists”

• “Expert,accurate,innovative,respectful,andswift”

Example1:Sales/marketingofficeintheNetherlands

IfanIndia-basedgroupwantstosetupasales/marketingofficeinEurope,thereareseveralissuestoconsider.Willtheofficeleadtoataxablepresence–permanentestablishmentorpermanentrepresentative–intheEUcountrywherethatofficewillbesetup?IfoneweretosecondIndia-residentemployeestosetupsuchanoffice,howwouldtheybetaxed?Howdoes one determine the remuneration for the local sales activities, e.g. the transfer pricing aspectsregardingthe(Indian)goodssoldthroughthesalesoffice?

IfsuchanofficeissetupintheNetherlands,amererepresentativeofficewouldnotqualifyas a permanent establishment and therefore would not yet lead to a taxable presence in the Netherlands.Thiscanbeconfirmedinanadvancedtaxruling(ATR).Theskilledworkersprovisions can be applied, whereby (subject to certain conditions) Indian employees can obtain residency and work permits and be allowed to receive 30% of their salaries tax-free. Iftheactivitiesexceedthoseofamererepresentativeoffice(orwouldbeperformedbyaDutch resident company), an advanced pricing agreement (APA) could be obtained. In this way,thetaxauthoritiescouldconfirminadvancethearm’s-lengthremunerationforthelocalsales activities, e.g. a cost-plus or resale-minus basis if local activities are limited.

Example 2: Production facilities in Belgium

Loyens & Loeff’s India specialists can explain everything that you need to know about thesignificantadvantagesof locatingaproductionfacility inBelgium.Belgiumoffersanattractivefiscalclimateandwell-organisedandefficientcustomsauthorities.Youcandiscussyour tax position directly with them and apply for a tax ruling, which is binding for the tax administration. Being able to obtain a ruling allowing a downward profit adjustment forgroup synergies is particularly relevant for production facilities in Belgium. Also, Belgian tax law provides various tax incentives both for Research & Development and for labour, including an advantageous expat regime. Moreover, the notional interest deduction allows youtodeductfictitiousinterestbasedontheequityofthecompany,whichoffersgreaterpossibilitiestooptimisethefinancing.Finally,Belgiumhasanextensivetaxtreatynetwork.Loyens & Loeff can also advise you on all employment issues that you may have to deal with regarding employees in the Benelux.

Doing business in the Benelux

Attractive tax climate for foreign investors

The Benelux tax climate is generally very attractive for Indian investors because of:

• Low corporate income tax rate

• No withholding taxes on interest, royalties or fees for technical services

• No stamp duties, no capital taxes

• A dividend tax which is most often reduced (even to as little as 0%)

• Favourable special tax incentives (e.g. for R&D activities, Energy Investment Allowance, favourable tax regime for foreign skilled workers)

• Participation exemption: tax-exempt dividends and capital gains

• Advance tax rulings (ATRs) and pricing agreements (APAs) can be obtained from the tax authorities

• VAT deferral on goods imported into the European Union

• Practical and pro-active approach of the customs authorities

• Reducedcomplianceburdenbyfilingconsolidatedtaxreturns,applyingforfunctionalcurrency

• Extensive tax treaty network (reduction of foreign withholding taxes) and bilateral investment treaty network

Loyens & Loeff’s India Desk is specialised in structuring cross-border matters, ensuring that allpossibletaxbenefitsaretakenintoconsideration.

Contact

For more information about Loyens & Loeff, our India Desk and the services we provide, please send an e-mail to india@loyensloeff.com or contact one of the members of our India Desk directly.

India DeskIntegrated legal and tax advice on doing business in the Benelux

11-0

7-E

N-IN

D

www.loyensloeff .com

Offices

BENELUX

AMSTERDAM 1)

Fred. Roeskestraat 1001076 ED AmsterdamNetherlandsTelephone +31 20 578 57 85Fax +31 20 578 58 00

ARNhEM 4)

(ooSTERBEEk)Utrechtseweg 1656862 AJ oosterbeekNetherlandsTelephone +31 26 334 72 72Fax +31 26 333 73 42

INTERNATIoNAL

ARUBA 4)

ARFA Building (Suite 201)J.E. Irausquin Boulevard 22oranjestad, ArubaTelephone +297 582 48 37Fax +297 583 52 14

CURAÇAo 4)

Landhuis ArraratPresidente Romulo Betancourt Blv 2Willemstad, CuraçaoTelephone +599 9 434 11 00Fax +599 9 465 15 18

DUBAI 1)

Dubai International FinancialCentre (DIFC)Gate Village, Building # 10, Level 2P.o. Box 506647Dubai, United Arab EmiratesTelephone +971 4 4372 700Fax +971 4 4255 673

BRUSSELS 3)

Woluwe AtriumNeerveldstraat 101-1031200 BrusselsBelgiumTelephone +32 2 743 43 43Fax +32 2 743 43 10

EINDhoVEN 2)

Parklaan 54a5613 Bh EindhovenNetherlandsTelephone +31 40 239 44 44Fax +31 40 239 44 40

FRANkFURT 3)

Barckhausstraße 1060325 Frankfurt am MainGermanyTelephone +49 69 971 570Fax +49 69 971 571 00

GENEVA 4)

RueduRhône59(1stfloor)1204 GenevaSwitzerlandTelephone +41 22 818 80 00Fax +41 22 312 02 03

LoNDoN 1)

26 Throgmorton StreetLondon EC2N 2ANUnited kingdomTelephone +44 20 7826 3070Fax +44 20 7826 3080

LUXEMBoURG 3)

18-20, rue Edward Steichenk-Point Building2540 LuxembourgLuxembourgTelephone +352 46 62 30Fax +352 46 62 34

RoTTERDAM 1)

Blaak 313011 GA RotterdamNetherlandsTelephone +31 10 224 62 24Fax +31 10 412 58 39

NEW yoRk 1)

555 Madison Avenue27th FloorNew york, Ny 10022U.S.A.Telephone +1 212 489 06 20Fax +1 212 489 07 10

PARIS 1)

1, Avenue Franklin D. Roosevelt75008 Paris, FranceTelephone +33 1 49 53 91 25Fax +33 1 42 89 14 60 (legal)Fax +33 1 49 53 94 29 (tax)

SINGAPoRE 3)

80RafflesPlace# 14-06 UoB Plaza 1Singapore 048624, SingaporeTelephone +65 6532 3070Fax +65 6532 3071

Tokyo 3)

12F, Nishimoto kosan kandaNishikicho Bldg.3-23 kanda NishikichoChiyoda-ku101-0054 TokyoJapanTelephone +81 3 528 155 87 (legal)Telephone +81 3 528 155 82 (tax)Fax +81 3 528 155 89 (legal)Fax +81 3 528 155 83 (tax)

zURICh 4)

Dreikönigstrasse 558002 zurichSwitzerlandTelephone +41 43 266 55 55Fax +41 43 266 55 59

1) ATToRNEyS AT LAW, TAX ADVISERS AND CIVIL LAW NoTARIES

2) TAX ADVISERS AND CIVIL LAW NoTARIES

3) ATToRNEyS AT LAW AND TAX ADVISERS

4) TAX ADVISERS

Doing business in the Benelux

Attractive tax climate for foreign investors

The Benelux tax climate is generally very attractive for Indian investors because of:

• Low corporate income tax rate

• No withholding taxes on interest, royalties or fees for technical services

• No stamp duties, no capital taxes

• A dividend tax which is most often reduced (even to as little as 0%)

• Favourable special tax incentives (e.g. for R&D activities, Energy Investment Allowance, favourable tax regime for foreign skilled workers)

• Participation exemption: tax-exempt dividends and capital gains

• Advance tax rulings (ATRs) and pricing agreements (APAs) can be obtained from the tax authorities

• VAT deferral on goods imported into the European Union

• Practical and pro-active approach of the customs authorities

• Reducedcomplianceburdenbyfilingconsolidatedtaxreturns,applyingforfunctionalcurrency

• Extensive tax treaty network (reduction of foreign withholding taxes) and bilateral investment treaty network

Loyens & Loeff’s India Desk is specialised in structuring cross-border matters, ensuring that allpossibletaxbenefitsaretakenintoconsideration.

Contact

For more information about Loyens & Loeff, our India Desk and the services we provide, please send an e-mail to india@loyensloeff.com or contact one of the members of our India Desk directly.

India DeskIntegrated legal and tax advice on doing business in the Benelux

11-0

7-E

N-IN

D

www.loyensloeff .com

Offices

BENELUX

AMSTERDAM 1)

Fred. Roeskestraat 1001076 ED AmsterdamNetherlandsTelephone +31 20 578 57 85Fax +31 20 578 58 00

ARNhEM 4)

(ooSTERBEEk)Utrechtseweg 1656862 AJ oosterbeekNetherlandsTelephone +31 26 334 72 72Fax +31 26 333 73 42

INTERNATIoNAL

ARUBA 4)

ARFA Building (Suite 201)J.E. Irausquin Boulevard 22oranjestad, ArubaTelephone +297 582 48 37Fax +297 583 52 14

CURAÇAo 4)

Landhuis ArraratPresidente Romulo Betancourt Blv 2Willemstad, CuraçaoTelephone +599 9 434 11 00Fax +599 9 465 15 18

DUBAI 1)

Dubai International FinancialCentre (DIFC)Gate Village, Building # 10, Level 2P.o. Box 506647Dubai, United Arab EmiratesTelephone +971 4 4372 700Fax +971 4 4255 673

BRUSSELS 3)

Woluwe AtriumNeerveldstraat 101-1031200 BrusselsBelgiumTelephone +32 2 743 43 43Fax +32 2 743 43 10

EINDhoVEN 2)

Parklaan 54a5613 Bh EindhovenNetherlandsTelephone +31 40 239 44 44Fax +31 40 239 44 40

FRANkFURT 3)

Barckhausstraße 1060325 Frankfurt am MainGermanyTelephone +49 69 971 570Fax +49 69 971 571 00

GENEVA 4)

RueduRhône59(1stfloor)1204 GenevaSwitzerlandTelephone +41 22 818 80 00Fax +41 22 312 02 03

LoNDoN 1)

26 Throgmorton StreetLondon EC2N 2ANUnited kingdomTelephone +44 20 7826 3070Fax +44 20 7826 3080

LUXEMBoURG 3)

18-20, rue Edward Steichenk-Point Building2540 LuxembourgLuxembourgTelephone +352 46 62 30Fax +352 46 62 34

RoTTERDAM 1)

Blaak 313011 GA RotterdamNetherlandsTelephone +31 10 224 62 24Fax +31 10 412 58 39

NEW yoRk 1)

555 Madison Avenue27th FloorNew york, Ny 10022U.S.A.Telephone +1 212 489 06 20Fax +1 212 489 07 10

PARIS 1)

1, Avenue Franklin D. Roosevelt75008 Paris, FranceTelephone +33 1 49 53 91 25Fax +33 1 42 89 14 60 (legal)Fax +33 1 49 53 94 29 (tax)

SINGAPoRE 3)

80RafflesPlace# 14-06 UoB Plaza 1Singapore 048624, SingaporeTelephone +65 6532 3070Fax +65 6532 3071

Tokyo 3)

12F, Nishimoto kosan kandaNishikicho Bldg.3-23 kanda NishikichoChiyoda-ku101-0054 TokyoJapanTelephone +81 3 528 155 87 (legal)Telephone +81 3 528 155 82 (tax)Fax +81 3 528 155 89 (legal)Fax +81 3 528 155 83 (tax)

zURICh 4)

Dreikönigstrasse 558002 zurichSwitzerlandTelephone +41 43 266 55 55Fax +41 43 266 55 59

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