participation exemption

participation exemption
The Dutch participation exemption, as an example, provides for a full exemption from Dutch corporate income tax in respect of income and capital gains derived from a qualifying shareholding (and, subject to a number of conditions, a qualifying hybrid debt instrument). A qualifying shareholding is generally present if a Dutch company owns at least 5% of the share capital of another company. The participation exemption generally does not apply if a shareholding is held as "inventory" or as a "passive portfolio investment" (a shareholding in a group finance company, can, in certain circumstances, be treated as a passive portfolio investment), or in the event that the (foreign) investee company is not subject to an income tax in its country of residence.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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