EVCA benchmarking study reveals little improvement in tax and legal environment

The European Private Equity & Venture Capital Association (EVCA) has published its fourth Benchmarking study of European tax and legal environments, with the results revealing that there has been little overall improvement in conditions since the previous study in 2006.

The study analysed the tax and legal conditions for limited partners, fund management companies and investee companies, as well as the environment for retaining talent at investment firms and investee companies. It was carried out in collaboration with KPMG M&A Tax services and was designed to assess the situation in all 27 member states.

Each country was assigned an overall score between 1 and 3, with 1 being the most favourable result. The total average score was 1.85, just 0.01 less than in the previous study. The results also suggested that the gap between Europe's most and least favourable tax and legal environments has continued to widen considerably.

France achieved the highest score with 1.23, replacing Ireland, which came in second with 1.32. Belgium ranked number three with a score of 1.33, pushing the UK out of the top three countries for the first time.

Greece, Spain, the Netherlands, Portugal, Luxembourg, Lithuania, Switzerland, Denmark and Hungary all ranked in the top half.

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