EVCA on tax & corporate governance

22 April 2003

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The European private equity industry is hampered by fragmentation of tax and legal environments, says a document published by the EVCA. The document, named 'European Equity and Venture Capital: Benchmarking European Tax and Legal Environments', claimes that the fragmentation of tax and legal environments in the European union hampers the development of an entrepreneurial environment. In the resume, the paper describes a tax and legal environment favourable to both the supply and demand-side of private equity, before identifying 10 fundamental indicators that are considered relevant to shaping a favourable tax and legal environment.

In addition the EVCA published the â€˜Governing Principles and Sound Practice for the Establishment and Management of Private Equity and Venture Capital Fundsâ€™, The publication follows an extensive consultation process amongst general partners (GP) and limited partners (LP). The wider objectives are to provide guidance in the LP/GP relationship and to support the harmonisation of business practice according the governing principles of the industry. The final document will be available online at www.evca.com by mid-April and will be published along with all EVCA professional standards in a new handbook in June.