Netherlands: Clarifications regarding tax classification of Lebanese joint-stock company and Spanish venture capital fund
Lebanese Société Anonyme Libanaise (S.A.L.) is comparable to a Dutch NV or BV for Dutch tax purposes
The Dutch tax authority on July 23, 2026, published guidance confirming that a Lebanese Société Anonyme Libanaise (S.A.L.) is comparable to a Dutch public limited company (NV) or private limited company (BV) for Dutch corporate income tax (CIT), individual income tax, dividend withholding tax, and conditional withholding tax purposes. The guidance concludes that the S.A.L. has key characteristics of a Dutch capital company, including legal personality, limited shareholder liability, share capital divided into shares, dividend distribution rights, free transferability of shares, and management by a board.
In addition, the Dutch tax authority on July 30, 2026, concluded that a Spanish Fondo de Capital Riesgo (FCR) is not comparable to any Dutch legal form listed in the Decree on the Comparison of Foreign Legal Forms for Dutch CIT, income tax, dividend withholding tax, and conditional withholding tax purposes. The guidance states that an FCR is a regulated contractual investment vehicle rather than a civil-law entity, and its classification as a Dutch fonds voor gemene rekening (FGR) or a transparent fund depends on the specific facts and circumstances and must be assessed on a case-by-case basis by the tax inspector.
For more information, contact a KPMG tax professional in the Netherlands:
Paul te Boekhorst | teboekhorst.paul@kpmg.com