Hibrit finansal araçların vergi planlaması aracı olarak nitelendirilmeleri birçok yatırımcının ve devletin konuyla ilgilenmesine neden olmuştur. Bu yatırım araçlarının vergi planlaması aracı olarak nitelendirilmelerinin nedeni ülkelerin vergi sistemlerinde farklı uygulamalara konu edilmeleridir. Bu çalışmanın amacı hibrit finansal araçlardan elde edilen gelirlerin Akit Devletlerin konuyla ilgili belirli düzenlemelerinden bağımsız olarak vergi anlaşmaları hukuku bakımından temettü mü yoksa faiz mi olarak nitelendirilmesi gerektiğini ortaya koymaktır. Bu bakımdan OECD Model Vergi Anlaşmasının ilgili bağlama kuralları olan 10. ve 11. madde üzerinde durulmuştur.
Hybrid instruments issued in cross-border transactions have attracted the attention of tax practitioners and policy-makers because of the planning opportunities presented by the inconsistent characterization of those instruments under different tax systems. The purpose of this article is to examine the circumstances in which the yield of a hybrid financial instrument can or must be qualified as either a dividend or interest under tax treaty law irrespective of treatment in the contracting states. The article analyses the treatment of yield of hybrid instruments under the relevant distributive rules of OECD MC. Since the yield generally qualifies either as a dividend or interest, the focus in on Article 10 and Article 11 of the OECD Model Convention.
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