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Tax Committee


To increase market knowledge of the tax aspects of European non-listed real estate vehicles, to explore ways to optimise the performance of European real estate funds and other vehicles through the harmonisation of tax structures, and to monitor and provide input on tax-related regulatory developments affecting European non-listed real estate structures.

Key objectives

  • Tax and policy initiatives - monitor and provide input on proposed tax and policy initiatives and promote the interests of the industry in public consultations; major tax and policy initiatives currently include the OECD Base Erosion and Profit Shifting (BEPS) Action Plan and EU Anti-Tax Avoidance Directive (ATAD)
  • Training and events - support INREV in organising and providing expert content for the Regulatory Update, Risk Management and Tax and Legal Aspects of Fund Structuring courses the Advanced Tax Round Table, CFO Conference and other INREV events and training courses that include tax-related topics
  • Information - keep INREV members up to date on important tax developments, for example through the Tax & Regulatory Guide, snapshots, monthly Briefing calls, articles and speaking at events
  • Know-how - assess the impact of proposed and existing tax measures to keep INREV members informed of their business impacts and act as a platform to share expertise with national and EU regulators

Committee members are selected on the basis of their knowledge of the non-listed real estate industry and tax regulations impacting it; this expertise enables INREV to educate and inform its members as well as European policy makers, as they develop proposed tax regulations that could impact the non-listed real estate funds industry. 

Committee members

Friederike Werner (Chair)DWSLuxembourg
Harrison BeesREVCAPUnited Kingdom
Sven BehrendsPwCGermany
Martijn BottenbergAPG Asset ManagementNetherlands
Antoine DupuisAtoz SALuxembourg
Patricia Gudiño JonasEYLuxembourg
Gerard FranklinTishman SpeyerUnited Kingdom
Nicolien HollandNN GroupThe Netherlands
Jip LieverseBouwinvest Real Estate Investors The Netherlands
Patrick Shannonabrdn (FM)United Kingdom


Tax and Regulations Monthly Briefings

During INREV’s monthly Tax and Regulations Briefings, experts present their insights and answer questions on the current regulatory and tax issues facing our industry. Calls take place on the last Thursday of the month at 9:30 am in Central Europe and 8:30 am in the UK.

Learn more about monthly briefings

Tax and Regulations Country by Country Guide

Since the global financial crisis, the European non-listed real estate industry is under ever more scrutiny by tax and regulatory authorities. Our handy guide helps INREV members improve their knowledge and awareness of existing tax and regulatory issues affecting the non-listed real estate industry in 17 European countries.

View country by country guide

INREV Code of Tax Conduct

The INREV Code of Tax Conduct provides recommendations and best practices regarding tax related matters. This Code of Tax Conduct reflects an effort by INREV, together with industry specialists, to reconcile key tax standards in a set of recommendations and best practices intended to achieve a shared vision on tax matters for the non-listed real estate investment industry.



Member Profile: Keith O'Donnell

IQ spoke recently to Keith O’Donnell about his work as a Luxembourg-based tax adviser and the recent achievements of the INREV Tax Committee, which he has chaired over the past four years. 

Read article

Questions about Tax Committee?

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