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A bond is a security that, for income tax purposes, is partly subject to the general tax regime applicable to securities and partly to a special regime applicable exclusively to bonds.

A loan represents a contractual relationship generating income in the form of interest. For the purposes of this summary, we assume that receivables arising from the loan are not assignable to third parties and therefore no detailed attention will be given to the tax implications of the assignment of the receivable.

Where does the money we invest go, and what value can it create in our local economies?