The hybrid mismatch rules and the reverse hybrid mismatch rule – cutting through complexity

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Hybrid mismatches typically originate from a different tax treatment of an entity, a permanent establishment or a financial instrument under the laws of two or more jurisdictions and may result in deduction without inclusion or double deduction outcomes. In general, the hybrid mismatch rules target hybrid mismatches between associated enterprises, structured arrangements between third parties, imported hybrid mismatches and tax residency mismatches. 
At the same time, the hybrid mismatch rules should not create economic double taxation. This is ensured through a number of carve-outs and limitations that discharge the application of the hybrid mismatch rules (for example, timing differences, inclusion of the payment at the level of any payee, tax exempt status of the investor, transfer pricing adjustments). 
This workshop aims at providing participants with a clear overview of the hybrid mismatch rules and the reverse hybrid mismatch rule (the scope of which has been clarified recently), analyses how these rules may impact Alternative Investments in Luxembourg and considers opportunities to manage adverse tax consequences in practice.


  • Introduction

  • Hybrid mismatch rules 

    • Mismatch outcomes

    • Relevant hybrid mismatch rule in the context of Alternative Investments

    • Scope of the hybrid mismatch rules

      • Related party test

      • Carve-out for minority investors in a fund context

    • Limits of the hybrid mismatch rules

    • Neutralisation of mismatch outcomes

    • Burden of proof

    • Case studies

  • Reverse hybrid mismatch rule

    • Scope of the reverse hybrid mismatch rule

      • Related party test

      • Carve-out for minority investors in a fund context

      • Exclusion of investors on grounds of their tax status

    • Tax treatment of reverse hybrid entities

    • Burden of proof

    • Case studies

  • Conclusion


Photo de profil de Oliver R. Hoor

Tax Partner and Head of Transfer Pricing, ATOZ Tax Advisers

Oliver is a Partner in the International & Corporate Tax department at ATOZ.

A tax professional since 2003, Oliver has experience in Luxembourg and international taxation with a focus on alternative Investments (private equity, real estate, sovereign wealth funds, hedge funds), mergers & acquisitions and multinational groups. He advises clients on all direct tax aspects regarding deal structuring, maintenance, reorganisations and exit planning. He also holds the titles of Head of Transfer Pricing and of the German Desk.

Oliver is the author of more than 250 articles and books on Luxembourg and international taxation including Transfer Pricing and related documentation requirements, the OECD Base Erosion and Profit Shifting (BEPS) Project and the EU Anti-Tax Avoidance Directives (ATAD 1/ATAD 2), reporting obligations of tax intermediaries (DAC6), the OECD Model Tax Convention and Tax Treaties, EU Law and the State Aid investigations of the EU Commission (see He is also a regular speaker at conferences as well as being a lecturer with Legitech and ILA.

Oliver is qualified as a Chartered Accountant in Luxembourg ("Expert-Comptable") and is a certified German tax adviser (Steuerberater). He holds a post-graduate degree in Luxembourg Tax and a degree in Business Administration with a major in Tax from the University of Applied Sciences of Trier, Germany.

He speaks German, English and French.


Inscription à la conférence en présentiel:   235€ TTC
Tarif étudiant : 50€ TTC (à condition d’envoyer une copie de sa carte étudiant et une attestation d’inscription), merci de nous contacter à l'adresse [email protected]


La société Legitech a obtenu l'agrément du Barreau de Luxembourg


Les coordonnées des participants seront communiquées à Atoz Tax Advisers à des fins d'organisation.


Mme Carole Verdicq
Tél: 0032 10 42 02 96
Email: [email protected]

Date et heure

16 mars 2023

09:00 12:00 Europe/Brussels

ATOZ Tax Advisers

Aerogolf Center
1B rue Heienhaff
Senningerberg 1736
Obtenez la direction
Organisé par

ATOZ Tax Advisers