Since BEPS Action 6 was introduced, the OECD and the private equity industry have been grappling with how to apply anti-treaty abuse provisions to private equity fund structures. The OECD is concerned that private equity funds may be used by investors to achieve better treaty results than direct investments would achieve. After representations from the industry, the OECD has accepted that special provision needs to be made for private equity funds and on 6 January 2017 published examples designed to assist the industry. Unfortunately, the examples are not as helpful as they first appear and leave many unanswered questions.
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