An important economic turmoil which has raised the government's tax reform proposal. Assailed by all sectors but particularly for investors and companies. And that, as with mutual funds, savings is greatly affected by the tax reform. Investment companies with variable capital, insurance, pension funds, however, are the only figures that are not affected by the tax reform. Why? The SICAV's include a 1% corporate tax and the investor meets a 18% tax and 21% when the reform is approved, but only to liquidate the operation. This implies that the investor of SICAV's pay the taxes when you want and make final settlement of the transaction, which is not benefiting but are not harmed in the same way as deposits, stocks, interest-bearing accounts or accounts

savings. In the case of unit linked insurance savings allow the same change operation to make tax-free investment as the investor can change the destination of the funds without having to pay taxes. And the same applies to pension plans that can be transferred from a pension fund to another without having to pay taxes and keeping the tax relief on contributions made within each year.