Taxation in Germany with new draft rules

At the beginning of July new draft rules were issued on the taxation, regulation and marketing of German investment funds. If implemented in this form they could remove the requirement for German investors to invest via German vehicles, though this may not be true for all cases. However, the enactment of new rules is not anticipated before 2006. In addition, the German Federal Government may apply income tax at half the standard rate to carry paid out to individuals who are managing funds. However, this may not affect some international funds. The proposals will be further discussed later this year and could be applied to carry acquired after 1 January 2003.

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• DACH