DACH hampered by tax & legal environments

EVCA's benchmarking study reveals the DACH countries' position in Europe threatens to fall further behind. Austria has lost gains made in previous years. The insufficient legal framework has led to an announcement by Austrian fund Buy_Out Central Europe II that it will seek to collect further funds from foreign investors via a Luxembourg-based vehicle rather than an Austrian structure.

The situation is even worse in Germany, where prolonged insecurity about the legal and tax situation threatens to damage Germany's economy in the current downturn.

Switzerland however, continues its ascent; and this is likely to continue as it plans to further ease the tax burden for private equity funds and soften regulations for investment funds to boost its standing among other financial centres. The goal is to get the tax burden for private equity funds in line with taxes of 15-20% in competing centres like London or New York.

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