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Dear Ladies and Gentlemen,

The Bundesverband Alternative Investments e.V. (BAI), the central lobby of the alternative investment industry in Germany, criticises the unexpectedly initiated amendment to the Foreign Tax Act, which leads to a paradigm shift in the taxation of investment funds.The amendment to the AStG is part of the Act on the Implementation of the Anti-Tax Avoidance Directive (ATAD-UmsG), which was consulted last week by the Federal Ministry of Finance with just under three days' notice. The regulation in § 7 AStG, according to which additional taxation only applies subsidiarily to investment taxation and which has been in effect for almost two decades, is now to be abolished.

With regard to the cabinet appointment scheduled for today, BAI Managing Director Frank Dornseifer commented on the paradigm shift as follows: "In our view, the deletion of § 7 AStG and the resulting abolition of the principle of priority application of the Investment Tax Act over the Foreign Tax Act is highly problematic. On the one hand, a hierarchical structure established over almost two decades and guaranteeing a high degree of legal security for all users will be abolished. On the other hand, the recently comprehensively reformed investment tax law and the objectives associated with it, such as the equal treatment of domestic and foreign funds and a clear simplification of procedures in key areas, will be cancelled out or counteracted by the proposal."

Please download the complete press release here

If you have any questions, please do not hesitate to contact us.


Yours sincerely,

Frank Dornseifer

Bundesverband Alternative Investments e.V. (BAI)
Poppelsdorfer Allee 106
53115 Bonn, Germany 
Fon: +49 (0)228-96987-50
Fax: +49 (0)228-96987-90
dornseifer@bvai.de

www.bvai.de

The Bundesverband Alternative Investments e.V. (BAI) is the advocacy association for the Alternative Investments industry in Germany. The BAI is catalyzer between German institutional investors and recognized providers of Alternative Investments products worldwide. One goal is to enhance the environment for German professional investors when diversifying their financial assets into Alternative Investments, especially as many of those investors are responsible for safeguarding long-term retirement pensions. Another objective of the association is to increase the awareness level and the understanding of these asset classes and strategies in public. The BAI maintains an intense dialogue with political institutions as well as supervisory bodies. Furthermore, the BAI cooperates with various national and international organizations and industry associations and advocates for legal reforms to design an attractive and competitive regulatory environment for the Alternative Investments industry in Germany. At present, BAI counts 219 members from all areas of the professional Alternative Investments industry.


Responsible:
Bundesverband Alternative Investments e.V. | Poppelsdorfer Allee 106 | D-53115 Bonn
Phone: +49(0)228-96987-0 | Fax: +49(0)228-96987-90 | info@bvai.de | www.bvai.de


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