Finance Ministry Proposes Changes to German Fund Taxation

The draft bill proposed by the Finance Ministry for discussion purposes contains significant changes to the German tax environment regarding funds and investment activities, in particular a complete revision of the German fund taxation regime and the abolishment of the 95 percent participation exemption for gains from portfolio shareholdings. The changes which remain subject to further political decisions shall generally come into effect on 1 January 2018.

Read the Dechert OnPoint about the proposed changes.

Annex IV Reporting Expected to Start at 10 August

In July 2015, BaFin has announced that the first reporting phase for AIFMs and individual AIFs according to section 35 KAGB is expected to start at 10 August 2015. Reports shall be submitted until 21 August 2015. The reporting date has been postponed several times in the past due to technical issues with the ESMA system.

Read the BaFin guidance regarding the reporting procedure (in English).

Read the ESMA XML documents Version 1.2, which the BaFin will use for the reporting.

Investment Statistics as of 30 June 2015

In July 2015, the German Investment Fund Association BVI has issued its latest investment statistics report dated 30 June 2015, giving an overview of the net assets and net sales within the German investment fund and asset management markets. The statistics are broken down by asset class and provider. They provide information on net assets and net inflows of investment funds and assets outside investment funds.

Read the statistics report.