Fri, Mar 6, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

German Finance Ministry is tougher on alternative funds than the EU

Tuesday, January 08, 2013

amb
Robert Welzel
Benedicte Gravrand, Opalesque Geneva:

Germanys Ministry of Finance (BMF) presented a draft revision of German fund tax law on 4th December 2012, which is connected to the draft bill for the implementation of the EUs AIFMD (Alternative Investment Fund Manager Directive) it issued in July.

Robert Welzel and Steffen Gnutzmann, both partners with WTS, a tax and legal consulting firm based in Frankfurt, talked to Opalesque about a possible snag they found in the fund tax law proposal.

They claim that based on the two draft bills, the competitive landscape for alternative funds may be significantly transformed. The German AIFMD implementation not only brings about a manager regulation, they say, it also contains significant product regulation, first via regulatory law and second via tax law.

"Basically the regulation is that we have good funds and bad funds, especially from a tax law perspective," Steffen Gnutzmann told Opalesque. "The good funds will generate a better after-tax return for the investors than the bad funds."

German investors usually invest in tax-optimised products, Robert Welzel explained, and funds that authorities do not welcome will be put in a tax regime that investors may want to avoid. So the German implementation of the AIFMD and the related tax law may end up being unfair tax-wise on certain funds.

The future fund tax law would provide for three p......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SkyBridge opens office in Palm Beach County[more]

    Where better for a southern location than South Florida? SkyBridge Capital, which is headquartered in New York, has opened an office in Palm Beach Gardens. Palm Beach Gardens is a "Signature City" in northern Palm Beach County, with a population of around 49,000.

  2. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  3. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  4. Outlook - 5 reasons why 2015 is looking like a breakout year for alternative investments, Hedge fund manager Dan Loeb predicts disappointment for funds seeking energy distress[more]

    5 reasons why 2015 is looking like a breakout year for alternative investments From Forbes.com: …After a strong 2014, the public markets have been off to a choppy start in 2015. This year, savvy investors may be looking for alpha elsewhere. For many institutions and high-net-worth indivi

  5. Event-driven strategies lead hedge fund gains in February while CTA rally shows signs of fatigue[more]

    Komfie Manalo, Opalesque Asia: Hedge funds ended February on a good note (+0.8%), confirming the positive momentum witnessed since the start of the year, reported Lyxor Asset Management in its Weekly Briefing. As of the end of February, the Lyxor He