Fri, Oct 20, 2017
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:

Germany�s 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 EU�s 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. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad