The German government has scrapped proposals to implement additional discriminatory tax laws that wo...
The German government has scrapped proposals to implement additional discriminatory tax laws that would have made foreign funds more expensive to buy than domestic ones for German retail investors.
Instead, Germany's Ministry of Finance says it will now work to erase such discrimination through an overhaul of German investment fund law, the IMA says.
As chief UK trade association representing fund managers, the Investment Management Association has worked closely with its pan-European counterpart FEFSI, and its German counterpart BVI to counter the German government's previous tax proposals.
The changes, if they had gone through, could have seen dividend earnings within funds and income earned through investing in foreign based funds taxed differently, including applying different levels of income tax on German retail investors.
However, the German government seems to have backed down after it was pointed out that applying different tax rates in this way could be in breech of EU laws designed to remove barriers to trade between EU member states.
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