{"id":44017,"date":"2017-11-26T16:17:32","date_gmt":"2017-11-26T14:17:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/tax-compliance-for-foreign-private-equity-funds\/"},"modified":"2017-11-26T16:17:32","modified_gmt":"2017-11-26T14:17:32","slug":"tax-compliance-at-foreign-private-equity-funds","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/","title":{"rendered":"Tax Compliance for Foreign Private Equity Funds"},"content":{"rendered":"

Dr. Chris\u00adtoph Ludwig<\/strong> \u2014 Tax Consul\u00adtant and Part\u00adner Braun Leber\u00adfin\u00adger Ludwig Weidin\u00adger, Munich<\/p>\n

Thomas Unger<\/strong> \u2014 Tax Consul\u00adtant and Certi\u00adfied Public Accoun\u00adtant Braun Leber\u00adfin\u00adger Ludwig Weidin\u00adger, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

In the Anglo-Saxon world, private equity has been an econo\u00admic\u00adally signi\u00adfi\u00adcant asset class for quite some time and, conse\u00adquently, there is also many years of prac\u00adti\u00adcal expe\u00adri\u00adence in the struc\u00adtu\u00adring of and tax compli\u00adance for private equity funds.<\/strong><\/p>\n

In Germany, on the other hand, there are still no uniform tax regu\u00adla\u00adti\u00adons for private equity funds. The long-stan\u00adding prac\u00adtice of the tax autho\u00adri\u00adties, mainly in Bava\u00adria, was summa\u00adri\u00adzed in Decem\u00adber 2003 in a BMF letter on the \u201cIncome Tax Treat\u00adment of Venture Capi\u00adtal Funds and Private Equity Funds\u201d<\/em>, deal\u00ading in parti\u00adcu\u00adlar with the distinc\u00adtion between asset manage\u00adment and commer\u00adcial opera\u00adti\u00adons. Subse\u00adquently, the MoRaKG (\u201cAct on the Moder\u00adniza\u00adtion of the Frame\u00adwork Condi\u00adti\u00adons for Equity Invest\u00adments\u201d<\/em>) and the intro\u00adduc\u00adtion of the German Venture Capi\u00adtal Act (\u201cWKBG\u201d) \u2014 in addi\u00adtion to the Private Equity Decree appli\u00adca\u00adble from then on \u2014 crea\u00adted further sets of regu\u00adla\u00adti\u00adons, some of which govern taxa\u00adtion in diffe\u00adrent ways. In the mean\u00adtime, state aid procee\u00addings have been initia\u00adted in Brussels against key elements of the WKBG.<\/p>\n

The BVK even considers the attempt to advance the frame\u00adwork condi\u00adti\u00adons for private equity in Germany with the MoRaKG and the WKBG to have failed. For this reason, the BVK also submit\u00adted a (rene\u00adwed) propo\u00adsal on Septem\u00adber 3, 2009 for the crea\u00adtion of a capi\u00adtal market frame\u00adwork for the regu\u00adla\u00adtion of private equity in Germany in the legis\u00adla\u00adtive period 2009 to 2013, so that Germany can catch up again with inter\u00adna\u00adtio\u00adnal compe\u00adti\u00adtion in private equity funds. In parti\u00adcu\u00adlar, the goal alre\u00adady agreed in the 2005 coali\u00adtion agree\u00adment \u2014 to provide the market with a uniform private equity law \u2014 should finally be inten\u00adsi\u00advely pursued by crea\u00adting an inde\u00adpen\u00addent capi\u00adtal market law for private equity or by further deve\u00adlo\u00adping exis\u00adting laws.<\/p>\n","protected":false},"featured_media":18969,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2454,2464,2511],"product_tag":[1469,1476,1656,1764,1771,1777],"class_list":{"0":"post-44017","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-dr-christoph-ludwig","8":"product_cat-thomas-unger-en","9":"product_cat-fyb-2010-2","10":"product_tag-thomas-unger-en","11":"product_tag-tax-compliance-en","12":"product_tag-wkbg-en","13":"product_tag-christoph-ludwig-en","14":"product_tag-asset-class","15":"product_tag-venture-capital-participation-act","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"outofstock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"\nTax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"In the Anglo-Saxon world, private equity has been an economically significant asset class for quite some time and, consequently, there is also many years of practical experience in the structuring of and tax compliance for private equity funds. In Germany, on the other hand, there are still no uniform tax regulations for private equity funds. The long-standing practice of the tax authorities, mainly in Bavaria, was summarized in December 2003 in a BMF letter on the "Income Tax Treatment of Venture Capital Funds and Private Equity Funds", dealing in particular with the distinction between asset management and commercial operations. Subsequently, the MoRaKG ("Act on the Modernization of the Framework Conditions for Equity Investments") and the introduction of the German Venture Capital Act ("WKBG") - in addition to the Private Equity Decree applicable from then on - created further sets of regulations, some of which govern taxation in different ways. In the meantime, state aid proceedings have been initiated in Brussels against key elements of the WKBG. The BVK even considers the attempt to advance the framework conditions for private equity in Germany with the MoRaKG and the WKBG to have failed. For this reason, the BVK also submitted a (renewed) proposal on September 3, 2009 for the creation of a capital market framework for the regulation of private equity in Germany in the legislative period 2009 to 2013, so that Germany can catch up again with international competition in private equity funds. In particular, the goal already agreed in the 2005 coalition agreement - to provide the market with a uniform private equity law - should finally be intensively pursued by creating an independent capital market law for private equity or by further developing existing laws.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/\",\"name\":\"Tax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"datePublished\":\"2017-11-26T14:17:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fyb.de\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FYB Shop\",\"item\":\"https:\/\/www.fyb.de\/en\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Tax Compliance for Foreign Private Equity Funds\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fyb.de\/en\/#website\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"name\":\"FYB Financial Yearbook\",\"description\":\"For Your Business\",\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fyb.de\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\",\"name\":\"FYB Financial Yearbook\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"caption\":\"FYB Financial Yearbook\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/","og_locale":"en_US","og_type":"article","og_title":"Tax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook","og_description":"In the Anglo-Saxon world, private equity has been an economically significant asset class for quite some time and, consequently, there is also many years of practical experience in the structuring of and tax compliance for private equity funds. In Germany, on the other hand, there are still no uniform tax regulations for private equity funds. The long-standing practice of the tax authorities, mainly in Bavaria, was summarized in December 2003 in a BMF letter on the \"Income Tax Treatment of Venture Capital Funds and Private Equity Funds\", dealing in particular with the distinction between asset management and commercial operations. Subsequently, the MoRaKG (\"Act on the Modernization of the Framework Conditions for Equity Investments\") and the introduction of the German Venture Capital Act (\"WKBG\") - in addition to the Private Equity Decree applicable from then on - created further sets of regulations, some of which govern taxation in different ways. In the meantime, state aid proceedings have been initiated in Brussels against key elements of the WKBG. The BVK even considers the attempt to advance the framework conditions for private equity in Germany with the MoRaKG and the WKBG to have failed. For this reason, the BVK also submitted a (renewed) proposal on September 3, 2009 for the creation of a capital market framework for the regulation of private equity in Germany in the legislative period 2009 to 2013, so that Germany can catch up again with international competition in private equity funds. In particular, the goal already agreed in the 2005 coalition agreement - to provide the market with a uniform private equity law - should finally be intensively pursued by creating an independent capital market law for private equity or by further developing existing laws.","og_url":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/","og_site_name":"FYB Financial Yearbook","og_image":[{"width":334,"height":298,"url":"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png","type":"image\/png"}],"twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/","url":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/","name":"Tax Compliance for Foreign Private Equity Funds - FYB Financial Yearbook","isPartOf":{"@id":"https:\/\/www.fyb.de\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage"},"image":{"@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage"},"thumbnailUrl":"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png","datePublished":"2017-11-26T14:17:32+00:00","breadcrumb":{"@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#primaryimage","url":"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png","contentUrl":"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Ludwig.png","width":334,"height":298},{"@type":"BreadcrumbList","@id":"https:\/\/www.fyb.de\/en\/produkt\/tax-compliance-at-foreign-private-equity-funds\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fyb.de\/en\/"},{"@type":"ListItem","position":2,"name":"FYB Shop","item":"https:\/\/www.fyb.de\/en\/shop\/"},{"@type":"ListItem","position":3,"name":"Tax Compliance for Foreign Private Equity Funds"}]},{"@type":"WebSite","@id":"https:\/\/www.fyb.de\/en\/#website","url":"https:\/\/www.fyb.de\/en\/","name":"FYB Financial Yearbook","description":"For Your Business","publisher":{"@id":"https:\/\/www.fyb.de\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.fyb.de\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.fyb.de\/en\/#organization","name":"FYB Financial Yearbook","url":"https:\/\/www.fyb.de\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg","contentUrl":"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg","caption":"FYB Financial Yearbook"},"image":{"@id":"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/product\/44017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/product"}],"about":[{"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/types\/product"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/comments?post=44017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/media\/18969"}],"wp:attachment":[{"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/media?parent=44017"}],"wp:term":[{"taxonomy":"product_brand","embeddable":true,"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/product_brand?post=44017"},{"taxonomy":"product_cat","embeddable":true,"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/product_cat?post=44017"},{"taxonomy":"product_tag","embeddable":true,"href":"https:\/\/www.fyb.de\/en\/wp-json\/wp\/v2\/product_tag?post=44017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}