{"id":44316,"date":"2017-08-01T04:12:36","date_gmt":"2017-08-01T02:12:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/determination-of-income-for-zebra-companies-and-depositary-under-kagb-update-of-tax-compliance-for-private-equity-funds\/"},"modified":"2017-08-01T04:12:36","modified_gmt":"2017-08-01T02:12:36","slug":"income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-private-equity-funds","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-private-equity-funds\/","title":{"rendered":"Determination of Income for Zebra Companies and Depositary under KAGB \u2014 Update of Tax Compliance for Private Equity Funds"},"content":{"rendered":"

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

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

Ongo\u00ading formal and substan\u00adtive tax compli\u00adance, as well as the regu\u00adla\u00adtory rules and inno\u00adva\u00adtions intro\u00addu\u00adced by the German Capi\u00adtal Invest\u00adment Code, are taking up an ever-incre\u00adasing amount of day-to-day work for dome\u00adstic and foreign private equity funds. For this reason, we have again picked out two topics this year, one from the tax envi\u00adron\u00adment and another from the regu\u00adla\u00adtory envi\u00adron\u00adment of private equity funds, which we discuss in more detail below.<\/strong><\/p>\n

The first part of the article deals with the so-called zebra share\u00adhol\u00adders, i.e. the parti\u00adci\u00adpa\u00adtion of commer\u00adcial inves\u00adtors inclu\u00adding corpo\u00adra\u00adti\u00adons (corpo\u00adrate inves\u00adtors) in asset-mana\u00adging part\u00adner\u00adships. If a commer\u00adcial inves\u00adtor parti\u00adci\u00adpa\u00adtes in an asset-mana\u00adging private equity fund, he cannot use the taxa\u00adble result deter\u00admi\u00adned at the level of the asset-mana\u00adging private equity fund, but requi\u00adres a so-called addi\u00adtio\u00adnal commer\u00adcial result.<\/p>\n

We had alre\u00adady worked out the possi\u00adble quali\u00adfi\u00adca\u00adtion conflict as well as the diffe\u00adrent inte\u00adrests of the indi\u00advi\u00addual inves\u00adtor groups in the quali\u00adfi\u00adca\u00adtion of the income of a private equity fund in the FYB Finan\u00adcial Year\u00adBook in previous years. This article deals with the neces\u00adsity of these addi\u00adtio\u00adnal commer\u00adcial results, the hand\u00adling by the tax autho\u00adri\u00adties and the resul\u00adting need for action.<\/p>\n

The second part of the article deals with a sub-area of the imple\u00admen\u00adta\u00adtion of the Alter\u00adna\u00adtive Invest\u00adment Fund Mana\u00adger Direc\u00adtive (herein\u00adaf\u00adter also \u201cAIFMD\u201d) into natio\u00adnal law. From the frame\u00adwork of the German Capi\u00adtal Invest\u00adment Code (Kapi\u00adtal\u00adan\u00adla\u00adge\u00adge\u00adsetz\u00adbuch), the requi\u00adre\u00adments and special features of the so-called depo\u00adsi\u00adtary for private equity funds are exami\u00adned in more detail.<\/p>\n

Asset-Mana\u00adging PE Funds: Neces\u00adsity of Addi\u00adtio\u00adnal Commer\u00adcial Results and Hand\u00adling by the Tax Administration<\/strong><\/p>\n

The quali\u00adfi\u00adca\u00adtion of income at the level of a private equity fund (PE fund) is of considera\u00adble importance for German inves\u00adtors (private inves\u00adtors on the one hand and commer\u00adcial parti\u00adci\u00adpants inclu\u00adding corpo\u00adrate inves\u00adtors on the other).<\/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":[2452,2454,2464,2602],"product_tag":[1476,1892,1899,1903,1910,2285,2289],"class_list":{"0":"post-44316","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-2014-en","10":"product_tag-tax-compliance-en","11":"product_tag-ludwig-en","12":"product_tag-christoph-en","13":"product_tag-unger-en","14":"product_tag-thomas-en","15":"product_tag-zebra-companies","16":"product_tag-alternative-investment-fund-manager-directive-en","17":"pa_sprache-english-3","18":"pa_sprache-german","20":"first","21":"outofstock","22":"taxable","23":"shipping-taxable","24":"purchasable","25":"product-type-variable"},"yoast_head":"\nDetermination of Income for Zebra Companies and Depositary under KAGB - Update of Tax Compliance for 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\/income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-private-equity-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Determination of Income for Zebra Companies and Depositary under KAGB - Update of Tax Compliance for Private Equity Funds - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Ongoing formal and substantive tax compliance, as well as the regulatory rules and innovations introduced by the German Capital Investment Code, are taking up an ever-increasing amount of day-to-day work for domestic and foreign private equity funds. For this reason, we have again picked out two topics this year, one from the tax environment and another from the regulatory environment of private equity funds, which we discuss in more detail below. The first part of the article deals with the so-called zebra shareholders, i.e. the participation of commercial investors including corporations (corporate investors) in asset-managing partnerships. If a commercial investor participates in an asset-managing private equity fund, he cannot use the taxable result determined at the level of the asset-managing private equity fund, but requires a so-called additional commercial result. We had already worked out the possible qualification conflict as well as the different interests of the individual investor groups in the qualification of the income of a private equity fund in the FYB Financial YearBook in previous years. This article deals with the necessity of these additional commercial results, the handling by the tax authorities and the resulting need for action. The second part of the article deals with a sub-area of the implementation of the Alternative Investment Fund Manager Directive (hereinafter also "AIFMD") into national law. From the framework of the German Capital Investment Code (Kapitalanlagegesetzbuch), the requirements and special features of the so-called depositary for private equity funds are examined in more detail. Asset-Managing PE Funds: Necessity of Additional Commercial Results and Handling by the Tax Administration The qualification of income at the level of a private equity fund (PE fund) is of considerable importance for German investors (private investors on the one hand and commercial participants including corporate investors on the other).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-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\/income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-private-equity-funds\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/income-determination-for-combined-corporations-and-custodians-according-to-kagb-update-of-tax-compliance-for-private-equity-funds\/\",\"name\":\"Determination of Income for Zebra Companies and Depositary under KAGB - 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