Investment Tax Act

Original Language Title: Investmentsteuergesetz

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Investment Tax Law (InvStG)

Non-official table of contents

InvStG

Date of delivery: 15.12.2003

Full quote:

" Investment tax law of 15. December 2003 (BGBl. 2676, 2724), which was last amended by Article 13 of the Law of 25 June 2003. July 2014 (BGBl. I p. 1266) "

:Last modified by Art. 13 G v. 25.7.2014 I 1266

For details, see Notes

Footnote

(+ + + Text evidence from: 1.1.2004 + + +)
(+ + + For application) for details. cf. § 1, § 15, § 16, § 18 and § 21 F. from 18.12.2013,
§ 19, § 20 u. § 22 + + +)


The G was referred to as Article 2 d. G v. 15.12.2003 I 2676 approved by the Bundestag with the consent of the Bundesrat. It's gem. Article 17 (1), first sentence, of this Act entered into force on 1 January 2004. unofficial table of contents

content overview

Section 1
Common rules for domestic and foreign investment funds
§ 1Scope and definitions
§ 2Income from Investment shares
§ 3Determination of returns
§ 3a Payout order
§ 4Foreign Income
§ 5Tax bases
§ 6Taxation in case of missing Notice
§ 7Capital gains tax
§ 8 Selling of investment shares; asset reduction
§ 9Revenue compensation
§ 10rooftop investment fund
Section 2
 Regulations only for domestic investment funds
§ 11Tax exemption and Outside review
§ 12payout decision
§ 13 Separate determination of the tax bases
§ 14Mergers of investment funds and parts of Investment Funds
§ 15Special investment funds in domestic law
§ 15a Offene investment commanding company
Section 3
Regulations only for foreign investment funds
§ 16Foreign Special Investment Funds
§ 17Representative
§ 17aImpacts of the Merger of foreign investment funds and parts of such investment fund to another foreign investment fund or parts of such investment fund
Section 4
Common rules for domestic and foreign investment companies
§ 18People-Investment Companies
§ 19 Capital investment companies
§ 20Conversion of an investment company into an investment fund
Section 5
Application and Transitional Rules
§ 21Application rules before the AIFM Tax Adaptation Act enters into force
§ 22 Application rules to the AIFM control customization law
§ 23 Transitional rules

Section 1
Common rules for domestic and foreign investment funds

Non-official table of contents

§ 1 Scope and definitions

(1) This law shall apply to collective investment undertakings in transferable securities (UCITS) within the meaning of § 1 Paragraph 2 of the Capital Investment Code and Alternative Investment Fund (AIF) within the meaning of Article 1 (3) of the Capital Investment Code, as well as shares in UCITS or AIF. Special assets within the meaning of § 96 (2) sentence 1 of the capital investment code, partial social assets within the meaning of § 117 or § 132 of the capital investment code or comparable legally separate units of a foreign UCITS or AIF (partial funds) shall be considered to be UCITS or AIF for the purposes of this Act.(1a) This Act shall not apply to
1.
Companies, entities or organizations for which: in accordance with Section 2 (1) and (2) of the Capital Investment Code, the Capital Investment Code is not applicable,
2.
Company-holding companies within the meaning of Section 1a (1) of the Law on Company Participation Companies and
3.
Capital Participation Companies, in the public interest with own resources or with state-owned enterprises. Support for participations.
(1b) Sections 1 to 3 and 5 shall apply to investment funds and units of investment funds. An investment fund is a UCITS or an AIF that satisfies the following investment rules:
1.
The UCITS, the AIF or the manager of the AIF shall be subject in his State of sitting to a plan of supervision of assets under the Community capital investment. This provision is deemed to be fulfilled in the cases of § 2 Paragraph 3 of the Capital Investment Code.
2.
Investors may at least once a year have the right to return or the termination of their shares, shares or shareholding. This is deemed to be fulfilled if the UCITS or the AIF is traded on a stock exchange within the meaning of Section 2 (1) of the Exchange Act or of a comparable foreign exchange.
3.
The objective business purpose is limited to the investment and management of its funds for the collective account of the share or share holder and an active entrepreneurial The management of the assets is excluded. Active entrepreneurial management is not harmful in the case of holdings in real estate companies within the meaning of Section 1 (19) point 22 of the capital investment code.
4.
The assets will be created according to the principle of risk-mixing. A risk mixture is regularly available if the assets are invested in more than three assets with different investment risks. The principle of risk reduction shall be deemed to be respected if the UCITS or the AIF holds shares in one or more other assets in a not only insignificant amount and that other assets are held directly or indirectly in accordance with the principle of
5.
The assets are at least 90% of the value of the UCITS or of the AIF in the following assets:
a)
securities,
b)
Money Market Instruments,
c)
Derivatives,
d)
Bankcredit,
e)
Land, property equal rights, and comparable rights under the law of others States,
f)
Shareholdings in real estate companies within the meaning of Article 1 (19) (22) of the Capital Act Code,
g)
Operating devices and other management items within the meaning of Section 231 (3) of the Capital Act Code,
h)
Shares or shares in domestic and foreign investment funds,
i)
participations in ÖPP project companies within the meaning of section 1 (19) point 28 of the capital investment code, if the traffic value of these participations can be determined and
j)
precious metals, unbridged loan claims and holdings in capital companies, if the traffic value of these holdings can be determined
6.
At most 20 percent of its value is invested in shareholdings in capital companies that are neither admitted to trading on a stock exchange nor in another organized market be approved or included in these. UCITS or AIF, which in accordance with their investment conditions, invest the money they have invested in real estate, may invest up to 100 per cent of their value in real estate companies. Within the limits of the first sentence, it is also possible to hold company participations, which are before the 28.
7.
The level of participation in a capital company is less than 10 percent of the capital of the capital company. This does not apply to participations of a UCITS or an AIF to
a)
Real Estate Companies,
b)
ÖPP Project Companies and
c)
Societies whose business concerns the production of renewable energies within the meaning of § 3 (3) of the Law on the Priority of Renewable Energies
8.
A credit may only be included in the short term and only up to 30 percent of the value of the UCITS or AIF. AIF, which in accordance with the investment conditions shall invest the money deposited with them in real estate, shall be entitled to short-term loans up to a level of 30% of the value of the investment fund and, incidentally, loans up to a level of 50% of the value of the transport value. of the real estate held directly or indirectly in the AIF.
9.
The above investment regulations or the investment provisions of the UCITS in force in the The Capital Investment Code shall be based on its investment conditions.
(1c) UCITS and AIF, which do not meet the conditions set out in paragraphs 1b and 1f, are investment companies. In the case of investment companies, paragraphs 1, 1a and 2 and sections 4 and 5 shall apply.(1d) If an investment fund changes its investment conditions in such a way that the investment provisions of paragraph 1b are no longer fulfilled, or in the practice of investment, a substantial breach of the investment provisions of paragraph 1b has been found, in the case of domestic investment funds, the tax office responsible pursuant to section 13 (5) and, in the case of foreign investment funds, the Federal Central Office for Taxes to determine the absence of the investment provisions. § § 164, 165 and 172 to 175a of the Tax Code shall not be applied to the determination. After the end of the financial year of the investment fund, in which the notice of determination has become indisputable, the investment fund shall be deemed to be an investment company for a period of at least three years. The competent tax office shall inform the Federal Central Office of Taxes of indisputable notice of arrest. The Federal Central Office for Taxes has the name of the investment fund, the securities identification number ISIN, insofar as it has been issued, and the date from which the investment fund is deemed to be an investment company in the Federal Gazette. .(1e) In the event of exceeding the permissible level of participation in the capital companies referred to in paragraph 1b (7), no taxation rules applicable to the investment fund or to its investor shall be applied to the investment fund or to its investors, which shall be subject to a control system exceeding that The level of participation is presuppose.(1f) Domitic investment funds may be formed
1.
in the form of a special assets within the meaning of § 1 Paragraph 10 of the Capital Management Code, which is a
a)
external capital management company in the The meaning of Section 17 (2) (1) of the capital investment code is managed,
b)
The domestic branch of an EU management company within the meaning of § 1 paragraph 1 (a) 17 of the capital investment code, or
c)
EU management company within the meaning of section 1, paragraph 17, point 1 of the capital investment law, by means of the cross-border service is managed,
2.
in the form of an investment company with variable capital as defined in Chapter 1, Section 4 Subsection 3 of the Capital Investment Code, or
3.
in the form of an open investment partnership within the meaning of Chapter 1, Section 4, Subsection 4 of the Capital investment code which, under the terms of its social contract, does not have more than 100 investors who are not natural persons and whose corporate purpose is directly and exclusively to cover occupational retirement pension obligations is used. The conditions set out in the first sentence shall not be deemed to be fulfilled if the value of the shares which an investor acquires exceeds the value of the occupational pension obligation. Investors have to confirm in writing, in accordance with official patterns, to the open investment service company that they are directly and exclusively responsible for covering occupational pension obligations
(1g) For the purposes of the application of Sections 1 to 3 and 5, an EU investment fund shall be considered to be the contractual form which is provided by an external capital management company within the meaning of Article 17 (2) (1) of the Capital Investment Code or of a national branch of an EU management company within the meaning of Article 1 (17) of the Capital Investment Code, to the foreign investment funds. In accordance with the law of the State of origin of an investment fund as set out in the first sentence, the Federal Republic of Germany shall, on the basis of the registered office of the capital management company in the country of origin or the domestic branch of the EU management company, to regulate the taxation of the investment fund in a comprehensive manner, this investment fund shall be deemed to apply to the application of this law by way of derogation from the first sentence of the domestic investment fund. Shares in an investment fund as set out in the second sentence shall be deemed to be shares in a domestic investment fund. Shares in an investment fund as set out in the first sentence are among the foreign shares.(2) The definitions of the capital investment code shall apply mutatily to the extent to which no deviating definition is derived from this law. Investors are the holders of shares in investment funds and investment companies, irrespective of their legal form. Domestic investment funds or domestic investment companies are UCITS or AIF, which are subject to domestic oversight. EU investment funds and EU investment companies are UCITS or AIF, which are subject to the supervisory law of another Member State of the European Union or of another Contracting State of the Agreement on the European Economic Area. Foreign investment funds and foreign investment companies are EU investment funds or EU investment companies or AIF, which are governed by the law of a third country. The terms and conditions of investment within the meaning of this Act shall also apply to the articles of association, the social contract or comparable constituent documents of a UCITS or of an AIF.(2a) The domestic investment funds are both domestic investment companies within the meaning of this Act. Foreign investment funds are also foreign investment companies within the meaning of this law. Domestic investment funds shall be represented in the assertion of rights and performance of duties as follows:
1.
for special assets under paragraph 1f number 1
a)
letter a by the capital management company,
b)
letter b by the domestic Branch of the EU management company,
c)
Point (c) by the domestic depositary within the meaning of Section 68 (3) of the capital investment code, if it is in the case of domestic UCITS, or by the domestic depositary within the meaning of Section 80 (6) of the Capital Investment Code, if it concerns domestic AIF,
2.
in the case of companies as referred to in paragraph 1g by the capital management company.
During the settlement of a domestic investment fund, the domestic depositary is responsible for the Application of the second sentence to the body of the capital management company.(3) payouts are the amounts actually paid or credited to the investor, including the withheld capital gains tax. Distributed income is the capital gains used by an investment fund for distribution, income from leasing and leasing of land and equal rights, other income and profits from divestment transactions. Payout-like income is the
1.
style="font-weight:normal; font-style:normal; text-decoration:none;"> Capital gains with the exception of the income from standstill premiums within the meaning of § 20 (1) No. 11 of the Income Tax Act, the profits as defined in § 20 (2) sentence 1 no. 1 of the Income Tax Act, the profits within the meaning of § 20 (2) sentence 1 No. 3 of the Income Tax Act and the profits within the meaning of § 20 (2) sentence 1 No. 7 of the Income Tax Act, insofar as they do not account for collected bills of interest and if it does not are other capital requirements,
a)
which have an emission yield,
b)
where the fee for the capital release is based solely on a fixed or variable fraction of the capital and the repayment of the capital at the same level is promised or granted in which it has been left to. An emission discount or emission discount for fine-tuning the interest rate is not taken into account,
c)
in which neither a partial repayment of the interest rate of the interest rate is not included. Capital assets is still a separate charge for the transfer of capital assets to be used or is granted and the repayment of the capital is based on the performance of a single share or a published index for a
d)
which are those referred to in the letter (b), where the holder (s) shall not be subject to the fixed interest shall be entitled to exchange in company shares, or where the holder has the right to vote in addition to maturity, either the capital repayment or the delivery of a pre-determined number of shares in the issuer to require shares of a company, or in which the issuer has the additional right to use a pre-determined number of shares in the event of maturity of the holder instead of the repayment of the nominal amount,
e)
the profit or enjoyment rights within the meaning of § 43 (1) sentence 1 No. 2 of the Income Tax Act,
f)
where the purchase costs are partly due to separable warrants and a separately tradable bond
2.
Income from rental and lease of land and equal rights, other income and profits from private disposal transactions within the meaning of § 23 para. 1 sentence 1, para. 2 and 3 of the Income Tax Act.
The distributed and distributed income in the sense of sentences 2 and 3 also includes income defined in accordance with section 3 (2) sentence 1 no. 2. If the investment company does not take a decision on the use of the proceeds of the past financial year at the latest four months after the end of the financial year, the investment company shall be deemed not to be used for the distribution.(4) Interim gain is the fee for the
1.
Revenue of the investment fund within the meaning of § 20 (1) (7) and (2) sentence 1 (2) (b) and § 20 (2) sentence 1 no. 7 of the Income Tax Act, as far as they are concerned. are the same income as referred to in the third sentence of paragraph 3, as well as the acquired rights of the investment fund to such income; the claims shall be based on the provisions of Section 20 (2) of the Income Tax Law assess;
2.
Revenue from shares in other investment funds, insofar as it proceeds from the income of the other investment fund within the meaning of Article 20 (1) (7) and (2), first sentence, No. 2 Point (b) and Section 20 (2), first sentence, point 7 of the Income Tax Act, in so far as they are part of the same income as the distribution of the same amount as set out in the third sentence of paragraph 3;
3.
Investment Fund intermediate gains;
4.
at the time of return or divestment of the investment fund. Investment shares published interim profits or values to be used instead for shares in other investment funds held by the investment fund.

Footnote

(+ + + § 1 para. 1, 1a: For the first application, see: Section 21 (20) + + + +)
(+ + + § 1 (1d): For application see Section 15 (1) and § 16 sentence 1 + + +)
(+ + + § 1 para. 1d sentence 4 u. 5: For use, see: § 20 sentence 3 + + +)
(+ + + § 1 para. 2: For the first application, see Section 21 (20) + + +)
(+ + + § 1 para. 3 sentence 3 u. 4, para. 4, No. 1, and 2: For the first time, see Section 21 (12) + + + +)
(+ + + § 1 (3) sentence 5: For the first application, see: § 21 (14) + + +) Non-official Table of contents

§ 2 Income from investment shares

(1) The income distributed on investment shares as well as the profit-sharing income and the interim profit are part of the income from capital assets within the meaning of Article 20 (1) (1) (1) (1)). of the Income Tax Act, if it does not take into account the investor's operating income, benefits under Article 22 (1) sentence 3 (a) (aa) of the Income Tax Act in conjunction with Section 10 (1) (2) (b) of the Income Tax Act, or In addition to the cases referred to in paragraph 2, benefits within the meaning of Section 22 (5) of the Income Tax Act are not applicable; § 3 (40) of the Income Tax Act and Section 8b (1) of the Corporate Income Tax Act are not applicable. The income equivalent income shall be valid except in the cases of § 22 No. 1 sentence 3 (a) double letter aa of the Income Tax Act in conjunction with Section 10 (1) No. 2 (b) of the Income Tax Act or § 22 No. 5 of the Income Tax Act. Income tax law with the end of the financial year in which they have been collected, than closed. In the case of partial distribution of the income referred to in section 1 (3), the income equal to the distribution shall be attributed to the investor at the time of the partial distribution. If, in the case of the partial distribution, the distribution is not sufficient to retain the capital gains tax in accordance with § 7 (1) to (3), including the tax taxes on capital gains tax (tax deductible amounts) regulated by national law or national law, the partial distribution shall also be deemed to have been received by the investor on the expiry of the financial year in which the investment income has been obtained by the investment fund in accordance with Article 3 (1) and shall be deemed to be the same income for the tax-off. The intermediate profit shall be deemed to have been included in the income from the return or disposal of the investment component.(1a) However, if an investor acquires a share in a disbursing investment fund, including the right to pay the distribution, he shall be entitled to receive it without that right, the revenue instead of the payout shall be deemed to have been paid by the investment fund to the Investors distributed. If the investment fund has made a partial distribution within the meaning of the third sentence of paragraph 1 on the share acquired, the investor shall also be allocated amounts equal to the payout equal to the payout, in addition to the revenue instead of the payout. The notices referred to in § 5 shall also apply to these revenues and amounts. For the purposes of this Act, the revenue instead of the distribution to the investment share and the amounts as set out in the second sentence shall be equal to the distribution of the same amounts. The paying authority in accordance with § 7 (1) or the non-compliance subject pursuant to Article 7 (3a) and (3c) shall collect the revenue in accordance with the first sentence from the transferor of the share.(1b) In the course of the financial year, if an investor acquires a stake in a domestic thesauding investment fund, but after the end of the financial year, the investor shall be deemed to have received an amount at the end of the financial year, the amount of which shall be: in terms of the amount and composition of the income equal to the distribution of the same. Where the investment fund makes a partial distribution within the meaning of the fourth sentence of paragraph 1 on the share acquired, the amount referred to in the first sentence shall be increased by that part-distribution. The notices in accordance with § 5 shall also apply to the amount by sentence 1 and part-distributions. For the purposes of applying this Act, the amounts referred to in the first sentence of this Act shall be equal to the amounts equal to the payout and any revenue in lieu of the partial distribution as set out in the second sentence of the distribution to the investment share. The non-compliance subject pursuant to Article 7 (3b), (3d) and (4) shall be subject to the tax deduction amounts and any increase in the proportion of the transferor of the share in accordance with the second sentence.(1c) The investment company shall, in coordination with the depositary, ensure that the share returns required or agreed before the day on which the net asset value of the investment fund shall be those of the issuing body shall be borne by the investment company. or in the case of tax deductions to be leaned, and which are fulfilled after that date, shall not be deemed to be too low in the investment fund and shall be deemed to have been paid out to investors or to Amounts to be made available to tax deductible amounts only to the extent to which the investment fund is calculated according to the calculation of the investment company.(2) In the case of domestic and foreign income distributed and paid out in the same way as provided for in Section 43 (1), first sentence, points 1, 1a and 6, as well as the second sentence of the Income Tax Act, § 3 (40) of the Income Tax Act as well as § § 43 (1) of the Income Tax Act (Einkommensteuergesetz) 19 of the REIT Act of 28. May 2007 (BGBl. I p. 914). As far as distributed domestic and foreign income are contained within the meaning of § 43 (1) sentence 1 (9) as well as sentence 2 of the Income Tax Act, § 3 (40) of the Income Tax Act, § 8b of the Corporate Tax Act and § 19 are included. of the REIT Act. § 15 (1a) and § 16 sentence 3 shall remain unaffected.(2a) The income of the investment fund, which has been paid out or is equal to the distribution of interest, which is derived from interest payments within the meaning of Section 4h (3) sentence 3 of the Income Tax Act, shall be deemed to be interest in the case of the investor within the scope of Section 4h (1) of the Income Tax Act. shall be considered.(3) The distributed income on investment shares shall be tax-free in so far as they contain profits from the sale of land and the same rights, unless it is a profit from the private sale of property in the The meaning of Section 23 (1), first sentence, point 1, para. 2 and 3 of the Income Tax Act, or that the payouts are operating income of the taxable person.(4) § 3 No. 41 (a) of the Income Tax Act shall apply mutagenly.(5) Negative capital gains from intermediate gains on the basis of the acquisition of shares issued during the current financial year of the investment fund shall be taken into account only if the investment fund has a compensation in accordance with § 9

Footnote

(+ + + § 2: For application see Section 21 (1), (5), (6), (20) and (22) Section 19 (1) + + +) Non-official table of contents

§ 3 Determination of income

(1) In determining the income of the investment fund, § 2 (2) sentence 1 Point 2 of the Income Tax Act shall apply mutagenly.(1a) Where an interest-rate or interest-rate request is separated from the right of the right to be paid, this shall be deemed to be a sale of the debt securities and the acquisition of the economic goods resulting from the separation. A separation shall be deemed to have been carried out if the holder of the debt tender is responsible for the securities identification numbers for the economic goods resulting from the separation. The proceeds of the debt description shall be deemed to be a value of their common value at the time of separation. In order to determine the cost of the new assets, the value of the new assets must be divided according to the common value of the new economic goods. The income of the tribe shall be limited in accordance with the first sentence of the first sentence of paragraph 2 of the period laid down in paragraph 2 of this Article.(2) § 11 of the Income Tax Act shall apply with the following measures:
1.
Dividends already apply on the date of the dividend payment;
2.
Interest, acquired rights from an Agio or Disagio emission discount with the exception of the fine-tuning discount pursuant to § 1 Paragraph 3, sentence 3, point 1, point (b), second sentence, of any other capital requirement within the meaning of Section 20 (1) (7) of the Income Tax Act, which has an emission yield, and rents are to be demarcted in accordance with accrual rights; the claimed claims are subject to the The difference between the market value at the end of the financial year and the market value at the beginning of the financial year or, in the case of the acquisition, the difference between the market value at the end of the financial year and the market value at the beginning of the financial year. within the financial year of the difference between the market value at the end of the financial year and the acquisition costs as interest (market return); the defined interest and rent shall be deemed to have been granted. In the case of other capital exposures within the meaning of Article 1 (3), third sentence, point 1 (f), the first sentence shall apply only to interest and not to any applicable claims;
3.
Accrual Charges are deemed to have flowed off as far as the actual outflow takes place in the following financial year.
Insofar as the revenue is already in front of the influx , a deduction of foreign taxes in accordance with Section 4 (4) shall already be permitted in the financial year in which the revenues are attributed.(3) Advertising costs of the investment fund, which are in a direct economic context with revenue, shall be deducted from the respective revenue. The direct advertising costs also include offsets for wear and/or substance reduction, insofar as these do not exceed the amounts permitted in accordance with § 7 of the Income Tax Act. The remaining, in an indirect economic context, of the kind referred to in the first sentence of Article 1 (3) (3) (1) and (2), as well as other profits and losses arising from disposal operations, shall be Advertising costs can be deducted exclusively according to the following measures:
1.
The foreign Current revenue or other foreign profits and losses arising from divestment transactions for which the Federal Republic of Germany is not entitled to the right to tax on the basis of an agreement to avoid double taxation, shall be subject to advertising costs in the ratio of the average assets of the preceding financial year, the source of these current revenue and other profits and losses arising from disposal operations, to the average total assets of the to the previous financial year. For the calculation of the average assets, the monthly end values of the previous financial year shall be used.
2.
For the determination of yields, on which is applicable to the investor
a)
§ 3, point 40 of the Income Tax Law, which are the following after application of the Number 1 of the deductible advertising costs of the current income, which are also subject to Section 3 (40) of the Income Tax Act, as well as the other profits within the meaning of § 3 (40) of the Income Tax Act and the other profits. Changes in profits within the meaning of Section 3c (2) of the Income Tax Act of the current financial year in proportion to the average assets of the previous financial year, which is the source of this revenue, to the average of the previous financial year's income tax. the total assets of the previous financial year, which is reduced by assets within the meaning of point 1. Point 1 sentence 2 shall apply accordingly;
b)
§ 8b (1) of the Corporation Tax Act shall be applicable or, notwithstanding Section 8b (4) of the Corporate Tax Act, in In connection with Section 15 (1a) of this Act, the outstanding cost of advertising remaining after the application of the number 1 shall be the current revenue within the meaning of Article 15 (1a) of this Act in conjunction with Section 8b (1) of the Corporation tax law, current income within the meaning of section 2 (2) sentence 1 of this Act as well as the other profits and losses arising from disposal transactions within the meaning of Section 8b (2) and (3) of the corporate tax law of the current The financial year in relation to the previous financial year, which is the source of that revenue, shall be allocated to the average total assets of the preceding financial year, which shall be reduced by assets within the meaning of point 1. Number 1, second sentence, shall apply.
3.
The peelable advertising costs which have not yet been allocated after the application of the first and third sentences of 1 and 3 shall be subject to the following: to deduct the remaining current revenue and the remaining other profits and losses from disposal operations of the current financial year.
The advertising costs to be allocated in accordance with the third sentence shall be within the respective Points 1 to 3, the current revenue or other profits and losses arising from disposal operations, in accordance with the ratio of the positive balances of the current revenue of the previous financial year, on the one hand, and the positive balances, on the other hand, To allocate balances of other profits and losses from disposals of the previous financial year. Profit and loss lectures remain unaccounted for. After the attribution of the advertising costs in accordance with the rates 1 to 5, a further allocation of the advertising costs in the ratio of the positive current receipts of the previous financial year to each other shall be made to the respective current revenue. The current revenue in accordance with point 2 (b) of the second sentence shall be the cost of advertising in accordance with the ratio of the positive balance of current revenue within the meaning of Article 15 (1a) of this Act in conjunction with Section 8b (1) of the Corporate Tax Law of the preceding financial year, on the one hand, and the positive balance of current revenue within the meaning of Article 2 (2), first sentence, of this Act of the previous financial year, on the other hand; and the sixth sentence shall apply mutatily. Sentence 6 shall apply in accordance with the other gains and losses arising from the sale of goods. In the absence of positive balances on both sides, the allocation of the advertising costs is in each case half-way to the current revenue as well as to the other profits and losses from divestment transactions.(4) Negative income from the investment fund shall be offset by the same amount up to the level of the positive returns of the same type. Non-balanced negative earnings are to be compensated for in the following financial years.(5) Income from shares of the investment fund in a partnership shall be part of the income of the financial year in which the business year of the partnership ends.

Footnote

(+ + + § 3 (2), first sentence, no. 2: For the first time cf. Section 21 (12) sentence 3 + + +)
(+ + + § 3 para. 1a: For application see Section 22 (1) sentence 1 + + +)
(+ + + § 3 para. 3: For application see § 22 para. 1 sentence 2 + + +) unofficial table of contents

§ 3a payout order

For a payout, the substance amounts only apply after the payout of all proceeds of the current and all previous Business years as used.

Footnote

(+ + + § 3a: For application see § 22 (4) + + +) Non-official Table of Contents

§ 4 Foreign Income

(1) The income distributed on investment shares and the income equal to the distribution shall be disregarded in the event of an income tax or corporation tax in so far as it is income from a foreign country for which the Federal Republic of Germany has waived the exercise of the right to tax on the basis of an agreement to avoid double taxation. Where the income from an investment component which is equal to or equal to the distribution does not belong to the income derived from capital assets, the income which has been exempted in accordance with the provisions of the first sentence shall be applied to the tax rate resulting from the calculation of the amount of the revenue from the investment. Income tax is increased or reduced by the income referred to in the first sentence in accordance with section 32a of the Income Tax Act, taking into account the exceptional income contained in the income tax in one fifth of the income tax. The second sentence of Section 32b (1) of the Income Tax Act applies accordingly. Section 32b (1a) of the Income Tax Act is to be applied.(2) Are included in the amounts distributed on investment shares as well as income equal to the distribution from a foreign country, income which in that State is to be paid in accordance with § 34c (1) of the Income Tax Act or § 26 para. 1 of the In the case of unrestricted taxable investors, the corporation tax act or an agreement to avoid double taxation on income tax or corporation tax is to be used, the fixed and Foreign tax paid and not subject to a reduction claim to the part of the income tax or corporation tax, which is attributable to those foreign income increased by the pro rata foreign tax. This part shall be determined in such a way that the income tax resulting from the assessment of the income to be taxed-including foreign income-in accordance with sections 32a, 32b, 34 and 34b of the Income Tax Act or in accordance with § § § 32a, 32b and 34b of the Income Tax Act 23 of the corporation tax law resulting in corporation tax in the ratio of these foreign income to the sum of the income. The maximum amount of eligible foreign taxes is to be calculated for the distributed and payout income from each individual investment fund. § 34c (1) sentences 3 and 4, para. 2, 3, 6 and 7 of the Income Tax Act shall apply mutagentily. In the case of income distributed on foreign investment shares in the State in which the foreign investment fund is established, a tax is levied, the rates 1 to 4 shall apply, with the proviso that the determination of the income shall be subject to the The maximum amount of the chargeable foreign tax rate 3 shall apply accordingly. The offsetting of the foreign tax under Section 34c (1) of the Income Tax Act is not contrary to the first sentence of Section 34c (6) sentence 1 of the German Income Tax Act. In the case of income paid out on foreign investment shares and income equal to the payout, which are subject to German income tax, such income and the German tax arising from such income shall apply for the purpose of: Calculation and application of Section 7 (1) as foreign income and foreign tax within the meaning of sentence 1. By way of derogation from sentences 1 to 6, in the case of proceeds which are income within the meaning of Article 20 (1), first sentence, No. 1 of the Income Tax Act, Section 32d (5) and Section 43a (3) sentence 1 of the Income Tax Act shall apply mutagenously.(3) Foreign taxes which are attributable to distributed and distributed income which are tax-free in accordance with paragraph 1 or 2 (2) and (3) shall not apply in the case of the offsetting or the deduction referred to in paragraph 2 or the deduction referred to in paragraph 4. shall be considered.(4) The investment fund may deduct the foreign taxes which are attributable to the investor in accordance with paragraph 2 or can be withdrawn in the determination of the income (§ 3) as an advertising cost. In this case, the investor shall not be entitled to an invoice or deduction of those taxes in accordance with paragraph 2.

footnote

(+ + + § 4: For application see Section 21 (13) and 19 + + +)
(+ + + § 4 (4): For application see § 15 (1) + + +) Non-official table of contents

§ 5 Tax bases

(1) § § 2 and 4 are only if
1.
the investment company the investors on each payout related to a The investment component, specifying the investment identification number ISIN of the investment fund and the period to which the information refers, shall disclose the following tax bases in the German language:
a)
the amount of the payout (with at least four fractional digits) and
aa)
payout-like earnings of previous years included in the payout,
bb)
in the payout included amounts,
b)
the amount of the distributed returns (with at least four decimal places),
c)
included in the distributed returns style="font-weight:normal; font-style:normal; text-decoration:none; ">
aa)
Income within the meaning of § 2 (2) sentence 1 of this Act in conjunction with § 3, point 40 of the Income Tax Act or, in the case of Section 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Law,
bb)
Gains in disposal as defined in § 2 2 sentence 2 of this Act, in conjunction with Section 8b (2) of the Corporate Tax Law or § 3 (40) of the Income Tax Act,
cc)
Income within the meaning of § 2 (2a),
dd)
tax-free capital gains within the meaning of § 2 (3) (1), first sentence, in the 31.
ee)
Income within the meaning of Section 2 (3) (1), second sentence, on the 31 December 2008, the first sentence of the first sentence of the first sentence of the first sentence of the December 2008, to the extent that the income is not capital gains within the meaning of Section 20 of the Income Tax Law,
ff)
Tax-free capital gains in the For the purposes of Article 2 (3), the following shall be taken into account: January 2009,
gg)
Income within the meaning of Section 4 (1),
hh)
in Two-letter gg income not subject to the progression reservation,
ii)
Income within the meaning of Section 4 (2), for which no deduction under paragraph 4 is applicable. ,
jj)
Income contained in double letter ii, to which § 2 (2) of this Act is in conjunction with Section 8b (2) of the Corporate Tax Law, or § 3 (40) of the Income Tax Act, or in the case of Section 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Law,
kk)
in (ii) the income within the meaning of Article 4 (2) contained in Article 4 (2) which, in accordance with an agreement to avoid double taxation, for the purpose of calculating the tax on income tax or corporation tax in force in the form of a paid tax authorize,
ll)
income contained in double letter kk, to § 2 (2) of this Act in conjunction with Section 8b (2) of the Corporate Tax Act or § 3 Point 40 of the Income Tax Act or, in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act
d)
Part of the payout
aa)
as defined in § 7 paragraph 1 and 2,
bb)
within the meaning of § 7 (3),
cc)
within the meaning of Article 7 (1) sentence 4, to the extent that: Double-letter aa
e)
(dropped)
f)
the amount of foreign Tax on the income referred to in the distributed proceeds within the meaning of Section 4 (2) and
aa)
according to § 4 paragraph 2 of this law in conjunction with § 32d paragraph 5 or § 34c paragraph 1 of the Income Tax Act or an agreement to avoid double taxation if no deduction has been made in accordance with Section 4 (4),
bb)
is included in the double letter aa and is not available on income, in accordance with section 2 (2) of this law in Connection with Section 8b (2) of the Corporate Tax Act or § 3 (40) of the Income Tax Act or in the case of § 16 of this Act in connection with Section 8b (1) of the Corporate Tax Law,
cc)
which is deductible in accordance with § 4 paragraph 2 of this law in conjunction with § 34c paragraph 3 of the Income Tax Act, if no deduction is made pursuant to § 4 paragraph 4 of this Act ,
dd)
is included in the double letter cc and is attributable to income, to § 2 (2) of this Act, in conjunction with Section 8b (2) of the Corporation tax law or § 3 (40) of the Income Tax Act, or in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act,
ee)
which is considered to be paid in accordance with an agreement to avoid double taxation and can be credited in accordance with § 4 paragraph 2 in conjunction with this agreement,
ff)
in double letter ee is included and is not available on income, to § 2 paragraph 2 of this law in conjunction with § 8b paragraph 2 of the Corporate Tax Act or § 3 point 40 of the Income Tax Act, or in the case of Section 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act
g)
the amount of the Deductions for wear and/or substance reduction,
h)
the withholding tax paid in the financial year, reduced by the reimbursed withholding tax of the fiscal year, or previous financial years;
2.
the investment company to investors in the event of a payout of the same income no later than four months after the end of the financial year, in where they are deemed to have received the information referred to in point 1, with the exception of point (a), of an investment share in the German language;
3.
the investment company the information referred to in paragraphs 1 and 2 in conjunction with the annual report within the meaning of § § 101, 120, 135, 298 (1) sentence 1 (1) (1) and § 299 (1) (1) (1) (1)) 1 (3) of the capital investment code no later than four months after the end of the financial year in the Federal Gazette (Bundesanzeiger); the information is provided with the certificate of a professional who is authorized to assist the business in accordance with § 3 of the German Federal Gazette (Bundesanzeiger) Tax deliberation act, an audit office recognised by the public authorities or a comparable body, that the information has been determined in accordance with the rules of German tax law; the certificate must contain a statement as to whether: the data shall be calculated from a yield compensation; § 323 of the Commercial Code shall be applied in a reasonable way. If, within four months of the end of the financial year, a distribution decision is taken for that financial year, by way of derogation from the first sentence, the information referred to in points 1 and 2 shall be no later than four months after the date of the date of the Decision to make known. If the Annual Report is not published in the Federal Gazette in accordance with the provisions of the Capital Investment Code, it is also known to make known the site in which the account report is published in German;
4.
the foreign investment company or the capital management company managing an EU investment fund of the contract form the sum of the after the 31. 5.
5.
December 1993 The holder of the foreign investment shares shall be identified as the income received and not yet subject to the tax withdrawal;
5.
The foreign investment company or the capital management company managing an EU investment fund of the contract form on request to the Federal Central Office for Control within three months of the accuracy of the information referred to in points 1, 2 and 4. If the documents are written in a foreign language, a certified translation into the German language may be required. Where the foreign investment company or the capital management company managing an EU investment fund has disclosed information in an inaccurate amount, it shall have the difference in its own responsibility or on the basis of If the Federal Central Office is to take into account in the announcement for the current financial year.
Do not provide the information referred to in the first sentence of point 1 (c) or (f), the income shall be paid in accordance with Section 2 (1) sentence 1 taxed and § 4 does not apply to this extent. A notice of sentence 1 (1) (c) (a) (aa) and (gg) shall be permitted only if the publication has been published in accordance with Article 5 (2) (4).(2) § 8 (1) to (4) shall apply only where the investment company has an assessment of the positive or negative percentage of the value of the investment component, separately for natural persons and for corporate bodies, associations of persons or Net assets, determined on the basis of the elements contained in the income from the sale in the sense of § 8 (share gain) and published with the withdrawal price. The share gain per investment share may not change as a result of the purchase and sale of investment shares. The investment company shall be bound by its decision on the first-time issue of the shares, whether it determines or disregards the share gain. § 2 (2) and § 4 (1) are to be applied only if the investment company publishes the corresponding parts of the share gain in the assessment. The first sentence of paragraph 1, point 5 shall apply accordingly.(3) The investment company shall assess the intermediate profit and publish it at the withdrawal price, indicating whether the intermediate profit has been determined in accordance with § 9 sentence 2. If the conditions set out in the first sentence are not fulfilled, 6 per cent of the remuneration shall be set for the return or disposal of the investment part; negative capital gains from intermediate profits due to the acquisition of during the running Shares issued in the financial year of the investment fund shall not be taken into account. The first sentence of paragraph 1, point 5 shall apply accordingly. Sentences 1 and 2 shall not apply to domestic investment funds within the meaning of Article 225 of the Capital Investment Code and to foreign investment funds which are subject to comparable requirements in respect of their investment policy. Application.

Footnote

(+ + + § 5: For application see Section 21 (6), (14), 19, 20, 22 + + +)
(+ + + § 5 (1): For application, see Section 15 (1) + + + +)
(+ + + § 5 (1) sentence 1 no. 5 sentence 3: For application see § 16 sentence 1 + + +) Non-Official Table of Contents

§ 6 Taxation in case of a lack of notice

If the requirements of Section 5 (1) are not fulfilled, the investor Distributions to investment shares, intermediate profit and 70% of the additional amount to be paid between the first withdrawal price fixed in the calendar year and the last withdrawal price fixed in the calendar year of a at least 6 per cent of the last withdrawal price fixed in the calendar year. If a withdrawal price is not fixed, the stock exchange or market price shall be replaced by the price. The part of the additional amount to be used in accordance with the first sentence shall be deemed to be distributed and added at the end of the calendar year concerned.

footnote

(+ + + § 6: For application, see Section 15 (1) and § 16 sentence 1 + + +) unofficial table of contents

§ 7 capital gains tax

(1) A tax withdrawal from the capital gains is levied by
1.
distributed returns within the meaning of § 2 para. 1, if not included:
a)
domestic capital gains within the meaning of § 43 (1) sentence 1 (1) and (1a) as well as sentence 2 of the Income tax law and income distributed by domestic investment companies from the leasing and leasing of land and property equal to the same rights as well as distributed profits from private (b)
profits from the sale of securities and securities;
(b)
Subscription rights to shares in capital companies, from futures transactions within the meaning of section 21 (1) sentence 2 as well as from the sale of land and the same rights as defined in section 2 (3) as well as income within the meaning of § 4 paragraph 1,
2.
distributions within the meaning of § 6,
3.
after the 31. December 1993, an investor in foreign investment shares in the form of income received, not yet subject to tax deductions, including foreign income within the meaning of § 43 (1) sentence 1 no. 1 of the Income Tax Act. Where the body paying the capital gains has acquired or sold the investment share and has been held since then, or is the paying agency in the context of a depository transfer, the acquisition data pursuant to § 43a (2) sentence 2 to 5 of the Income tax law has been shown to carry out the tax deductions only from the income received in the period of the safekeeping as closed, not yet subject to the tax deductions,
4.
the intermediate profit.
The rules of the German Income Tax Act, which apply to the tax deductions of capital gains within the meaning of § 43 (1) sentence 1 (7) and second sentence of the Income Tax Act (Einkommensteuergesetz) Income Tax Act must be applied accordingly. The offsetting of foreign taxes is based on § 4 (2) sentence 8. In so far as the distributed income includes capital gains within the meaning of § 43 (1), first sentence, points 6 and 8 to 12 of the Income Tax Law, the domestic paying agency shall apply Section 43 (2), third sentence, of the Income Tax Act.(2) In the case of a partial distribution pursuant to Article 2 (1), third sentence, paragraphs 1, 3, 3a and 3c shall apply to the distributed and distributed income; the capital gains tax to be charged shall be withheld from the amount paid out. In the case of a partial distribution in accordance with Article 2 (1) sentence 4, paragraphs 3, 3b, 3d and 4 shall apply to the distributed and payout-like income.(3) A capital gains tax shall be levied on the proceeds from a share of a domestic investment fund,
1.
to the extent that the proceeds from the investment share include domestic returns within the meaning of § 43 (1) sentence 1 (1) and (1a) as well as the second sentence of the Income Tax Act,
a)
from the distributed returns in accordance with the paragraph 3a and
b)
from the payout-like returns in accordance with paragraph 3b
2.
as far as the proceeds are from the investment share income from the leasing and leasing of and profits from divestment transactions with land situated in the domestic territory and equal rights of land are included,
a)
from the distributed returns in accordance with paragraph 3c and
b)
from the payout-like returns in accordance with paragraph 3d.
tax deprivation is the responsibility of the de-directionist. The person concerned shall collect the amounts to be paid, including the amounts of tax deducted from the depositary, in so far as he has not to collect them from the transferor of the share in accordance with Article 2 (1a) and (1b). The investment fund shall make available to the depositary the amounts for the payouts and the tax deductions resulting from its calculations using the number of investment shares determined by the depositary bank.(3a) In the case of distributed yields as referred to in the first sentence of paragraph 3, point 1 (a), the amount of the proceeds shall be deemed to be the paying-out agency
1.
the domestic credit or financial services institution within the meaning of § 43 (1) sentence 1 (7) (b) of the Income Tax Act or the domestic securities trading companies, which, or the domestic securities trading bank, which
a)
share the shares in respect of the investment fund, and where
aa)
pays out the income referred to in the first sentence; or Credits or
bb)
pays the income in the sense of sentence 1 to a foreign body
b)
the shares in the investment fund are not stored or managed and
aa)
the income in the sense of the sentence 1 is disbursed or credited, or
bb)
the income within the meaning of the sentence 1 to a foreign body,
2.
the securities collection bank entrusted with the shares in the investment fund for the collection custody, if it pays the proceeds for the purposes of the sentence 1 to a foreign entity.
The provisions of the Income Tax Act applicable to the tax deductions of capital gains as defined in Section 43 (1), first sentence, point 1a of the Income Tax Act shall be supplementary to the Income tax law shall apply accordingly.(3b) For the same amount of income as referred to in the first sentence of paragraph 3, point 1 (b), the latter shall be the national body which, in the case of a payout, would be the first sentence of the first sentence of paragraph 3a. The depositary shall make the amounts of tax deductible available to the national authorities in accordance with the first sentence of the first sentence, unless the national authority has to recover amounts in accordance with Article 2 (1b); the amount of tax deductible amounts not requested shall be: the depositary after the end of the second month since the end of the financial year of the investment fund to 10. of the following month and to be deducted. The investment fund, the depositary and the other domestic authorities shall, in accordance with the same rules, apply the amounts to be made available and any repayment of the tax deductions, the amount of the amounts paid out in accordance with the first sentence of paragraph 3, 1 (a). The national authority shall retain the capital gains tax at the latest by the end of the first month since the end of the financial year of the investment fund and at the end of the 10. of the following month and to be deducted. In addition, the provisions of the Income Tax Act applicable to the tax deductions of capital gains as defined in Section 43 (1), first sentence, point 1a of the Income Tax Act shall apply mutagenously.(3c) In the case of distributed income within the meaning of paragraph 3, first sentence, point 2 (a), the tax withdrawal shall be subject to the payment of the paying agency within the meaning of the first sentence of paragraph 3 (a). In addition, the provisions of the Income Tax Act and Section 44a (10) sentences 4 to 7 of the Income Tax Act, which apply to the tax deductions of capital gains as defined in Section 43 (1) sentence 1, first sentence, point 7, and the second sentence of the Income Tax Act shall apply accordingly.(3d) In the case of the same income as referred to in paragraph 3, first sentence, point (2) (b), the tax withdrawal shall be subject to the national authority of the national body in connection with the sentence 1 in the case of a payout in accordance with the first sentence of paragraph 3c. the first sentence of paragraph 3a. The provisions of paragraph 3b of the second sentence of paragraph 3b shall apply accordingly. In addition, the provisions of the Income Tax Act and Section 44a (10) sentences 4 to 7 of the Income Tax Act, which apply to the tax deductions of capital gains as defined in Section 43 (1) sentence 1, first sentence, point 7, and the second sentence of the Income Tax Act shall apply accordingly.(4) In the case of a domestic investment fund, with the exception of those referred to in the first sentence of paragraph 3 (1) (b) and (2) (b), the same amounts shall be paid by the domestic unit as a tax deprivation party, which, in the case of the proceeds referred to in the first sentence of paragraph 3, point 2 (b) referred to in the first sentence of paragraph 3, would be obliged to do so as a paying agency. In addition, paragraph 1 shall apply mutatily. The provisions of the second sentence of paragraph 3b (2) to (4) and section 44a (10) sentences 4 to 7 of the Income Tax Act shall apply mutagenly.(5) Where, in the case of the same yields as referred to in the first sentence of paragraph 3 (1) (b) and (2) (b) and (4), the domestic body shall not be deprived of the tax withdrawal, except in whole or in part, at the request of: Retained capital gains tax under the conditions laid down in § 44a (4) and 10 (1) of the Income Tax Act in the extent provided for in that law by the domestic investment company. The investor shall submit to the investment company a certificate issued by the domestic body within the meaning of paragraphs 3b, 3d and 4, stating that it has not made the refund and will not make it. In addition, the provisions of the Income Tax Act applicable to the settlement and reimbursement of the capital gains tax shall be applied accordingly. In accordance with Section 44 (5) of the Income Tax Act, the erstatent domestic investment company shall be liable for refunds wrongly made; for the payment request, § 219 of the Tax Code shall apply accordingly. The financial office responsible for the taxation of the domestic investment company on the basis of income is responsible for the verification of refunds and for the assertion of the recovery of refunds or liability.(6) In the case of a creditor, equivalent income within the meaning of paragraph 4, which, as a body, has neither the seat nor the management nor a natural person neither domike nor habitual residence in the country of the country, shall be subject to the domestic authority of the creditor. in addition to the tax withdrawal, the domestic investment company shall, upon request, reimburse the retained capital income tax. The domestic investment company shall be reassuring from the foreign credit institution or financial services institution that the creditor of the capital gains shall not be a registered office or a management body in accordance with the depository documents as a body. or as a natural person, who is not domicated or habituated in the country. The procedure referred to in the first and second sentences shall apply in accordance with the provisions of point 2 of the first sentence of paragraph 3, in so far as the proceeds are infused to an investor or are deemed to have been received by an investor in accordance with the provisions of the legislation of the Member States of the European Union or of the European Economic Area, within the meaning of Article 54 of the Treaty on the Functioning of the European Union or Article 34 of the Agreement on the European Union The economic area, with its registered office and place of management within the territory of one of these States, and which is comparable to a body within the meaning of Article 5 (1) (3) of the German Corporate Tax Law; in so far as it is concerned with The legislation of a Member State of the European Economic Area, or a company with a place and management in that State, is also a condition for an administrative assistance agreement with that State. . Paragraph 5, sentences 4 and 5 shall apply accordingly.(7) The provisions of the Income Tax Act shall apply in accordance with Section 36 (2) of the Income Tax Act or the refund pursuant to § 50d of the Income Tax Act for the offsetting of the withheld and deducted capital gains tax.(8) For the supplementary application of the provisions of the Income Tax Act on the capital gains tax deductions set out in paragraphs 3 to 6, the domestic investment company shall be equal to a domestic credit institution. In addition, the domestic capital investment company is subject to the permitted safekeeping and management of investment shares in respect of the application of the provisions of the Income Tax Act to the capital gains tax deductions of a domestic Credit institution is the same.

Footnote

(+ + + § 7: For application see § 21 para. 2, 7, 13, 15, 17, 19, 20 + + +) Non-official table of contents

§ 8 Sale of Investment Shares; Impairment Loss

(1) The revenue from the return, sale or withdrawal of investment shares is to be applied to § 3 (40) of the Income Tax Act, § 4 (1) of this Act and § 19 of the REIT Act, in so far as they contain, in so far as they are referred to, revenue which is not yet closed or which is deemed to have been granted to the investor, or to profits which have already been realised or which have not yet been realised, from the participation of the investment fund in corporate bodies, Persons ' associations or assets whose benefits are part of the income in the sense of Section 20 (1) (1) of the Income Tax Act (positive share gain) are not required. § 8b of the Corporate Tax Act and Section 19 of the REIT Act are to be applied to the income from the return, sale or removal of investment shares in the operating assets, insofar as it has already been realized or has not yet been implemented. Profits resulting from the investment fund's participation in corporate bodies, persons ' associations or assets, the benefits of which are part of the income received by the recipient in the sense of Section 20 (1) (1) of the Income Tax Act. Section 15 (1a) and § 16 (3) shall remain unaffected. In the case of investments by the investment fund, the rates 1 to 3 shall apply accordingly. In the case of the value of the value referred to in Article 6 (1) (2), second sentence, of the Income Tax Act, the rates 1 to 4 shall apply accordingly.(2) Investments within the investment fund shall be applied to the investor in accordance with Section 3c (2) of the Income Tax Act and Section 8b of the Corporate Tax Law to the extent that the impairment losses on investments by the investment fund are Entities, personal associations or property funds whose benefits are included in the recipient's income as defined in Section 20 (1) (1) of the Income Tax Act; asset reductions resulting from economic goods shall be deleted whose income is to be applied to Section 4 (1) shall not diminish the income (negative share gain). In the case of investments by the investment fund in other investment funds, the first sentence shall be applied accordingly. The rates 1 and 2 shall not apply to investments by the investment fund to domestic REIT-share companies or other REIT entities, persons ' associations or assets in the sense of the REIT Act.(3) The part of the revenue to be taken into account in accordance with paragraphs 1 and 2 shall, subject to a correction in accordance with sentence 4, be the difference between the share gain on the withdrawal price at the time of the sale on the one hand and the share gain on the other the withdrawal price at the time of purchase on the other hand. In the case of a lower partial value, the part to be taken into consideration in accordance with Section 3c (2) of the Income Tax Act and Section 8b of the Corporate Tax Law, subject to a correction in accordance with sentence 4, is the difference between the share gain on the the relevant withdrawal price at the time of the valuation, on the one hand, and the share gain on the withdrawal price at the time of purchase on the other hand, to the extent that this difference has affected the balance sheet approach. The same applies in the case of profits arising from the approach of the value referred to in § 6 (1) No. 2 sentence 3 of the Income Tax Act for the determination of the part to be taken into account in accordance with § 3 No. 40 of the Income Tax Act or § 8b of the German Income Tax Act. Corporate tax law. The parts to be taken into account in accordance with the sentences 1, 2 and 3 shall be one after the sentences 2 and 2, respectively. 3. to rectify the share gain determined on the relevant withdrawal price at the end of the previous marketing year, in so far as it is based on the The balance sheet has had an impact.(4) If an investment company does not comply with its investigative and publication obligation in accordance with Section 5 (2), the investment share shall be deemed to be the same as the redemption price published at the same time as the last share gain. returned and purchased again. The income tax or corporation tax due to the profit margin shall be deemed to be non-interest. In the event of a subsequent return or sale of the investment part, the payment shall end with the return or disposal. § 3 No. 40 of the Income Tax Act and Section 8b of the Corporate Tax Act are not applicable to the investment shares which are deemed to be purchased.(5) Profits from the return or disposal of investment shares which are not part of an operating assets or are part of the income pursuant to Section 22 (1) or (5) of the Income Tax Act are part of the income from capital assets in the sense of § 20 para. 2 sentence 1 no. 1 of the Income Tax Act; § 3 No. 40 and § 17 of the Income Tax Act and § 8b of the Corporate Tax Act are not applicable. Negative revenue in accordance with Section 2 (1) sentence 1 is to be deducted from the acquisition costs of the investment part, from the disposal proceeds of the investment component. In addition, the proceeds of disposal shall be reduced by the same income as received during the period of ownership, as well as by the amount of compensation paid on the part of the investment company and payable on the part of the investment company, and by a reduction claim. increased tax within the meaning of Section 4 (2), Section 7 (3) and (4). If income equal to the distribution has been distributed in a later financial year during the period of ownership, these are to be added to the proceeds of the disposal. The profit from the sale or return is to increase the amounts distributed during the period of ownership of the investor, which according to § 21 paragraph 1 sentence 2 in connection with § 2 para. 3 no. 1 in the on 31. The draft law applicable to the law is exempt from tax. In addition, the capital gain is to be increased by the amount of the substance delivered during the time of ownership of the investor and by the amounts which during the period of ownership due to the reduction of wear or substance reduction within the meaning of § 3 The second sentence of the second sentence of paragraph 3 has been distributed free of tax. In addition, in determining the profit, the cost of acquisition and the proceeds of disposal shall not be taken into account by the percentage of the investment company in connection with the date referred to in Article 5 (2) for the application of paragraph 1, in connection with the date of issue of the investment company. published with Section 4 (1).(6) A tax withdrawal shall be made from the proceeds of the return or disposal of investment shares. The basis for the capital gains tax deductions shall also be the profit referred to in paragraph 5 in the case of investment shares belonging to an operating assets. The provisions of the Income Tax Act, which apply to the tax deductions of capital gains pursuant to § 43 (1) sentence 1 No. 9 and the second sentence of the Income Tax Act, are included in accordance with § 43 (2) sentences 3 to 9 and section 44a (4) and (5). , In the case of the direct return of investment shares to a domestic capital investment company or investment company, the investment company shall carry out the capital gains tax deductions in accordance with the rates 1 to 3; this tax deduction shall take place in place of the tax deduction by the paying agency.(7) § 15b of the Income Tax Act shall apply to losses arising from the return, sale or withdrawal of investment shares as well as losses arising from the approach of the lower part value in the case of investment shares.(8) An investment component shall be deemed to have been sold at the end of the financial year in which a notice of determination pursuant to Section 1 (1d) sentence 1 has become indisputable. A share of an investment company shall be deemed to be purchased at the same time. The redemption price at the end of the financial year in which the notice of determination has become indisputable is to be used as the disposal proceeds of the investment part and as the acquisition cost of the investment company component. If no withdrawal price is fixed, the stock exchange or market price shall be replaced. Capital gains tax is not to be withheld and to be deducted. In addition, the above paragraphs shall apply. The suspended tax is deemed to be interest-free up to the actual sale of the share.

Footnote

(+ + + § 8: For application, see Section 21 (2), (2a), (2b), (5), 22 + + + +)
(+ + + § 8 (4) and 8: For use, see Section 15 (1) and § 16 sentence 1 + + + +)
(+ + + § 8 para. 6: For application see § 19 (3) + + +) Non-official table of contents

§ 9 earnings compensation

Den in the the amounts of the individual amounts distributed and equal to the distribution in accordance with § § 2 and 4, as well as the chargeable or peerable foreign withholding tax, are the part of the issue price for issued Shares equal. The revenue and intermediate profits referred to in Article 1 (4) shall be increased by the application of a profit-equalisation procedure in order to increase the part of the output price for the shares to be issued. Non-official table of contents

§ 10 Roof-Investment Fund

In the case of a investor's proceeds from investment shares resulting from the investment fund's proceeds, § 6 corresponding application shall apply insofar as the tax bases of the roof investment fund are not proven in the sense of Section 5 (1). To the extent that target investment funds do not meet the requirements of § 5 (1), the tax bases of the target investment fund to be determined in accordance with § 6 shall be attributed to the taxable income of the roof investment fund. The above sentences are also to be applied to master-feeder structures within the meaning of § § 171 to 180 of the capital investment code.

Footnote

(+ + + § 10: For application cf. Section 21 (20) + + +)

Section 2
Regulations only for domestic investment funds

Non-official table of contents

§ 11 tax exemption and external audit

(1) Domestic special assets shall be deemed to be a special purpose within the meaning of Section 1 (1) point 5 of the Corporate Tax Law and as other legal entity under private law within the meaning of Section 2 (3) of the Trade Tax Law. A domestic investment fund in the legal form of a special assets or an investment company with variable capital is exempt from corporate income tax and business tax. A domestic investment fund in the legal form of an open investment service company is exempt from the business tax. Sentence 2 does not apply to
1.
Income, which is the investment company with variable capital or whose part-company assets are obtained from the management of the assets, or
2.
Income of the investment company with variable capital or its Partial company assets, which are attributable to corporate shares, unless it has been waived in accordance with Section 109 (1) sentence 1 of the Capital Investment Code.
The rates 1 and 2 shall also apply to investment funds in the The meaning of Section 1 (1) sentence 2.(2) The capital gains tax retained and deducted from the capital gains of the domestic investment fund shall be reimbursed to the investment fund by the depositary, unless, in accordance with Section 44a of the Income Tax Act, the tax deductible tax This is also the case for the solidarity surcharge, which was withheld as a supplement to the capital gains tax, and which was deducted. In the case of capital gains within the meaning of § 43 (1) sentence 1 (1) and (2) of the Income Tax Law, the depositary shall apply the provisions of Section 44b (6) of the Income Tax Law accordingly; in the case of the other capital gains, except for capital gains as defined in § 43 In the first sentence of paragraph 1 (1a) of the Income Tax Law, the tax office to which the capital gains tax has been paid shall reimburse the capital gains tax and the solidarity surcharge upon request to the depositary. In addition, the provisions of the Income Tax Act concerning the distance between tax deductions and the reimbursement of capital gains tax are to be applied in the case of unrestricted income-tax creditors. The non-investment certificate required under the Income Tax Act shall be replaced by a certificate issued by the financial office responsible for the investment fund, confirming that a special purpose or a special purpose Investment company within the meaning of paragraph 1.(3) In the case of the domestic investment fund, an external audit in the sense of § § 194ff. is an external audit. the tax system shall be admissible in order to determine the tax ratios of the investment fund, for the purpose of examining the reports in accordance with § § 101, 120 and 135 of the capital investment code and the tax bases according to § 5.

footnote

(+ + + § 11 Paragraph 1 and 2: For the first time, see § 21 (17), 20, 21 + + +) Non-official table of contents

§ 12 payout decision

The domestic Investment company has to decide on the use of the amounts available for the distribution and to document the decision in writing. The decision shall contain information on the composition of the payout. It shall also contain information on the amounts not yet distributed, which are not covered by Section 23 (1). Non-official table of contents

Section 13 Separate determination of the tax bases

(1) The tax bases within the meaning of Section 5 (1) are to the investment company separately.(2) The investment company shall make a declaration at the latest four months after the end of the financial year for the purpose of determining the basis for the separate assessment of the tax bases. If a decision on a distribution is taken within four months of the end of the financial year, the declaration as set out in the first sentence shall be made no later than four months after the date of the decision. The declaration of arrest is the annual report, the certificate in accordance with § 5 (1) sentence 1, point 3, the payout decision in accordance with § 12 and a transfer invoice, which shows how the investment-law accounting is the Tax bases have been identified.(3) The declaration of determination shall be the same as a separate statement. The investment company has to make the declared tax bases known at the same time in the Federal Gazette.(4) Where the financial office finds material errors of the separate determination referred to in the first sentence of paragraph 3, the differences between the declared tax bases and the applicable tax bases shall be determined separately. Where the tax bases disclosed in the second sentence of paragraph 3 differ from the declaration of order, the differences between the tax bases disclosed in the second sentence of paragraph 3 and the declared tax bases shall be the difference between the amounts of the tax bases and the basis for the assessment of the tax bases. to be identified separately. The investment company shall take into account the difference amounts in the declaration of determination for the financial year in which the determination according to the sentences 1 and 2 has become indisputable. § § 129, 164, 165, 172 to 175a of the Tax Code shall not apply to the separate determination referred to in the first sentence of paragraph 3 and the first sentence of paragraph 4 and to the second sentence of paragraph 4. A separate statement in accordance with sentences 1 and 2 shall be allowed until the expiry of the period of notice applicable to the determination referred to in the first sentence of paragraph 3.(5) Local authority is the tax office in whose district the management of the capital management company of the investment fund is located, or in the cases of § 1 (2a) sentence 3 (1) (b), in the district of which the branch is the branch , or in the cases of § 1 (2a) sentence 3 (1) (c), in whose district the management of the domestic depositary is located.

footnote

(+ + + § 13 para. 2: For the first application, see: Section 21 (14) + + +)
(+ + + § 4: For application, see Section 21 (8) + + + +)
(+ + + § 13 (5): For the first application, see § 21 (20) + + +) Non-official table of contents

§ 14 Merger of investment funds and parts of investment funds

(1) The following paragraphs 2 to 6 shall apply only to the merger within the meaning of Section 189 of the Capital Investment Code, with the sole participation of domestic special assets.(2) The transferable assets transferred shall have the assets and liabilities to be transferred, which are part of the net asset, with the cost of the acquisition less devaluations for wear or substance reduction (continued Acquisition costs) at the end of the business year (transfer date). A transfer date determined in accordance with § 189 (2) sentence 1 of the capital investment code shall be deemed to be the end of the financial year of the transferable special assets.(3) At the beginning of the day following the transfer date, the acquiring special assets shall be subject to the acquired assets and liabilities with the continuing acquisition costs. The receiving special assets enter into the tax legal status of the transferable special assets.(4) The issuance of the shares in the accepting special assets to the investors of the transferable special assets shall not be deemed to be a swap. The acquired shares in the receiving special assets shall be replaced by the shares in the special assets that are transferred. If the investors of the transferable special assets receive a cash payment within the meaning of section 190 of the capital investment code, they shall be deemed to be income within the meaning of Section 20 (1) (1) of the Income Tax Law if they do not take up the investor's holding, an achievement in accordance with Section 22 (1) sentence 3 (a) (aa) of the Income Tax Act or an achievement pursuant to Section 22 (5) of the Income Tax Act; § 3 (40) of the Income Tax Act and Section 8b (1) of the Income Tax Act Corporate tax law and § 5 are not applicable. The cash payment shall be treated as a payout of any other income or as part of the payout in accordance with § 6.(5) The non-distributed net income of the last financial year of the transferable special assets shall be deemed to have been received by the investors of this special assets at the end of the transfer date. This does not apply if the income in accordance with § 2 (1) sentence 1 is one of the income pursuant to § 22 Nr. 1 or 5 of the Income Tax Act. Income equal to income shall also be treated as the non-taxable income of the transferable special assets.(6) In the event that both special assets determine the share gain in accordance with section 5 (2), the share gain in each investment component shall not be altered by the transfer. If only one of the two special assets determines the share gain, the investment shares of the special assets, which up to now have determined and published a share gain, are to be applied in accordance with Section 8 (4).(7) Paragraphs 2 to 6 shall apply mutatily if, in the case of a transfer of all property in accordance with the provisions of the Capital Investment Code, all assets are subject to the same condition as: style="font-weight:normal; font-style:normal; text-decoration:none; ">
1.
a special asset to an investment company with variable capital or to a Partial company assets of an investment company with variable capital,
2.
of a partial company assets of an investment company with variable capital to another part-company assets of the same investment entity with variable capital,
3.
of a sub-company assets an investment company with variable capital on a partial company assets of another investment company with a variable capital,
4.
an investment company with variable capital or a partial company assets of an investment company with a variable capital on a special asset or
5.
an investment company with a variable capital to another investment entity with a variable capital or a variable capital Partial Company assets of another investment entity with variable capital
. Sentence 1 shall not apply if a special special fund according to § 1 (6) and (10) of the capital investment code or a partial vestment capacity of such a special assets or a special investment company with variable capital shall be applied after § 1 (6) in conjunction with Chapter 1, Section 4, subsection 3 of the Capital Investment Code, or a part-company assets of such an investment firm, is involved as a transferring or receiving investment fund.(8) The simultaneous transfer of all assets of a number of special assets, part-company assets or investment companies to the same special assets or part-company assets or the same investment company with variable capital is permitted.

footnote

(+ + + § 14: For the first time, see § 21 (18), 20 + + +) Non-official table of contents

§ 15 Domestic Special Investment Funds

(1) In the case of domestic special assets or investment companies with variable capital, which are based on a written agreement with the capital management company or on the basis of their No more than 100 investors or shareholders who are not natural persons (special investment funds) are not required to apply § 1 (1d), § 4 (4), § 5 (1) and § § 6 and 8 (4) and 8 (8). The first sentence of Article 5 (2) is to be applied with the proviso that the investment company is obliged to determine the share gain for corporate bodies, persons ' associations or assets in each valuation of the investment fund; the publication of the share gain. In order to determine the tax bases, Section 180 (1) (2) (a) of the Tax Code shall apply accordingly; the declaration of determination shall be subject to a separate and uniform determination subject to the reservation of the verification, a the statement of the statement of notice shall be deemed to be a request for amendment. Section 13 (1), (3) and (4) shall not apply. Non-balanced negative earnings within the meaning of Section 3 (4) sentence 2 are eliminated insofar as an investor divest or returns his investment shares. In the cases of § 14, this shall also apply insofar as the participation rate of the investor in each case is reduced to the special assets involved. Section 32 (3) of the Corporate Tax Law shall apply accordingly; the investment company shall carry out the capital gains tax deducting. The capital gains tax in accordance with sentence 7 and § 7 shall be paid by the investment company within one month of the date on which the capital gains tax are incurred. The investment company shall, by that date, have a tax declaration in accordance with the officially prescribed data set by electronic means in accordance with the tax data transfer order of 28 December 2013. January 2003 (BGBl. 139), as last amended by Article 8 of the Regulation of 17 June 2008. November 2010 (BGBl. 1544), as amended, to be transmitted in the relevant version. In the context of the supplementary application of the provisions of the Income Tax Act on tax deductions, § 44a (6) and § 45a (3) of the Income Tax Act are not applicable.(1a) In the case of investment funds within the meaning of the first sentence of paragraph 1, the first sentence of Article 2 (2) and the first sentence of Article 8 (1) (1) of the Corporate Tax Law shall apply. The condition for the application of the first sentence on investment income is that the investment fund's participation is at least 10% of the basic or capital stock, the assets or the sum of the business assets, and that the investment fund is the amount of the investment fund to be attributed to individual investors is so high that the participation in the entity, the association of persons or the assets of the individual investor, which is proportional to the individual investor, is at least 10 per cent of the reason or the capital, the assets or the sum of the business assets. For the purpose of calculating the shareholding limit, the investment fund shall be subject to the level of participation in the body, the association of persons or the assets of the property at the time when the contribution to the shareholding of the investment fund is to be determined. Income from the investment fund; the investor ' s share of the investment fund shall be deducted at the end of the financial year. Investment shares held by a co-company are to be attributed to the co-contractor on a pro rata basis on the basis of the general profit scale. An investor via a direct share of an investment fund and through a share held by a co-corporate entity in the same investment fund in the same body, association of persons, or Wealth funds are to be combined. A aggregation of shareholdings in entities, associations of persons or assets which are attributable to the investor through other investment funds or without the involvement of an investment fund shall be taken into account in the respective investment fund not instead. If the investor is already directly involved in the basic or capital stock of a corporation, association of persons or assets, the shareholding limit shall also be deemed to have been exceeded if the investor is present at the same the body, the association of persons or the assets of an investment fund shall also be involved in an investment fund where the investor has demonstrated the level of direct participation in relation to the investment company; an indirect one of a Participation shall be considered to be a direct participation. Securities and investment shares issued by the investment fund as well as investment shares paid by the investor shall be attributed to the distributor for the purpose of calculating a shareholder. Partial funds or partial social assets shall be equal to an investment fund for the purposes of applying the above rates.(2) Income from leasing and leasing of domestic land and equal rights and profits from private divestment transactions with domestic land and equal rights are to be disclosed separately. In the case of limited taxable investors, these income shall be deemed to be directly related income pursuant to § 49 (1) (2) (f), (6) or (8) of the Income Tax Act. This also applies to the application of the rules in double taxation agreements. Capital gains tax of 25% shall be withheld from the proceeds of the proceeds by the investment company; the first sentence of the first sentence of paragraph 1 shall apply accordingly. Section 50 (2) sentence 1 of the Income Tax Act shall not apply.3. An investment share in a special investment fund shall be deemed to have been sold at the end of the preceding financial year of the Special Investment Fund, in which the Special Investment Fund has amended its investment conditions in such a way as to ensure that the investment fund has been sold in the The requirements of § 1 (1b) are no longer fulfilled or in which there is a substantial violation of the investment regulations of § 1 paragraph 1b. The redemption price shall be deemed to be the disposal proceeds of the investment component and as the acquisition cost of the share in the investment company. If no withdrawal price is fixed, the stock exchange or market price shall be replaced. Capital gains tax is not to be withheld and to be deducted. The Special Investment Fund shall be deemed to be an investment company for at least three years.

Footnote

(+ + + § 15: For the purposes of application). Section 21 (2), (3), (9), 10, 20, 22 + + +) href="index.html#BJNR272400003BJNE002300118"> Non-official table of contents

§ 15a Open investment command company

(1) § 15 applies to open investment service companies within the meaning of § 1 paragraph 1f number 3 accordingly. Section 15 (3) shall apply mutatily if the conditions set out in Section 1 (1) (3) are no longer fulfilled.(2) The rules applicable to the determination of income from a provider of a special investment fund shall be applicable to investors of open investment limited liability companies. Section 6 (1) (2) of the Income Tax Act shall apply mutagentily to the valuation of a share in an open investment service company within the meaning of paragraph 1.(3) Participation in an open investment limited company within the meaning of paragraph 1 shall not lead to the creation or pro rata of an establishment of the shareholder. The income of the open investment enterprise within the meaning of paragraph 1 shall be deemed to be non-industrial. Section 9 (2) of the Industrial Tax Law shall not apply to shares in the profit or loss in an open investment service company within the meaning of paragraph 1.(4) Where an economic asset is transferred from an investor's operating assets to the company assets of an open investment service company, the transfer of the partial value shall apply.

Section 3
Regulations only for foreign investment funds

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§ 16 Foreign Special Investment Funds

Foreign AIF, whose shares are held by no more than 100 investors who are not natural persons (foreign special investment funds), are § 1 (1d), § 4 (4), § 5 (1) sentence 1 (1) (5) sentence 3, and § § § § § § § § § § § § 1 6 and 8 paragraphs 4 and 8 shall not apply. Section 5 (1), first sentence, no. 3 shall apply with the proviso that the investment company may refuse to publish the information in the Federal Gazette if it communicates the data to the investors. The second sentence of Article 15 (1) and (1a) shall apply accordingly. The first sentence of Article 15 (1) shall apply accordingly. Section 15, paragraph 1, sentence 6 shall apply mutatily in cases of § 17a. For foreign special investment funds with at least one domestic investor, the foreign investment company has a certificate issued by the Federal Central Office for Taxes within four months of the end of the financial year. to provide professional assistance to professionals within the meaning of Section 3 of the Tax Consultation Act, an audit office recognised by the public authority or a comparable body stating that the information provided in accordance with the rules of German tax law. If, within four months of the end of the financial year, the foreign special investment fund takes a decision on the payout, the time limit set in the first sentence shall not begin until the date on which the payout decision has been taken. Section 15 (3) applies accordingly.

footnote

(+ + + § 16: For the first application, see: § 21 (10), 19 (19), 22 + + +) Non-official table of contents

§ 17 Representative

The representative of a foreign investment company within the meaning of Section 317 (1) (4) and § 319 of the Capital Investment Code shall not be deemed to be a permanent representative within the meaning of Section 49 (1) (2) (a) of the Income Tax Act and Section 13 of the Tax Code in so far as it represents the foreign investment company in court or out of court, and in doing so does not determine the investment of the money in question or the distribution of the funds. foreign investment shares. Non-official table of contents

§ 17a Impacts of the merger of foreign investment funds and parts of such an investment fund on a other foreign investment funds or parts of such an investment fund.

For the investor of an investment fund in an investment fund subject to the law of another Member State of the European Union, the investor shall be subject to merger control of investment funds subject to the same supervisory law, to apply in accordance with Section 14 (4) to (6) and (8) if
1.
the rules of the investment fund's state of the state according to § 189 of the Capital Investment Code are fulfilled and this is done by a confirmation of the investment supervisory system competent authority and
2.
the receiving investment fund the continuing acquisition costs of the transferring investment fund for the investigation of the Continuation of investment income and, for this purpose, a certificate of a professional carrier authorized to provide commercial assistance within the meaning of Section 3 of the Tax Consultation Act, an officially recognized accounting firm or a comparable
theStates of the European Union shall be equal to the Member States to which the Agreement on the European Economic Area is applicable, provided that between the Federal Republic of Germany and the other State, on the basis of the In accordance with Article 2 (2) of the EU administrative assistance act or a comparable two-or multi-party agreement, information is to be supplied with the necessary information to carry out the taxation. The certificates referred to in the first sentence shall be submitted to the Federal Central Office for Taxation. Section 5 (1), first sentence, No. 5 shall apply accordingly. The provisions of sentences 1 to 4 shall apply mutaly if all assets of a part of an investment fund defined in accordance with the investment law of the host State are transferred, or where such part of an investment fund is transferred to all assets by another investment fund or by a part of an investment fund defined in accordance with the investment law of the Member State in which the investment is based. Section 14 (7), second sentence, and paragraph 8 shall apply accordingly; this shall not apply in the case of Article 14 (7) sentence 2 for the transfer of all assets of a special assets to another special fund.

Footnote

(+ + + § 17a: For application cf. Section 21 (16), 18, 20, 23 + + +)
§ 17a Sentence 1 no. 2 italic print: Gem. Art. 1 No. 19 (b) DBuchst aa G v. 18.12.2013 I 4318 in § 17a sentence 1 no. 2 the words "investment assets" are replaced by "investment funds" mWv 24.12.2013. In addition to the change statement, the item label has also been replaced

Section 4
Common rules for domestic and foreign investment companies

Footnote

Section 4 (title before § 18 Italic): would have to be idF d according to the content summary. Art. 1 (1) (1) (l) (v). 18.12.2013 I 4318 mWv 24.12.2013 "Regulations" are Non-official table of contents

§ 18 People-Investment Companies

Persons investment companies are investment companies in the legal form of an investment service company or a comparable foreign legal form. For these, the income in accordance with Section 180 (1) (2) of the Tax Code shall be determined separately and in a uniform manner. The income shall be taxed by investors in accordance with the general tax regulations. Non-official table of contents

§ 19 Capital investment companies

(1) Capital investment companies are all investment companies that are are not persons-investment companies. Capital investment companies in the legal form of a special asset shall be deemed to be the assets within the meaning of Section 1 (1) (5) of the Corporate Tax Law and other legal persons under private law within the meaning of Section 2 (3) of the German Corporate Tax Act. Industrial tax law. Foreign capital investment companies which are not capital companies shall be deemed to be assets within the meaning of Section 2 (1) of the Corporation Tax Act and other legal persons under private law as defined in Article 2 (3) of the German Corporate Tax Act. of the Trade Tax Act.(2) In the case of investors who hold their investment company share in private assets, the payouts shall be deemed to be income within the meaning of Section 20 (1) (1) of the Income Tax Act. § 8b of the Corporate Tax Law and § 3, point 40 of the Income Tax Act are to be applied if the investor proves that the capital investment company
1.
resident in a Member State of the European Union or in another Contracting State of the Agreement on the European Economic Area, where the income tax is Capital companies are subject to and are not exempt from it, or
2.
is established in a third country and is subject to a profit tax for capital companies in the third country. At least 15 per cent is subject to and not exempt from it.
The domestic paying agency has to withhold from the payouts of a capital investment company capital gains tax and to pay off. The provisions of the Income Tax Act applicable to the tax deductions of capital gains as defined in Section 43 (1), first sentence, point 1 or point 1a, as well as the second sentence of the Income Tax Act, shall be applied accordingly. In the case of distributions of foreign capital investment companies, the provisions applicable to the tax deductions of capital gains within the meaning of section 43 (1), first sentence, point 6 of the Income Tax Act shall be applied accordingly.(3) Profits or losses arising from the return or disposal of capital investment company shares which are not part of an operating assets are income within the meaning of Section 20 (2), first sentence, point 1 of the Income Tax Act. The disposal also applies to the full or partial liquidation of the capital investment company. § 8b of the Corporate Income Tax Act and § 3, point 40 of the Income Tax Act shall apply under the conditions set out in the second sentence of paragraph 2. The regulations for the deduction of the capital gains tax in accordance with § 8 (6) shall apply accordingly.(4) By way of derogation from Section 7 (7) of the External Tax Act, § § 7 to 14 of the External Tax Act shall remain applicable. To the extent that an amount of an invoice has been added in accordance with the first sentence of Article 10 (1) of the External Tax Act, the amount of the income tax and disposal profit shall be § 3 (41) of the Income Tax Act. In addition, the distributions and divestments of the taxation shall be subject to the above paragraphs. Non-official table of contents

§ 20 Transformation of an investment company into an investment fund

Changes an investment company The investment conditions and the actual investment performance in such a way that the conditions of Article 1 (1b) have been fulfilled shall, at the request of the investment company, have the tax office responsible for their taxation on the income of the investment company or, in other cases, The Federal Central Office for Taxes shall determine the existence of the conditions. The minimum period of three years shall be taken into account in accordance with Article 1 (1) (3) (3). Section 1, paragraph 1d, sentence 4 and 5 shall apply accordingly. At the end of the financial year in which the notice of determination has become unquestionable, the share in the investment company shall be deemed to have been sold and the share of an investment fund shall be deemed to be purchased. Capital gains tax is not to be withheld and to be deducted. The redemption price at the end of the financial year in which the notice of determination has become indisputable is to be used as the disposal proceeds of the investment company part and as the acquisition cost of the investment part. If no withdrawal price is fixed, the stock exchange or market price shall be replaced. The suspended tax shall be deemed to be interest-free until the share is actually sold.

Section 5
Application and Transitional Regulations

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§ 21 Application requirements before the entry into force of the AIFM Tax Adaptation Act

(1) This version of the law is subject to sentence 2 and the to apply the following paragraphs for the first time to the income of an investment asset, which is the investment assets after the 31. December 2008. On distributed profits from the sale of securities, futures and subscription rights to shares in capital companies in which the investment assets are subject to the securities or subscription rights before the 1. January 2009, or the investment assets have purchased the appointment before the 1. § 2 para. 3 no. 1 in the on 31 January 2009 has been completed. The Commission shall continue to apply the version to be applied in December The terms used in § 21 of investment assets, audience investment assets, target investment assets and roof investment assets continue to be determined in accordance with this law and the investment law in the 21. July 2013.(2) § 7 (1), (3) and (4) in the version of Article 8 of the Law of 14. August 2007 (BGBl. 1912) shall apply for the first time to the investor following the 31. The European Parliament and the Council of the European Union shall be granted the following: Section 8 (5) and (6), as amended by Article 14 of the Act of 19. December 2008 (BGBl. 2794), subject to paragraphs 2a and 2b, it shall apply for the first time to the return or disposal of investment shares, which shall be referred to in the 31 December preceding paragraph. It will be held in December 2008. Section 15 (2) in the version of Article 8 of the Law of 14. August 2007 (BGBl. I p. 1912) shall be applied for the first time to the investor after the 31. The European Parliament and the Council of the European Union shall be granted the following:(2a) On the sale or return of shares in domestic special assets, domestic special investment stock companies or foreign special investment assets, which are based on the 9. November 2007 and before 1 January 2007. § 8 (5) shall be applied in the version referred to in the second sentence of paragraph 2 with the exception of the sentence 5. The provisions of the first sentence shall apply to the return or disposal of shares in other investment assets in respect of which the participation of natural persons by the investor of the investor by the law, the articles of association, the social contract or the investment conditions depending on or for the participation, a minimum amount of EUR 100 000 or more is required. The law, the articles of association, the social contract or the conditions of investment shall be governed by the terms of the present subject. However, as a profit, the sum of the capital gains made by the investment property shall not exceed the sum of the capital gains, which shall not be applied to the second sentence of paragraph 1; the investor shall be required to prove that lower value. § 8 (6) shall not apply to capital gains within the meaning of this paragraph; § 32d of the Income Tax Act (Einkommensteuergesetz) in the post-31. The text to be applied in December 2008 shall apply accordingly.(2b) The return or disposal of shares in public investment assets whose investment policy is aimed at achieving a money market return and whose futures and securities divestment profits are offset by corresponding losses before offset without income compensation in accordance with the annual report of the previous year before the 19. § 8 (5) sentences 1 to 4 and 6 as well as (6) in the version referred to in the second sentence of paragraph 2 shall also be applicable before 1 September 2008 for the year ending in the year ending in the financial year. The shares were purchased in January 2009, unless the shares were held before the 19. The first one after the 19 th September 2008 was purchased for the first time in the first half of 2008. The financial year ended in September 2008. The sale or return of shares within the meaning of the first sentence, which is prior to the 19. In the case of returns or divestments after 10 September 2008, the to apply the version referred to in the second sentence of paragraph 2, subject to the proviso that a purchase of the investment part is to be made up to the 10th sentence of the 10. It will be held in January 2011.(3) § 15 (1) sentences 7 and 8, as amended by Article 8 of the Law of 14. August 2007 (BGBl. 1912) shall, for the first time, apply to distributed or distributed income, in so far as they contain charges which are equivalent to the investment assets after the 17. August 2007.(4) § 7 (1) sentence 1, no. 3, sentence 2, as amended by Article 13 of the Law of 13. December 2006 (BGBl. 2878) is to be applied to the return or disposal of investment shares, which are in accordance with the provisions of the 31. It was transferred to the investor's depot within the same institute in December 2006. The recast may also be applied to the return or disposal of investment shares prior to the 1. In the same institution, the investment costs of the investment shares have been transferred to the investor's depot in January 2007, if the cost of the investment is derived from the documents of the institution.(5) § 2 in the version of the Act of 28. May 2007 (BGBl. 914) shall be applied for the first time to dividends and divestment proceeds to the investment assets under the 31. The Commission shall be responsible for the implementation of the Directive on the implementation of the Directive. § 8 in the version of the Act of 28. May 2007 (BGBl. 914) is for the first time in the case of the return or disposal or the valuation of an investment part after the 31. 1 December 2007. The investment company has for valuation days after the 31. The revised version of § 8 should be taken into account in the determination of the percentage in accordance with § 5 (2).(6) § 2 (2a) and § 5 (1) sentence 1 (c) (c), in the version of Article 23 of the Law of 20. December 2007 (BGBl. 3150) are to be applied for the first time to investors ' income after the 25. May 2007 be added to or received as a closed-up.7 (8) in the version of Article 23 of the Act of 20. December 2007 (BGBl. I p. 3150) is to be found after the 31. December 2007, to be applied.(8) § 13 (4), as amended by Article 23 of the Act of 20. December 2007 (BGBl. 3150) shall apply to all periods of detention for which the notice period has not yet expired.(9) § 15 (1) sentence 3, as amended by Article 23 of the Act of 20. December 2007 (BGBl. 3150) shall apply to all periods of detention for which the notice period has not yet expired.(10) § 15 para. 1 sentence 1 and § 16 sentence 1 in the version of this law are for the first time on the first after the entry into force of the investment change law of 21. December 2007 (BGBl. I p. 3089).(11) If shares in foreign assets are foreign investment shares according to § 2 (9) of the investment law in the bis zum, but not in the, since the entry into force of the investment amendment law of 21. December 2007 (BGBl. 3089), they shall apply to the application of this Act until the end of the last financial year, which is before the 28. It began in December 2007, and continued to be foreign investment shares. In the cases of § 6, such shares shall be valid until 31 December 2013. December 2007 as foreign investment shares.(12) § 1 (3) sentences 3 and 4 as well as (4) (1) and (2) in the version of Article 14 of the Act of 19. December 2008 (BGBl. 2794) shall be applied for the first time to the investment assets of the Member States in accordance with the provisions of the 31. The European Parliament and the Council of the European Union shall be granted the following: Sentence 1 shall not apply to income from investment assets before 1. Other capital requirements created in accordance with the provisions of 31 January 2009. Article 20 (1) (7) of the Income Tax Act, which does not apply to other capital requirements in the sense of the first subparagraph of Article 20 (1) of the Act of Incorporation. Article 20 (1) (7) of the Income Tax Act (Einkommensteuergesetz) is to be applied in January 2009. Section 3 (2), first sentence, No. 2, as amended by Article 14 of the Act of 19. December 2008 (BGBl. 2794) shall be applied for the first time to the investment assets of the Member States in accordance with the provisions of the 31. The other capital requirements for the application of § 3 (2) sentence 1 (2) shall apply before 1 December 2008. The first sentence of the first sentence of Article 3 (2) of the Code was adopted in January 2009, and in the case of those in which the first sentence of Article 3 The European Parliament and the Council of the European Union did not make any interest-rate delimitation than on 1 December 2008 January 2009.(13) § 4 (2) sentence 8 and § 7 (1) sentence 1 no. 3 and sentence 3 in the version of Article 14 of the Act of 19. December 2008 (BGBl. I p. 2794) for the first time in the case of the tax withdrawal after the 31. December 2008.(14) § 1 (3) sentence 5, § 5 (1) and § 13 (2) in the version of Article 14 of the Act of 19. December 2008 (BGBl. 2794) shall be applied for the first time in respect of financial years ending after the entry into force of this Act.(15) § 7 (4) sentence 5, as amended by Article 14 of the Act of 19. December 2008 (BGBl. I p. 2794) shall apply to all the tax applications which have been filed after the 31. December 2009.(16) § 17a, as amended by Article 14 of the Law of 19. December 2008 (BGBl. 2794) shall apply, for the first time, to transfers in which the transfer becomes effective after the entry into force of this Act.(17) § 7 (5), as amended by Article 9 of the Law of 16. July 2009 (BGBl. I p. 1959) shall be applied for the first time to the investor following the 31. December 2009. Section 11 (2), first sentence, and 2, as amended by Article 9 of the Law of 16. July 2009 (BGBl. I p. 1959) is to be applied for the first time to capital gains according to the investment assets of the 31. December 2009 shall apply or be deemed to have been granted.(18) § § 14 and 17a in the version of Article 9 of the Law of 16. July 2009 (BGBl. I p. 1959) are to be applied for the first time on transfers following the 22. will be effective in July 2009.(19) § 4 (1) and § 16 in the version of Article 6 of the Law of 8. December 2010 (BGBl. I p. 1768) are to be applied for the first time for financial years following the 14. December 2010. Article 5 (1), except in the first sentence of the first sentence of the first sentence of paragraph 3 and paragraph 3, as amended by Article 6 of the Law of 8. December 2010 (BGBl. I p. 1768) is to be applied for the first time for financial years, which is after 31. December 2010. Section 5 (2) shall apply for the first time to the investor after the 19. May 2010 apply or are considered to be closed. By way of derogation from the third sentence of Article 5 (2), investment companies which have decided on the first issue of shares to refrain from the determination and publication of the share gain may decide again. This decision will be made for the first application of Section 5 (2), sentence 4, as amended by Article 6 of the Law of 8. December 2010 (BGBl. 1768) shall only be taken into account if the first publication of the share gain by no later than 19. July 2010. The first publication shall be deemed to have a net profit of zero. § 7 (1) and (4) to (6), as amended by Article 6 of the Law of 8. December 2010 (BGBl. 1768), subject to the provisions of sentences 8 and 9, it shall apply for the first time to the capital gains made by the investor in accordance with the provisions of the 14. The Commission shall be responsible for the implementation of the Directive on the implementation of the Directive. Section 7 (3), as amended by Article 6 of the Act of 8. December 2010 (BGBl. I p. 1768) is to be applied for the first time for financial years of the investment capital, which is in accordance with the 31. December 2010. This applies in accordance with the first sentence of Article 7 (1) (1) (1) (a) to the extent that such domestic real estate income is excluded from its scope.§ 1 (1), (1a) and (2), § § 5, 10, 11 (1), § 13 (5), § § 14, 15 (1) sentence 2 and § 17a in the version of Article 9 of the Law of 22. June 2011 (BGBl. I p. 1126) shall apply for the first time to financial years after the 30 years. June 2011. § § 2, 11 (2) and § 15 (1) sentences 1 and 8 to 10 and paragraph 2 in the version of Article 9 of the Law of 22. June 2011 (BGBl. 1126) and § 7, as amended by Article 22 of the Law of 7. December 2011 (BGBl. 2592) shall apply for the first time to the capital gains made by the investor or, in the cases referred to in Article 11 (2), to the investment assets of the investor in accordance with the provisions of the 31. December 2011 shall be deemed to have been granted to him or her. For before 1. By way of derogation from the fourth sentence of Article 7 (3) (4) and (4), the domestic authority shall have the capital gains tax at the latest by the end of the second month since the end of the financial year of the investment assets to be retained and to the 10th of the following month and to be deducted. Tax deductible amounts for before 1. By way of derogation from § 7 (3b) sentence 2, second sentence, the depositary shall, by the end of the third month since the end of the third month at the latest, have not been recovered from the depositary as a result of the payment of the applicable income of the depositary. the financial year of the investment assets and the 10. of the following month and to be deducted.(21) Article 11 (2), second sentence, as amended by Article 9 of the Law of 16. July 2009 (BGBl. I p. 1959) is for capital gains, which are the investment assets after the 31. December 2010 and before 1. In the case of capital gains as defined in Section 43 (1), first sentence, point 1 of the Income Tax Act, a refund of capital gains tax under Section 44b (6) of the Income Tax Act shall be allowed to be applied on the basis of the condition that the income tax is only permitted in January 2012. if the relevant shares from which the capital gains are obtained, at the time of the profit distribution decision, in addition to the economic ownership, also
1.
in the Civil Property of the Investmentaktiengesellschaft or
2.
for special assets in the civil law property of the capital investment company or in the civil co-ownership of the investors.
Sentence 1 shall not apply in the case of capital gains from shares in the case of the acquisition of shares in a target investment property and the shares are issued to the rooftop investment assets. Article 11, paragraph 2, sentence 4, as amended by Article 8 of the Law of 26. June 2013 (BGBl. 1809) is to be applied for the first time on income from investment shares to the investor after the 31. December 2012, or when it has been granted.(22) § 2 (2), § 8 (1), § 15 (1) sentence 2 and paragraph 1a, and § 16 sentence 3, as amended by Article 2 of the Law of 21. March 2013 (BGBl. I p. 561) are from 1. March 2013. Section 5 (1), as amended by Article 2 of the Act of 21. March 2013 (BGBl. I p. 561) shall be applied for the first time to financial years following the 28. February 2013. Section 5 (2), as amended by Article 2 of the Act of 21. March 2013 (BGBl. I p. 561) is to be applied for the first time to publications which are published in accordance with the 28. February 2013. Domestic and foreign income distributed and distributed to the investor in accordance with the 28. The investment fund shall be included in the investment fund before 1 February 2013, or shall be deemed to have been granted, such as those referred to in section 43 (1), first sentence, points 1, 1a and 6, as well as the second sentence of the Income Tax Act, which is the first of the first and second sentence of § 8b of the Corporate Tax Law, with the exception of paragraph 4, and § 19 of the REIT Act, are to be applied in March 2013. The revenue within the meaning of Section 8 (1) shall be the result of a return, sale or withdrawal of investment shares, which shall be made after the 28. § 8b of the Corporate Tax Law, with the exception of paragraph 4, shall apply as far as they contain the aforementioned income, which is not yet closed or closed to the investor, which is the investment fund before the 1. March 2013 shall be deemed to have been closed or closed.(23) § 17a sentence 2, as amended by Article 8 of the Law of 26. June 2013 (BGBl. I p. 1809) is from 1. January 2013.(24) In the proceeds of an investment asset, the proceeds of an investment property shall include those within the meaning of section 21 (22) sentence 4 and shall end the financial year of an investment asset after the 28. The first sentence of Section 5 (1), first sentence, is to be applied in the following version:
" 1.
Investment company shall be subject to the following tax bases for each payout in respect of an investment share, indicating the investment identification number ISIN of the investment fund and the period to which the information relates. in the German language:
a)
the amount of the payout (with at least four Decimal places) and
aa)
distributed distributed income in the payout Previous years,
bb)
the amount of substance amounts included in the payout
b)
the amount the distributed yields (with at least four decimal places),
c)
included in the amount of the return style="font-weight:normal; font-style:normal; text-decoration:none; ">
aa)
Income within the meaning of § 2, paragraph 2, sentence 1 of this Act in conjunction with § 3, paragraph 40 of the Income Tax Act or in the case of § 16 of this Act in conjunction with Section 8b (1) of the Corporate Tax Law,
bb)
Gains in disposal in accordance with Section 2 (2) sentence 2 of this Act, in conjunction with Section 8b (2) of the Corporate Tax Law or § 3 (40) of the Income Tax Act,
cc)
Income within the meaning of § 2 paragraph 2a,
dd)
tax-free divestment profits within the meaning of § 2 (3) (1), first sentence, in the 31.
ee)
Income within the meaning of Section 2 (3) (1), second sentence, on the 31 December 2008, the first sentence of the first sentence of the first sentence of the first sentence of the December 2008, to the extent that the income is not capital gains within the meaning of Section 20 of the Income Tax Act,
ff)
Tax-free Capital gains within the meaning of Article 2 (3) of this Regulation shall be made in the first subparagraph of 1. January 2009,
gg)
Income within the meaning of Section 4 (1),
hh)
in double-letter gg's included income that is not subject to progression reservation,
ii)
Income within the meaning of Section 4 (2), for which no deduction has been made in accordance with paragraph 4,
yy)
in double letter ii included income, to § 2 paragraph 2 of this law in conjunction with § 8b paragraph 2 of the Corporate Tax Act or § 3 number 40 of the Income Tax Act, or in the case of Section 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act,
kk)
in (ii) the income within the meaning of Article 4 (2) contained in Article 4 (2) which, in accordance with an agreement to avoid double taxation, for the purpose of calculating the tax on income tax or corporation tax in force in the form of a paid tax authorize,
ll)
income contained in double-letter kk, to which § 2 (2) of this Act, in conjunction with Section 8b (2) of the Corporation tax law or § 3 (40) of the Income Tax Act, or in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Law,
mm)
Income within the meaning of § 21 paragraph 22 sentence 4 of this law in conjunction with § 8b paragraph 1 of the Corporate Tax Law,
nn)
in double letter ii included income within the meaning of § 21 paragraph 22 sentence 4 of this law, to § 2 paragraph 2 of this law in the on 20. In accordance with Article 8b (1) of the Corporate Tax Law,
oo)
income in double-letter kk shall be applied in the case of the According to § 21 (22) sentence 4 of this Act, § 2 (2) of this Act, in the 20. March 2013, in connection with Section 8b (1) of the Corporate Tax Law
d)
to be used for the calculation of capital gains tax authorizing part of the payout
aa)
within the meaning of § 7 (1) and (2),
bb)
within the meaning of § 7 (3),
cc)
within the meaning of § 7, paragraph 1, sentence 4, as far as in double-letter aa
e)
(omitted)
f)
the amount of foreign tax that is the income referred to in paragraph 4 (2) and
aa)
of the amounts distributed in the distributed income shall be deleted in accordance with Section 4 (2) of this Act, in conjunction with Section 32d (5) or Section 34c (1) of the Income Tax Act or an agreement to avoid double taxation, if no deduction is made pursuant to Article 4 (4) ,
bb)
is included in the double letter aa and is attributable to income, to the section 2 (2) of this Act in conjunction with Section 8b (2) of the Corporation tax law or § 3 (40) of the Income Tax Act, or in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Law,
cc)
which is deductible in accordance with § 4 paragraph 2 of this law in conjunction with § 34c paragraph 3 of the Income Tax Act, if no deduction is made pursuant to § 4 paragraph 4 of this Act ,
dd)
is included in the double letter cc and is attributable to income, to § 2 (2) of this Act, in conjunction with Section 8b (2) of the Corporation tax law or § 3 (40) of the Income Tax Act, or in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act,
ee)
which is considered to be paid in accordance with an agreement to avoid double taxation and can be credited in accordance with § 4 paragraph 2 in conjunction with this agreement,
ff)
in double letter ee is included and is not available on income, to § 2 paragraph 2 of this law in conjunction with § 8b paragraph 2 of the Corporate Tax Act or § 3 point 40 of the Income Tax Act, or in the case of § 16 of this Act, in conjunction with Section 8b (1) of the Corporate Tax Act,
gg)
in double letter aa , and to which income within the meaning of Section 21 (22) sentence 4 of this Act is deleted, and to § 2 (2) of this Act in the Act of 20. The application of the Code of Corporate Tax Act of March 2013, in conjunction with Section 8b (1) of the Corporate Tax Law,
hh)
is included in the double letter cc and shall be applicable to income in the According to § 21 (22) sentence 4 of this Act, § 2 (2) of this Act is deleted in the Act of 20 April 2003. The Commission shall apply in connection with Article 8b (1) of the Corporate Tax Law,
ii)
is included in the double-letter ee and on income in the According to § 21 (22) sentence 4 of this Act, § 2 (2) of this Act is deleted in the Act of 20 April 2003. In accordance with Section 8b (1) of the Corporate Tax Law
g)
the amount of the dislocations for wear and/or the use of the body. Substantial reduction,
h)
the withholding tax paid in the financial year, reduced by the withheld withholding tax of the fiscal year or earlier Business years; ".
Non-official table of contents

§ 22 Application requirements for the AIFM tax adjustment act

(1) The regulations this law, as amended by Article 1 of the Act of 18. December 2013 (BGBl. I p. 4318) are available from 24. The following provisions shall be applied in December 2013, provided that no different provisions are adopted below. The rules of this law in the 21. The latest version of the text is in force in the period of 22 July 2013. July 2013 to 23. Continue to be applied in December 2013.(2) Investment assets within the meaning of this Act in the 21. The current version will be valid until the end of the financial year, which will be in accordance with the provisions of 22 July 2013. July 2016, as investment fund within the meaning of § 1 (1b) sentence 2. The requirement for the application of the first sentence is that the investment property shall continue to be subject to the conditions laid down in Article 1 (1) and (1a) in the 21. The current version of the Investment Act, as amended by the European Investment Bank, will be in force on 21 July 2013, as well as the investment rules and credit-collection limits in accordance with July 2013. Shares in investment assets within the meaning of sentences 1 and 2 shall be deemed to be shares in investment funds within the meaning of the second sentence of Article 1 (1b). § 1 (1d), § 15 (3) and § 16, sentence 8, in the 24. In the case of investment assets within the meaning of the first sentence, as soon as the investment property is in breach of the conditions set out in the second sentence, the version in force shall be applied in force in December 2013. It shall be considered to be an essential infringement if an investment fund is able to comply with its investment conditions after the 23. December 2013 in such a way that the rules applicable to hedge funds in accordance with Section 283 of the Capital Investment Code or in accordance with Section 112 of the Investment Act are amended in the Act of 21 December 2013 in the manner in which it is amended. The Commission shall apply for the first time in July 2013.(3) § 3 (1a) is the first to be paid on the separation of interest rates and/or interest rates. Apply the interest rate receivable from the relevant stock right, which is after the 28. November 2013. § 3, paragraph 3, as amended by Article 1 of the Act of 18. December 2013 (BGBl. I p. 4318) shall be applied for the first time to financial years following the 31. December 2013.(4) § 3a is to be applied for the first time in the case of distributions, which are after the 23. August 2014.(5) § 5 (3) sentence 4 in the 21. The current version shall continue to apply to investment assets within the meaning of the first sentence of paragraph 2. Non-official table of contents

§ 23 Transitional rules

(1) § 2 para. 3 No. 1 second half-sentence in the 1. The second sentence of Article 8 of the Law of 14 January 2004 and Article 2 (2) sentence 2 of the Act of 14 January 2004. August 2007 (BGBl. In the case of domestic investment funds, I p. 1912) shall apply to the sale of shares in unlimited corporation-taxable corporations and subscription rights to such shares which, after the end of the first marketing year, shall be A company whose shares are sold, for which the corporation tax law is in the wording of Article 3 of the Law of 23. October 2000 (BGBl. 1433), and to other divestitures, which are to be applied in accordance with the provisions of the 31. December 2000. § 8 (1) is to be applied only in respect of the income referred to in § 3 No. 40 of the Income Tax Act and in Section 8b (2) of the Corporate Tax Law, insofar as these also in the case of the distribution pursuant to § 2 para. 2 or paragraph 3 no. 1 in the on the 1. Article 8 of the Law of 14 January 2004 and Article 2 (2) of the Law of the European Union (14). August 2007 (BGBl. I p. 1912).(2) § § 37n to 50d of the Law on Capital Investment Companies as amended by the Notice of 9. September 1998 (BGBl. 2726), as last amended by Article 3 of the Law of 21. June 2002 (BGBl. 2010), the last of which was to be applied to the financial year of the domestic investment fund, which was before 1. January 2004 begins, as well as on income that will flow in this financial year. § 40a of the law referred to in the first sentence of the first subparagraph shall be applied to the revenue before the first subparagraph. The European Parliament and the Council of the European Union have been in the process of being able to take action before 1 January 2004 January 2004. The provisions contained in the law referred to in the first sentence of the first subparagraph shall be used for the last time on divestitures, acquisitions or defences, which shall be before 1. January 2004.(3) § § 17 to 20 of the International Investment Act, as amended by the Notice of 9. September 1998 (BGBl. 2810), as last amended by Article 32 of the Law of 21. August 2002 (BGBl. 3322), the latter must last for the financial year of the foreign investment fund, which is before the 1. January 2004 begins, as well as on income that will flow in this financial year. Section 17 (2b) of the law referred to in the first sentence of the first subparagraph shall be applied to the revenue before the first subparagraph. January 2004. The provisions contained in the law referred to in the first sentence of the first subparagraph shall be used for the last time on divestitures, acquisitions or defences, which shall be before 1. January 2004.

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