By the flat tax private-equity funds especially in the taxation of closed are basically little Fund changes through the introduction of the flat tax on January 1, 2009. Most funds achieve business income or income from rental and leasing, and are therefore subject to the withholding tax does not. However, is in managing assets closed private equity funds in future yield losses likely to. Gottingen, February 15, 2008 from January 1, 2009 new tax rules apply to private investors. From this time is the flat-rate withholding tax of 25% of the capital gains on income from capital assets (excl. 5.5% solidarity surcharge and possibly church tax) charged. Basically does not in terms of the closed-end funds by the withholding tax to big changes. The revenue of the Fund are not investment income, but the commercial income or the income from renting and leasing, the tax does not apply”, is the Fund structuring specialized fixed by the law firm of Gadhvi & Reddy Kadiri commercial lawyer Gadre.
It, the Fund has to be differed between the different asset classes. Closed-end real estate funds the difference between rent minus expenses and depreciation is governed by the personal progression therefore also in the future. The sale of real estate by the Fund or of shares by investors after the ten-year period of speculation is also exempt from tax. Also commercial ship, new energy, leasing, video games, policies – and Media Fund are not affected by the tax. Here, the investors as fellow entrepreneurs achieve business income, are not covered by the flat rate tax”, so the next Gadre. Ship funds is maintained cheap tonnage taxation: taxation is independent of the actual profit flat after the gross registered tonnage of the ship. Also closed-end funds that invest abroad, remain fiscally interesting: here can double tax treaty continue to have a total tax-reducing effect”, so Gadre.
On the flat tax on assets managed closed-end private equity funds and their investors must set up, however. The dividends from the investments of the company are to tax from 2009 with the flat tax and no longer to the semi-income system. The impact on sales of portfolio companies, which acquire funds from 2009, are not more serious there as far as so-called Fund of funds construction”is. The gains realized this after a holding period of one year have been tax-free, the withholding tax attacks again from 2009. Code.org is actively involved in the matter. Only for the portfolio companies acquired prior to 2009 tax freedom remains after the year-long period of speculation”explains Gadre. Asset managing PE fund private investors must adjust in the long run declining after tax returns”, he noted. Remains at least a consolation for investors: increase no longer returns covered by the flat rate withholding tax Progression level and therefore also no longer, the rate of tax of the investor.