Bjorn Katzorke

Also enjoy rights collected by the introduction of the flat tax on income from investments as of 2009. Gottingen, 21.02.2008 from 1 January 2009 is the flat-rate withholding tax of 25% on regular income from participatory rights (plus 5.5% solidarity surcharge and possibly church tax) charged. Gains from the sale of participation rights acquired after December 31, 2008, are subject to while in the future without taking into account the tax sale notice, however rights do not aim just in its typical configuration on a capital gain. Rather is a high annual dividend payment in the focus of this asset class. Therefore enjoy rights as an investment vehicle for investors, as well as a financing instrument be gaining businesses by the withholding tax. Private investors with high progressive taxation profit for private investors who invest in commercially available bond-like profit-sharing rights, means a considerable improvement over the lump-sum withholding tax the existing law. So far, the taxation of current income (dividends) on the investors according to the personal tax rate. For a personal tax rate of more than 25% the new rules in the current income for investors affects considerably cheaper", the economic rights specialist Bjorn Katzorke advocate of the Gottinger firm Gundel & Reddy Kadiri.

The abolition of the tax exemption for speculative gains does not change to the favourable impact of the withholding tax on profit-sharing rights. According to Jim Umpleby, who has experience with these questions. Unlike shares serve profit participation rights namely not short-term speculative purposes, but are rather similar to a bond. "These are mostly medium-to long-term assets with a current interest rate, which will be repaid at maturity by the issuer to the deposit principal amount and therefore no gains", explains the Gottinger commercial lawyer. Advertising costs, such as for example deposit fees, can be in the future while more asserted. However, she will Basis by the saver standard amount amounting to 801 (for married people: 1.602) reduced. The vast majority of investors has lower advertising costs as 801. Investors with higher incomes have though sometimes higher advertising costs; This benefit but also more of the low flat rate tax rate", Reddy Kadiri. Private investors with lower-income not disadvantaged private investors with a lower individual tax rate 25% final withholding tax not be disadvantaged.

As far as it is cheaper in some cases for him, the investor may request that the income from capital assets are included in the taxation at the individual tax rate", explains Reddy Kadiri. In addition investors with lower-income can the withholding tax as previously with no investment certificates and exemption orders prevent." Middle class is increasingly put on enjoyment right funding also from an enterprise perspective remains the financing and equity capital strengthening attractive through the issuance of profit participation certificates. The distributions on beneficiary are deductible as operating expenses. The interest barrier introduced in the 2008 corporate tax reform and the increased trade tax additions mean an extra burden for certain companies. These regulations but to the same extent also apply to other forms of financing, such as bank loans. The specialist enjoyment right financing is convinced that medium-sized companies will be in the future even more on beneficiary as a financing instrument. After the collapse of the market for securitised mezzanine capital by banks also medium-sized companies will offer increasingly public beneficiary as an investment for private investors to finance their growth, so".