Hope dies last. In the last articles in the FYB Financial Yearbook 2020: “Πάντα ῥεῖ — Everything flows!”, “Little flows in the right direction!” (FYB Financial Yearbook 2022) and “Breaking out of a supposed time warp” (FYB Financial Yearbook 2023), we were still hopeful and optimistic about a (return to) systematic or dogmatically correct taxation of private equity.
However, after taking a closer look at many developments in recent years and not least because of the recent article “Operation Luxembourg” in a well-known German business magazine, a certain resignation is now spreading. As we had feared, our cautiously expressed wish last year for a simple acceptance of the case law developed by the Federal Fiscal Court (BFH), the highest German fiscal jurisdiction, on the return of capital contributions in the case of third-party corporations was unfortunately not granted.
For more than 27 years now, our law firm has been dealing with a wide range of tax compliance issues for private equity funds and their (German) shareholders.
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