Dublin's IFSC Fears German Tax Changes
According to a report in Ireland's Sunday Business Post, German fund promoters
based in the International Financial Services Centre (IFSC) in Dublin are likely
to suffer as a result of planned tax changes in Germany. The draft legislation has yet to be passed by parliament's upper house, but
if it is approved it will take effect in February 2003, effectively introducing
a withholding tax for German domiciled funds of only half the amount that will
apply to internationally domiciled funds, such as those based in Dublin's IFSC. Speaking to the Sunday Business Post at the weekend, a representative from
tax law firm, Heimann observed that: 'It is a real threat to the German investment fund market. Domestic as well
as foreign funds would be discriminated against direct shareholdings. Foreign
funds will suffer considerably from the continued tax discrimination following
the non-applicability of the semi-income taxation.' .
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