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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