There was dismay in the German business sector this week as the parliament of federal states attempted to throw a spanner into the tax reform works.
The Bundesrat made a bid to neutralise a tax cut designed to stimulate the sluggish German economy, by proposing the imposition of a 25% tax on capital gains made from the sale of shares in German companies.
The Tax Reform Act has in fact already been ratified, but tax experts fear that although the modification to the law suggested by the Bundesrat is unlikely to neutralise its effects, another drawn-out and painful debate over taxation may put many foreign investors off.
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