The German government must wait for a decision by a Federal Constitutional Court before it is permitted to tax income from share sales the Frankfurt Allgemeine Zeitung has revealed.
The German daily reported that a Federal Finance Court in Munich ruled that tax assessment notices issued by the government that include tax on share sales cannot be enforced until the Karlsruhe constitutional court makes its ruling.
Citing an earlier ruling the Munich court said that the law may breach the principle of equal tax treatment as authorities do not usually enforce taxation on the sale of shares as a result of banking secrecy rules.
Current law stipulates that share sale profits are taxed only if the stock is held for less than 12 months; but the Government is planning to impose a 15% capital gains tax on all share sales as part of its drive to reduce a bulging deficit.
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