Germany could launch a real estate investment trust (REIT) market by 2006 provided a working group can resolve outstanding tax issues, a government minister revealed in a report on Monday.
Speaking to Reuters, Deputy Finance Minister Barbara Hendricks remarked that the introduction of REITS would be beneficial to the German financial system, but the government must wait for the conclusions of a tax working group before moving forward.
"We have a clear position in the finance ministry. The introduction of REITS would certainly strengthen Germany as a financial centre. But an examination of the tax issues is not yet finished," she stated.
According to Hendricks, the government must resolve “open tax issues” with the states of Bavaria, Baden-Wuerttemberg and Hesse – all controlled by opposition parties.
However, when finalised, the structure of German REITS, or ‘Immobilien Invest AG’ are likely to combine elements of French and US systems, Hendricks told Reuters.
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