German Finance Minister, Hans Eichel has dismissed a report that ongoing tax issues will threaten the launch of a German market in real estate investment trusts in 2006.
In a speech given at DZ Bank in Frankfurt last week, Eichel stated that while he is behind the idea of creating a REIT market, he is also keen to ensure that the structure of the vehicles should not open up any new tax loopholes.
However, by the same token, he argued that this should not jeopardise the launch of a REIT market next year.
"If we decide to go ahead, then the goal is to do it in 2006," he remarked, according to Reuters.
The Financial Times Deutschland reported last week that a committee of federal and state tax experts has been unable to reach an agreement on the tax structure of the new REITS and some are concerned over several loopholes that could lead to a potential tax leakage.
It is thought that one of the key debating points is the issue of how foreign investors will be taxed, while others are unsure whether firms should be allowed to transfer their real estate holdings into REITS at a favourable tax rate.
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