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German Bankers Issue Tax Plea To Berlin

by Ulrika Lomas, Tax-News.com, Brussels

19 August 2016


The head of Germany's banking association has called on the Government to improve the tax framework for banks operating in Germany.

Michael Kemmer, the General Manager of the Association of German Banks, made the plea in a statement urging the German Government to give a "firm political commitment to Frankfurt as a financial center" in the wake of the United Kingdom's vote to leave the European Union.

"We need a clear signal that Frankfurt, Germany's financial center, is ready to take on board services and service providers from the UK. This will create new jobs and economic growth," Kemmer stressed.

In the area of tax, Kremmer argued that the Government could make the German banking sector more competitive by allowing banks to deduct bank levy payments from the their taxable income.

All credit institutions in Germany have been subject to an annual levy based on their end-of-year balances since January 2011. The levy starts at 0.02 percent for banks with a balance between EUR300m (USD340m) and EUR10bn, and rises in stages to 0.06 percent on balances in excess of EUR300bn.

"Like in other European countries, the bank levy should be tax-deductible as an operating expense," Kremer said.

He also urged Germany to withdraw its support for the proposed EU financial transactions tax.

TAGS: tax | banking | financial services | Germany | services | Europe

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