Blog Overview

Refund of real-estate tax – Mind the filing deadline 31st March!

Loss of rent revenue resulting from vacancies reduces the return on any real estate investment. Especially in times of COVID 19 such vacancies are a possible scenario. In addition to the already painful rent losses, operating costs that could otherwise be recharged to the tenant must be borne in full by the asset owner. Additionally, due to permanently increasing tax-rates, real-estate tax is developing to a significant cost-factor for both, tenants and property owners, here particularly in case of vacancies. Real estate lessors whose property is vacant for a longer period can reclaim a part of their paid real-estate tax.

This article is to illustrate the application procedure and to remind property owners of the filing-deadline 31st March.

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FYB 2021 Real Estate Tax Compliance – recent developments

In FYB 2018 we reported last on current focus points in company tax audits. A lot has happened since then, not only in terms of case law, but also in legislation. Some of the keywords here would be “ATAD” and “DAC6”, whose impacts will certainly be noticeable far beyond the turn of the year 2020/2021. In this contribution, we will once again present some current topics from our real estate practice and recommend some actions, if possible.

We had to make a selection, of course, so that other perennial issues such as the temporary reduction of the value added tax needed to be left out for lack of space.

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Link to LM Audit & Tax GmbH at FYB

Author:

Thomas Jäger,
Tax Advisor, Managing Director, LM Audit & Tax GmbH, München

Unsere News geben Veröffentlichungen jeglicher Art nur auszugsweise wieder. Für Informationsfehler können wir daher trotz Sorgfalt keine Haftung übernehmen. Individuelle Beratung im Einzelfall kann dies nicht ersetzen. Auf Inhalte von Internetseiten, die wir verlinkt haben oder auf die wir hinweisen, haben wir keinen Einfluss. Eine Haftung hierfür wird daher ausgeschlossen.

Tax Compliance Management System (Tax CMS) – How to avoid prison and fine. Case Studies for Private Equity and Real Estate

The initiation of criminal tax proceedings by German tax offices, mostly as a result of innocent mistakes, according to the motto “shoot first, ask questions later” is by now common practice, which some managing directors have already experienced painfully at first hand. The core question here is usually the demarcation between simple error correction on the one hand and (actually undesirable) punitive voluntary declaration on the other.

On 23 May 2016, the Federal Ministry of Finance issued a Decree on the Application of the Fiscal Code (AEAO) regarding Section 153 on the question of the delimitation of the declaration of rectification pursuant to Section 153 AO and voluntary disclosure pursuant to Section 371 AO. Paragraph 2.6 states: “If the taxpayer has set up an internal control system which serves to fulfil tax obligations, this may be an indication that there is no intention or negligence, but this does not exempt the taxpayer from examining the individual case in question”. The message to the legal representatives of companies is that a coherent tax compliance management system (CMS) serves to avoid allegations of organisational failure and thus significantly reduces the probability of the initiation of criminal tax investigations. Part I of following paper will present the history and necessity of a tax CMS. Parts II and III then present case studies from our daily consulting work. In Part IV, we share practical experiences in setting up tax compliance systems.

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Link to LM Audit & Tax GmbH at FYB

Authors:
Thomas Jäger,
Tax Advisor, Managing Director, LM Audit & Tax GmbH, München

Miriam Rosenthal,
Lawyer, Tax Advisor, LM Law Rechtsanwaltsgesellschaft mbH, München

Maximilian Bodenhagen,
Certified Public Auditor, Tax Advisor, LM Audit & Tax GmbH, München

Unsere News geben Veröffentlichungen jeglicher Art nur auszugsweise wieder. Für Informationsfehler können wir daher trotz Sorgfalt keine Haftung übernehmen. Individuelle Beratung im Einzelfall kann dies nicht ersetzen. Auf Inhalte von Internetseiten, die wir verlinkt haben oder auf die wir hinweisen, haben wir keinen Einfluss. Eine Haftung hierfür wird daher ausgeschlossen.