Blog Overview

EXPO REAL 2022

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Come to see us. Happ to talk.

This year we will be represented at the International Trade Fair for Property and Investment EXPO REAL 2022 with an own both.

We will be on-site together with our Luxembourg cooperation partners from AVEGA.

AVEGA (www.avega.lu) is a full-service provider based in the Grand Duchy of Luxembourg with a focus in fund incorporation and fund administration but also audit and tax compliance.

Moreover AVEGA Capital Management S.A. (ACM) is an independent, owner-managed service AIFM.

Working as regulated manager under the Alternative Investment Fund Managers Directive (AIFMD) ACM provides access to regulated fund structures in the Luxembourg market to Asset Managers, Banks, Pension Funds, Insurance and other Companies. Finally ACM provides access to a European Marketing Passport for professional investors.

LM Audit & Tax GmbH is a Munich based specialised boutique with a focus on fund administration, fund accounting, tax due diligence and tax compliance in Germany.

Both companies are owner-managed and legally independent. We serve joint clients on Luxembourg and German side with real estate of all asset classes.

Please contact us. We will be happy to introduce ourselves during a personal meeting at Expo to explain what extra-value we will be able to add to your real estate projects.

Your LM contacts:

Thomas Jäger           

Tax Advisor

Phone: +49 89 896044-24      

jaeger@lmat.de 

Maximilian Bodenhagen

Certified Public Auditor, Tax Advisor

Phone.: +49 89 896044-54

bodenhagen@lmat.de

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.

FYB 2022 Real Estate Tax Compliance – recent developments

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Fund Jurisdiction Act: News for Private Equity and Real Estate

According to the explanatory memorandum to the Act, the primary objective of the Fund Jurisdiction Act was to improve Germany’s international competitiveness as a location for employee share ownerships, particularly with regard to start-ups. In addition, the disadvantage for Germany as a Fund Location caused by VAT levying on the administrative services of venture capital funds was to be eliminated as well. Almost unnoticed and shortly before its adoption by the Bundesrat, a significant improvement in the so-called extended trade tax reduction for real estate companies also found its way into the law. This article will briefly introduce the latter two topics with a view to practical applications.

Download Complete Article

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.

Transparency Financial Information Act on Money Laundering

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Dear Sir or Madam,

The new Transparency Financial Information Act on Money Laundering (TraFinG Gw) came into force on 1 August 2021. This will transform the German Transparency Register from the previous catch-all register to a full register, so that in future the beneficial owners of all legal entities must be notified to the transparency register even if these would already be apparent from another register (notification fiction) e.g. commercial or partnership register.

Beneficial owner is any natural person who holds more than 25% of the capital shares, controls more than 25% of the voting rights, or exercises control in a comparable manner. If there is no beneficial owner, the fictitious beneficial owner must be reported to the Transparency Register (authorised representative of the legal entity).

The following data for the respective (fictitious) beneficial owner must be transmitted to the register and must be updated immediately in case of changes:

  • First and last name
  • Date of birth
  • Place of residence
  • Nature and extent of economic interest and
  • all nationalities.

Companies already established before 1 August 2021

For companies that become subject to reporting for the first time due to the discontinuation of the notification fiction, the law provides for the following deadlines for the required reports to the transparency register:

  • AG, SE or KGaA by 31 March 2022.
  • GmbH, cooperative, European cooperative or partnership by 30 June 2022
  • and in all other cases (in particular registered partnerships) by 31 December 2022.

The rules on fines for these companies, which are required to report for the first time, have been suspended until 2023. After that, violations may result in fines of up to EUR 100,000 or EUR 150,000 (in the case of intent).

New formations as of 1 August 2021

The aforementioned transitional periods as well as the suspension of the fine provisions do not apply to new foundations as of 1 August 2021. In these cases, an immediate entry of the (fictitious) beneficial owners in the transparency register is required. We recommend taking timely measures to implement the new legal provisions. We will be happy to assist you in identifying the beneficial owner and make the entries in the Transparency Register.

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