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European tax bulletin for Real Estate Funds: May 2012

European tax bulletin for Real Estate funds: March 2012


This bulletin aims to highlight key tax issues which may be of importance to real estate funds and investors.

Key findings

The May 2012 edition of the European funds bulletin for Real Estate Funds includes news on:


  • Tax authorities lose another beneficial ownership case


  • EBITDA-based limitation on related party interest proposed

France and Germany:

  • “Green Book” on tax convergence published / German coalition parties announce further business tax reform


  • BMF issues guidance on amended anti-treaty shopping rule
  • Official guidance issued on Reorganisations under Reorganisation Tax Act
  • New case law on capital gains taxation upon transfer of assets to foreign PE
  • Guidance issued on income tax treatment of RETT triggered upon transfer of a partnership or corporation
  • BFH rules on set off of loss carryforwards against profits derived in year of harmful change-in-ownership
  • Draft Taxation Act 2013 incorporates the authorised OECD approach to taxing PEs
  • Federal tax court clarifies scope of participation exemption


  • 2012 Budget - implications for real estate
  • Consultation launched on income tax rules on interest


  • Real Estate Investment Funds – guidelines on the new tax provisions
  • Optional exit tax deferral introduced for deemed gains on intra-EU/EEA migration
  • Tax authorities further clarify rules on utilisation of tax loss carryforwards
  • Guidance released on notional interest deduction


  • Ruling that thin cap rules may apply to loans from foreign sister company


  • More tax measures introduced to tackle public deficit

If you would like to receive previous editions of the European funds bulletin, please email us.


Download European tax bulletin for Real Estate Funds: May 2012 (PDF)

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