Click on the above link to visit the KPMG Germany webpage on the Mondaq website
By Robert E Tromp
Part IV. Changes In Other Tax Laws
4.1 Changes In The Tax Procedure Act (AO)
The tax authorities have been granted the right of online access to electronic bookkeeping documents when conducting on-site tax audits. This change is intended to permit effective and cost-efficient auditing under the conditions of the modern information society and increasing electronic trading. In order to avoid transition difficulties, the measure does not take effect until 1 January 2002.
4.2 Changes In The Value Added Tax Act (UstG)
Starting in 2002, electronic statements will be accepted as invoices for VAT purposes under certain conditions. This change is in response to industry requests for tax simplification.
4.3 Changes In The Investment Companies Act (KAGG) And Foreign Investment Act (Auslinvestmg)
The changes in the Investment Companies Act are primarily the result of the change in corporation tax system. The 50 % exemption system is directly applicable to the investment share owner. The 50 % exemption system is, however, not applicable to earnings derived through foreign investment funds because these funds benefit in other ways from the reforms.
This is Part IV of a five-part article which treats the subjects covered in condensed form. It is intended to provide a general guide to the subject matter and should not be relied on as a basis for business decisions. Specialist advice must be sought with respect to your individual circumstances. We in particular insist that the tax law and other sources on which the article is based be consulted in the original, whether or not such sources are named in the article. Please note as well that later versions of this article or other articles on related topics may have since appeared on this database or elsewhere and should also be searched for and consulted. While our articles are carefully reviewed, we can accept no responsibility in the event of any inaccuracy or omission. Please note the date of each article and that subsequent related developments are not necessarily reported on in later articles. Any claims nevertheless raised on the basis of this article are subject to German substantive law and, to the extent permissible thereunder, to the exclusive jurisdiction of the courts in Frankfurt am Main, Germany. This article is the intellectual property of KPMG Deutsche Treuhand-Gesellschaft AG. Distribution to third persons is prohibited without our express written consent in advance.
