GERMANY - Germany has done a U turn on its discriminatory tax levies on foreign investment funds.
Finance minister Hans Eichel announced in March that the tax regime which imposed higher levels of tax on foreign investment funds than on domestic ones is to be scrapped.
The European Commission launched an infringement procedure against Germany in December 2002 for its tax on foreign funds.
Opposition from European and US fund managers increased when the German Budget proposed increasing discrimination against foreign funds by levying capital gains tax at twice the domestic level on foreign fund managers.
Legislation to enact the latest changes is due to take effect from January 2004.
At the same time Eichel also announced a planned change in the rules to permit German institutional investors to invest in hedge funds with effect from 2004.
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