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The German Investment Tax Act 2018 (“GITA”) came into force on 1 January 2018, introducing a tax liability for income derived from securities lending and “real” repurchase agreement (repo) transactions (i.e. manufactured dividends, securities lending fee) with German equities as underlying for German and non-German investment funds as lender. The borrower is obliged to withhold German withholding tax.
ISLA has been working with a number of member firms and other specialist advisers to better understand the implications of this tax regime. This has included some detailed analysis and recommendations undertaken with Price Waterhouse Coopers.ISLA Working Groups
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