Bouwfonds European Residential - Catella Real Estate AG

More documents

Recommendations

Info

Taxation of interim profits Interim profits consist of income included in the sale or redemption price for interest received or accrued as well as gains on the sale of capital claims not listed in section 1(3) sentence 3 number 1 letters a) to f ) of the InvStG that have not yet been distributed or retained by the Fund and are therefore not yet taxable for the investor (comparable to accrued interest on fixed-income securities). Interim profits generated by the Investment Fund are subject to income tax when units are redeemed or sold by German tax residents. 25% tax is withheld on interim profits (plus a solidarity surcharge and, if applicable, church tax). Interim profits paid on the purchase of units can be deducted as negative income for income tax purposes in the year of payment. They are already recognised as reducing the tax burden for the purposes of tax withholding. If the interim profits are not published, 6% of the payment made in connection with the redemption or sale of the investment unit must be recognised annually as interim profits. Interim profits may also be ascertained regularly from the account and income statements issued by the banks. EU Savings Tax Directive/Zinsinformationsverordnung The Zinsinformationsverordnung (ZIV – German Interest Information Regulation), which implements Council Directive 2003 48/EC of 3 June 2003, OJ EU no. L 157 p. 38, is designed to ensure the effective cross-border taxation of interest income accruing to natural persons within the territory of the European Union. The European Union has signed agreements that largely correspond to the Savings Tax Directive with a number of third-party states (and in particular with Switzerland, Liechtenstein, the Channel Islands, Monaco and Andorra). Under these agreements, interest income that is credited by a German credit institution (which to this extent acts as a paying agent) to a natural person living in another country in Europe or certain third-party states is reported by the German credit institution to the Bundeszentralamt für Steuern (German Federal Central Tax Office) and by the latter ultimately to the foreign tax offices in the person’s country of residence. According to the ZIV, the investment company must specify for each domestic and foreign fund whether it is subject to the ZIV (“in scope”) or not (“out of scope”). The ZIV contains two material investment thresholds to assist in this assessment. If a maximum of 15% of the fund assets consist of receivables as defined by the ZIV, the paying agents, which ultimately 42 refer to the data reported by the investment company, do not have to submit reports to the Bundeszentralamt für Steuern. Otherwise, exceeding the 15% threshold triggers a requirement on the part of the paying agents to disclose the interest portion of the dividend to the Bundeszentralamt für Steuern. If the 40% threshold is exceeded, the interest portion contained in the redemption or sale of the fund units must be disclosed. If the fund is a distributing fund, the interest portion contained in the dividend must also be reported to the Bundeszentralamt für Steuern. If the fund is an accumulating fund, a disclosure is logically only made when fund units are redeemed or sold. The proportion of receivables held by Bouwfonds European Residential as at 30 April 2009 was greater than 15% but less than 40%. The interest portion amounted to €0.0827 per unit. Property transfer tax The sale of units in the Investment Fund does not give rise to any property transfer tax. Notice: The information concerning taxation is based on the legal situation as it is known to stand at present. It is intended for those persons with unlimited liability regarding German income or corporation tax. However, no assurance can be given that the tax treatment will not change as a result of legislation, court rulings, or decrees issued by the tax authorities. Legal and tax risk Amendments to inaccurately determined bases of taxation for the Investment Fund for past financial years (e.g. as a result of external tax audits) may lead, in the case of a correction with negative tax consequences for investors, to investors having to carry the tax burden arising out of the correction for previous financial years even if they were not invested in the Fund at the time. Conversely, the situation may arise for investors in which they no longer benefit from a positive tax correction for the current and past financial years in which they were invested in the Fund because they have redeemed or sold their units before the corresponding correction is implemented. In addition, corrections to the tax data may result in taxable income and tax benefits being assessed for tax purposes in a different tax period than that actually applicable, which may have negative effects on individual investors.
Certification in Accordance with Section 5(1) Sentence 1 No. 3 of the InvStG Regarding the Preparation of the Tax Information To Catella Real Estate AG Kapitalanlagegesellschaft (hereinafter: the Company): The Company has appointed us, based on the records audited in accordance with section 44(5) of the InvG and the audited Annual Report of the Bouwfonds European Residential investment fund for the period from 1 May 2008 to 30 April 2009, to determine the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG and to submit a certificate in accordance with section 5(1) sentence 1 no. 3 of the InvStG as to whether the tax information complies with the provisions of German tax law. Our task is to determine the information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG in accordance with the provisions of German tax law on the basis of the books/records and the other documents of the Company for the Bouwfonds European Residential Fund. Assessing the propriety of these documents and the information provided by the Company did not form part of our task. During the course of preparation of the reconciliation, the investments, income and expenses and their classification as income-related expenses, were examined for compliance with the relevant provisions of tax law. Insofar as the Company has invested funds in units of target funds, our task is limited solely to checking whether the tax information made available for these target funds was correctly adopted in accordance with the certifications supplied in accordance with section 5(1) sentence 1 no. 3 of the InvStG. We did not audit the corresponding tax information. The determination of the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG is based on the interpretation of the tax laws to be applied. Insofar as several possible interpretations exist, the decision was incumbent on the management of the Company. When preparing the information, we satisfied ourselves that the decision reached was justifiably supported in each case by explanatory memoranda to the legislation, court rulings, relevant specialist literature and published opinions of the fiscal authorities. Your attention is drawn to the fact that future legal developments and in particular new court rulings could necessitate a different assessment of the interpretation selected. On this basis, we have determined the tax information in accordance with section 5(1) sentence 1 nos. 1 and 2 of the InvStG in accordance with the provisions of German tax law. Munich, 17 July 2009 Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft Schulz ppa. Dirnaichner (Lawyer/Steuerberater) (Wirtschaftsprüfer/Steuerberater) 43
Page 1: Bouwfonds European Residential Open
Page 5 and 6: Table of Contents 05 Key Figures at
Page 7 and 8: In terms of product strategy, the F
Page 9 and 10: modernisation measures that had alr
Page 11 and 12: Fund Management Report Overview of
Page 13 and 14: Valuation Information on changes in
Page 15: Development of Returns (Multi-year
Page 18 and 19: Development of the Fund 20 Realized
Page 20 and 21: Statement of Assets and Liabilities
Page 22 and 23: Notes to the Statement of Assets an
Page 24 and 25: Schedule of Properties 1 I. Directl
Page 26 and 27: Overview - Market Values and Rents
Page 28 and 29: Schedule of Real Estate Purchases a
Page 30 and 31: Statement of Income and Expenditure
Page 32 and 33: Calculation of the Distribution Ord
Page 34 and 35: Tax Information Income tax treatmen
Page 36 and 37: Tax Information €0.37 per unit wi
Page 38 and 39: Tax Information agreement). However
Page 42 and 43: Committees Investment Company Catel
Page 44: Catella Real Estate AG Kapitalanlag

Bouwfonds European Residential - Catella Real Estate AG

Create successful ePaper yourself

Delete template?

Save as template?