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113 articles · Page 6 / 6
- 1 min read
Expanded Loss Carryforward Rules
Under current law, offsetting current profits against existing loss carryforwards in income and corporate tax as well as trade tax is only possible up to a base amount of €1 million and
Year-EndSource: Deubner Verlag - 1 min read
Extension of the Option for Corporate Taxation
To date, only commercial partnerships and partnership companies have had the option to elect the potentially more favourable taxation as a corporation subject to corporate income tax. Under the planned rules, all other forms of
Year-EndSource: Deubner Verlag - 1 min read
Relief for Advance VAT Returns
Entrepreneurs are to be exempted from the obligation to submit advance VAT returns if the VAT liability for the previous calendar year does not exceed €2,000. The previous threshold was
Year-EndSource: Deubner Verlag - 1 min read
Private Use of Company Electric Cars
For a company car, the private use portion must be taxed. A key parameter in calculating this is the price of the vehicle. Unlike with combustion engines, for a purely electrically powered vehicle
Year-EndSource: Deubner Verlag - 1 min read
Temporary Introduction of Declining-Balance Depreciation
As a rule, assets are depreciated on a straight-line basis over their useful life with equal annual amounts. For movable assets, declining-balance depreciation is now to become available again. It is to amount to up to 25% of the
Year-EndSource: Deubner Verlag - 1 min read
Increase of the Special Depreciation to up to 50%
Under § 7g Abs. 5 EStG, businesses that do not exceed the profit threshold of EUR 200,000 have so far been able to depreciate movable assets by up to 20% of the investment costs in the year of acquisition and the following four years
Year-EndSource: Deubner Verlag - 1 min read
New thresholds (€1,000) for low-value assets
Currently, the acquisition or production costs of so-called low-value assets (geringwertige Wirtschaftsgüter, GWG) can be deducted in full immediately if they do not exceed €800 (excluding VAT). The prerequisite is that they are
Year-EndSource: Deubner Verlag - 1 min read
Growth Opportunities Act: General Notes
Important – part of the Growth Opportunities Act – status: The Bundesrat has convened the Mediation Committee with the aim of a fundamental revision of the Act.
Year-EndSource: Deubner Verlag - 1 min read
Taxation of December emergency aid to be dropped (December advance payment for gas and district heating customers)
The Act on the December Emergency Aid came into force on 19 November 2022. Under these provisions, the federal government covered the costs of the December advance payment for gas and district heating customers. This regulation
Year-EndSource: Deubner Verlag - 1 min read
€12.41 – Minimum Wage Increase from 2024
Following a proposal by the independent Minimum Wage Commission, the minimum wage will rise from the current €12.00 to €12.41 as of 1 January 2024. A further increase to €12.82 is scheduled for 2025. The
Year-EndSource: Deubner Verlag - 6 min readRecommended
Outlook: Mandatory Electronic Invoicing
Note: The new electronic invoicing format creates the initial conditions for a reporting system for electronic invoices to the tax authorities. This will enable real-time invoice verification
Year-EndTax AdvisorySource: Eigene Recherche - 1 min read
Higher Basic Tax Allowance from 2024
The basic tax allowance is the amount of taxable income up to which no income tax is calculated. In 2023, the basic tax allowance was raised from €10,347 in 2022 by €561
Year-EndSource: Deubner Verlag - 1 min read
Extended Filing Deadlines for Tax Returns
The Fourth Corona Tax Assistance Act extended the filing deadlines for tax returns (income tax, corporate income tax, trade tax, VAT). One reason was the increased workload for Steuerberater (German Certified Tax Advisors) in 2021 and 2022,
Year-EndSource: Deubner Verlag