Gb08_engl Umschlag:GB 2005 - DVFA

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featuPress reactions to the DVFA financial papers Equities_ series_
Furthermore, there are various scenarios, unintended by the lawmakers, under which double
taxation may occur as a result of the parallel application of REIT taxation and the halfincome
method at investor level. Finally, the law should permit participation by REITs in
other REITs, or a takeover of REITs by other REITs, in order to ensure efficient use of capital.
The Expert Group suggests using the current phase of capital market turbulence to
optimise these issues in the REIT Act, to create improved conditions for the subsequent
emergence of a functional REIT market in Germany.
The press has reacted with interest to the aims of the Expert Group under Chairman
Prof. Rehkugler. Börsenzeitung, for example, ran the following headline on 23 October:
“Financial analysts seek to help REITs”. The industry journal, REITs, commented on the
new financial paper in its 22 October 2008 issue: “In particular, the penalisation of
non-compliant shareholder structures is in need of revision. The experts are also calling
for provisions allowing non-listed REITs and inclusion of residential properties.” Going-
Public sums up the topic as follows: “The Expert Group has suggested that the current
phase of capital market turbulence should be used to rectify the various inadequacies of
the REIT Act, in order to improve conditions for the subsequent emergence of a functional
German REIT market.”