The draft 2015 Annual Tax Act aims to change the calculation of the maximum amount of foreign creditable tax for direct investments but lacks in implementing the respective amendment for indirect investments via investment funds.

The German Federal Fiscal Court (BFH) decided in its judgement (XI R 13/11) dated 14 May 2014 on the VAT treatment of services performed by a key intermediary within a multi-level sales channel. Following the judgement of the BFH the services performed by the key intermediary would not qualify for a VAT exemption as the key intermediary did not perform an intermediary service.

With the US Foreign Account Tax Compliance Act, FATCA, which forms part of the US HIRE Act under US law, the US legislator obligates foreign financial institutions to surrender extensive information on earnings received in foreign accounts held by US persons. This law is designed to close various loopholes that currently allow tax evasion. It focuses on individuals and companies with tax liability in the USA (referred to therein as "specified US persons") who hold assets invested outside the USA.

FATCA is an essential requirement of the market, which no financial institution, be it a bank, insurance company or investment company, etc., can effectively circumvent.