{"id":2770,"date":"2017-09-26T10:15:21","date_gmt":"2017-09-26T08:15:21","guid":{"rendered":"https:\/\/it-landgraf.de\/?p=2770\/"},"modified":"2017-12-07T18:10:50","modified_gmt":"2017-12-07T16:10:50","slug":"reintroduction-of-tax-exemption-on-restructuring-profits","status":"publish","type":"post","link":"https:\/\/it-landgraf.de\/en\/reintroduction-of-tax-exemption-on-restructuring-profits\/","title":{"rendered":"REINTRODUCTION OF TAX EXEMPTION ON RESTRUCTURING PROFITS"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_section-01751847528dfc99e88c09c880d3cb67\">\n.avia-section.av-av_section-01751847528dfc99e88c09c880d3cb67{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/it-landgraf.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-av_section-01751847528dfc99e88c09c880d3cb67 main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2770'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-av_section-d18d8c2c81d10022ebd21ffa95322c35 main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2770'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-6e99fa2ed7a71cf17f4783ba722ed422\">\n#top .av-special-heading.av-av_heading-6e99fa2ed7a71cf17f4783ba722ed422{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-av_heading-6e99fa2ed7a71cf17f4783ba722ed422 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-av_heading-6e99fa2ed7a71cf17f4783ba722ed422 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-6e99fa2ed7a71cf17f4783ba722ed422 av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>26. September 2017\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >REINTRODUCTION OF TAX EXEMPTION ON RESTRUCTURING PROFITS<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>By passing the law dated 27 June 2017, the tax exemption on restructuring profits was stipulated once again. However, the readjustments will only become effective in case the EU commission signs off on the new legal readjustment with respect to state aid law. The new law is supposed to apply retrospectively to all debt reliefs\/restructuring profits as of 8 February 2017. According to the tax authorities, due to the protection of legitimate expectations the previous legal situation applies to cases prior to that date.<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. Issue<\/h2>\n<p>If a creditor waives existing claims against a debtor for the purposes of restructuring, this will yield a financial profit for the debtor by derecognizing this liability but no financial liquidity will accrue to the debtor in return (so-called<span class=\"bold-lowercase\"> restructuring profits<\/span>).<br \/>\nBased on the so-called <span class=\"bold-lowercase\">recapitalization decree<\/span> (circular from the German Federal Ministry of Finance (BMF)) restructuring profits were exempted from tax under certain conditions for reasons of fairness. According to the decision of the Grand Civil Panel of the Federal Court of Finance (BFH) dated 28 November 2016 and published on 8 February 2017 the administrative practice based on the recapitalization decree since 2003 violates the principle of legality of administrative actions: The administrative arrangement to waive the income tax and corporate tax on restructuring profits due to objective reasons of fairness does not provide for a sufficient legal basis.<br \/>\nIn particular with regard to the improved possibilities for corporate restructuring due to the continued development of insolvency and restructuring law, the practice was in need of an immediate and sustainable solution, as the tax burden on restructuring profits would regularly undermine the creditor\u2019s purposes of waiving the debt.<br \/>\nRecognizing this problem, the German legislature decided subject to the EU commission\u2019s approval with respect to state aid law to exempt such <span class=\"bold-lowercase\">restructuring profits from tax by law<\/span>.<\/p>\n<h2>II. The changing history of the fiscal treatment of restructuring profits<\/h2>\n<p>While the tax exemption of restructuring profits was stipulated by legal provisions for more than 30 years (sec. 3 no. 66 Income Tax Act (EStG)), this provision was repealed by the law on the promotion of corporate tax reforms dated 29 October 1997. In response to this, the tax authorities passed the so called <span class=\"bold-lowercase\">recapitalization decree<\/span> on the income tax treatment of restructuring profits, especially for the tax deferral and for the tax abatement on objective reasons of fairness pursuant to sec. 163, 222, 227 German Tax Code (AO) (BMF circular dated 27 March 2008 \u2013 IV A 6-S 2140-8\/03). According to this recapitalization decree, restructuring profits could be exempt from taxes based on reasons of fairness when meeting certain conditions.<\/p>\n<p>In its decision dated 28 November 2016 \u2013 Grand Civil Panel of the <span class=\"bold-lowercase\">BFH considered this tax authority practice illegal<\/span> inter alia because of the infringement of the principle of legality of administrative actions (article 20 para. 3 German Constitutional Law (Grundgesetz)). The BFH held that particularly the repeal of the legislative provision on the tax exemption of restructuring profits in 1997 put adequate emphasis on the legislator\u2019s intention not to privilege restructuring profits in future. The tax authorities were not allowed to disregard such intention of the legislator \u2013 as happened in practice by the (undifferentiated) application of the recapitalization decree.<\/p>\n<h2>III. The tax authorities\u2019 reaction on the BFH decision<\/h2>\n<p>The German Federal Ministry of Finance has reacted on the decision of the BFH by its letter dated 27 April 2017. For reasons of protection of legitimate expectations the recapitalization decree shall continue to be applicable unreservedly in cases in which the creditor\u2019s debt waiver was finally completed in accordance with the highest financial authorities of the Federal States by 8 February 2017 (corresponding to the publishing date of the BFH decision). If the debt waiver is part of an insolvency plan, it is deemed to be finally executed when the insolvency court\u2019s order on the confirmation of the insolvency plan becomes non-appealable.<\/p>\n<h2>IV. New legal basis<\/h2>\n<h5>1. Tax exemption on restructuring profits<\/h5>\n<p>Due to the legal uncertainty that followed the BFH&#8217;s decision and the risk of a dismantling of a high number of businesses capable of restructuring as consequence of the expected tax burden on restructuring profits, the German legislator reacted immediately and settled the <span class=\"bold-lowercase\">tax exemption on restructuring revenue<\/span> in the \u201eAct against harmful tax practices in connection with the licensing of intellectual property rights\u201c dated 27 June 2017 (Federal Law Gazette, first part, page 2074) by passing sec. 3a Income Tax Act (EStG), sec. 8 sentence 6 Corporate Tax Act (KStG) and \u00a7 7b Trade Tax Act (GewStG).<br \/>\nThe new law essentially stipulates that business income from a debt relief for the purposes of a <span class=\"bold-lowercase\">business-related restructuring<\/span> is exempted from tax (so-called restructuring revenue). The tax exemption on restructuring profits requires the taxpayer to prove the<br \/>\n&#8211; Company\u2019s need for restructuring<br \/>\n&#8211; Company\u2019s potential for restructuring<br \/>\n&#8211; Debt relief\u2019s suitability for restructuring<br \/>\n&#8211; Operational merit of the debt relief<br \/>\n&#8211; Creditors\u2018 intention to restructuring<br \/>\nat the time of the debt relief.<br \/>\nWith the exception of the criteria of the operational merit, all conditions were adopted from the recapitalization decree. Therefore in the future, it is possible to refer to the respective courts decisions taken hereto in the past.<br \/>\nEven in case of a non-business-related restructuring, the revenues resulting from following restructuring cases are <span class=\"bold-lowercase\">exempted from tax<\/span>:<br \/>\n&#8211; a residual debt discharge pursuant to sec. 286ff. German Insolvency Code (InsO),<br \/>\n&#8211; due to an extrajudicial debt settlement plan to avoid a consumer insolvency pursuant to sec. 304ff. InsO,<br \/>\n&#8211; due to a debt settlement plan which was accepted in the process of a consumer insolvency proceeding (in case of an increase in business assets or the existing of business income).<br \/>\nTax-related option rights have to be exercised in a way that decreases the profits in the restructuring year and the year after. Furthermore, business asset reduction or operating expenses as well as disposal costs which are economically directly connected with the tax-free restructuring profits cannot be deducted and reduce the restructuring revenue.<br \/>\nBy passing comparable provisions in the Corporate Tax Act (KStG) and Trade Tax Law (GewStG) a harmonization in the tax authority practice should be achieved with regard to the individual tax types.<\/p>\n<h5>2. Elimination of \u201closs carried forward\u201d<\/h5>\n<p>The tax exemption is additionally limited by the overriding setting off of losses to the necessary minimum. According to the explanatory memorandum a bare tax exemption on the restructuring profits would result in an objectively not justified double privilege just like under the old version of sec. 3 Nr.66 EStG. The restructuring profit would then not be balanced out by negative income and especially not be reduced by possible determined losses carried forward in accordance with sec. 10 para. 4 EStG which then could be carried forward for an unlimited period of time. Therefore, sec. 3a para. 3 EStG stipulates that existing losses and losses carry forward from previous years, the restructuring year and the year after will be used up to the amount of the restructuring revenue reduced by the non-deductible restructuring costs as laid down in sec. 3 para. 4 EStG. The order of the loss consumption stipulated in sec. 3a para. 3 sentence 2 no. 1 to 13 EStG applies with the consequence that the listed potential offset taxes get lost insofar as the settlement of loses is effective.<br \/>\nContrary to the initial bill, the generalized elimination of determined losses carried forward by claiming the tax exemption was deleted. Instead an unclear provision was passed which stipulates the reducing amounts according to sec. 3a para. 3 sentences 2 and 3 EStG are finally excluded and do not participate in the respective determinations of losses carried forward, the remaining losses carried forward and any other determinations (sec. 3a para. 3 sentence 5 EStG). Against the historical background of the different bills, especially the refraining from a provision in the current version of the law, according to which the determined losses carried forward are generally cancelled when claiming the tax exemption, the wording of sec. 3a para. 3 sentence 5 EStG (\u201cThe reducing amounts according to sentence 2 and 3&#8230;\u201d) and the statutory system of sec. 3a para. 3 sentence 2 no. 1 to 13 EStG, according to which the loss allocation has to be carried out (only) in the order stipulated therein, it can be assumed that a general cancellation of the loss deduction at the assertion of tax exemptions does not longer apply, but <span class=\"bold-lowercase\">the loss decline<\/span> applies to the extent that a loss allocation was carried out within the \u201cwaterfall\u201d of sec. 3a para. 3 sentence 2 no. 1 to 13 EStG. The minimum taxation (sec. 10d para. 2 EStG) is also suspended, i.e. the existing loss potential will be (completely) eaten up to the amount of an existing restructuring revenue.<\/p>\n<h2>V. Assessment of the new legal regulations and outlook<\/h2>\n<p>As of the approval of the EU commission, the new regulations provide for legal certainty and are appreciated with regard to the intended harmonization of the treatment of business-related restructuring profits under Income Tax Law, Corporate Tax Law and Trade Tax Law. While under the previous legal situation the granting of tax exemptions with respect to the trade tax by the local authority which is (furthermore) competent for charging the trade tax always depended on an (additional) individual assessment based on the discretionary of the respective local authority which could result in divergent decisions to the decisions made by the other tax authorities, the decision of the local authority with respect to the trade tax has now to comply with the new sec. 7b GewStG and is mandatory when all legal requirements are met. This will substantially increase the legal certainty.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_third-73aaecfb4fe7e39558cc207c955e4161\">\n.flex_column.av-av_one_third-73aaecfb4fe7e39558cc207c955e4161{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_one_third-73aaecfb4fe7e39558cc207c955e4161 av_one_third  avia-builder-el-8  el_after_av_two_third  avia-builder-el-last  sy-only-desktop flex_column_div  column-top-margin'     ><p><div  class='avia-builder-widget-area clearfix  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><section id=\"categories-3\" class=\"widget clearfix widget_categories\"><h3 class=\"widgettitle\">Newsletter issues<\/h3>\n\t\t\t<ul>\n\t\t\t\t\t<li class=\"cat-item cat-item-265\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2025-q3-en\/\">2025 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-267\"><a 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href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q3-en\/\">2017 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-114\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q2-en\/\">2017 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-142\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/deals-en\/\">Deal Announcements<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-58\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/uncategorized\/\">Uncategorized<\/a>\n<\/li>\n\t\t\t<\/ul>\n\n\t\t\t<span class=\"seperator extralight-border\"><\/span><\/section><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>More information on this topic<\/h2>\n<ul class=\"sy-list-margin\">\n<li><a href=\"\/?page_id=1717\">Mergers &amp; Acquisitions (M&amp;A)<\/a><\/li>\n<li><a 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href=\"\/en\/wp-json\/wp\/v2\/posts\/2770?pdf=2770\" target=\"_blank\"><span class=\"dkpdf-button-icon\"><i class=\"fa fa-file-pdf-o\"><\/i><\/span> Download (PDF)<\/a>\n\n\t<\/div>\n\n\n\n\n\n<\/p>\n<\/div><\/section><\/p><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='after_section_2'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2770'><div class='entry-content-wrapper clearfix'>\n","protected":false},"excerpt":{"rendered":"<p>By passing the law dated 27 June 2017, the tax exemption on restructuring profits was stipulated once again. However, the readjustments will only become effective in case the EU commission signs off on the new legal readjustment with respect to state aid law. The new law is supposed to apply retrospectively to all debt reliefs\/restructuring [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[116],"tags":[],"class_list":["post-2770","post","type-post","status-publish","format-standard","hentry","category-2017-q3-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/comments?post=2770"}],"version-history":[{"count":25,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2770\/revisions"}],"predecessor-version":[{"id":2947,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2770\/revisions\/2947"}],"wp:attachment":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/media?parent=2770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/categories?post=2770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/tags?post=2770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}