Act amending accounting law as regards micro-entities (MicroBilG) promulgated
On 27 December 2012 the ‘MicroBilG’ was promulgated in the German Federal Gazette; the act has now entered into force. The EC Directive on Micro-entities of March 2012, which provides for simplified reporting rules for ‚micro-entities‘, has now been implemented in national law. There have been no changes as compared to the draft bill of the ‘Act amending accounting law as regards micro-entities [MicroBilG]’ of 19 September 2012. The pace of the implementation was remarkable: the new provisions are applicable for financial years with balance sheet dates after 30 December 2012, which is in effect for financial years ending on 31 December 2012.
Unconstitutionality of Inheritance Tax Act reconfirmed? - Need for action in succession planning
After the Federal Fiscal Court decision to submit the draft bill of the Inheritance Tax Act to the Federal Constitutional Court for review considerably higher taxation of business assets is expected.
