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A major part of our lengthy article no. 148 dealing with loss utilisation was devoted to the draft version of a directive on loss utilisation released by the Federal Ministry of Finance in the summer of 1998.

The final version of this directive has now been issued by the tax authorities (directive IV C 6 - S 2745 - 12/99 dated 16 April 1999).

The final version of the directive is by and large identical to the draft version. However, there are also a number of significant changes.

A forthcoming article will provide a detailed comparison of the final version of the directive with the draft version.

KPMG Germany has in the meantime prepared an English language translation of the final version of the directive. Persons desiring to obtain a copy of the translation should contact Ulrich Löwenstein, tax partner with KPMG Frankfurt, at one of the following numbers:

Telephone: +49-69-9587-2174

Telefax: +49-69-9587-2176

Disclaimer and Copyright

This article treats the subjects covered in condensed form. It is intended to provide a general guide to the subject matter and should not be relied on as a basis for business decisions. Specialist advice must be sought with respect to your individual circumstances. We in particular insist that the tax law and other sources on which the article is based be consulted in the original, whether or not such sources are named in the article. Please note as well that later versions of this article or other articles on related topics may have since appeared on this database or elsewhere and should also be searched for and consulted. While our articles are carefully reviewed, we can accept no responsibility in the event of any inaccuracy or omission. Please note the date of each article and that subsequent related developments are not necessarily reported on in later articles. Any claims nevertheless raised on the basis of this article are subject to German substantive law and, to the extent permissible thereunder, to the exclusive jurisdiction of the courts in Frankfurt am Main, Germany. This article is the intellectual property of KPMG Deutsche Treuhand-Gesellschaft AG (KPMG Germany). Distribution to third persons is prohibited without our express written consent in advance.