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BFH-Insights

Federal Fiscal Court ruling: Merger at fair market value: no negative goodwill

If a merger cannot be effected at book value, for example due to the taxation of unrealized gains upon the transfer of assets, the transferred assets must be recognised at fair market value (“gemeiner Wert”) in the tax closing balance sheet pursuant to section 11(1) sentence 1 of the Reorganisation Tax Act [Umwandlungssteuergesetz–UmwStG].

Dr Martin Weiss
| 8 min read | 06 Oct 2026
Tax | Private Equity

German Federal Court of Justice strengthens management participations in private equity structures

In its judgment of 10 February 2026, the German Federal Court of Justice (Bundesgerichtshof, “BGH”) confirmed the validity under corporate law of a leaver provision commonly used in private equity structures. The BGH clarified that the compulsory repurchase of a management participation is not equivalent to a squeeze-out under corporate law, but must instead be assessed with the principles governing termination clauses (para. 32). The decisive factor is not an isolated assessment of individual contractual provisions, but rather an “overall assessment of all circumstances of the individual case” (para. 47).

Olivia Voggel
| 5 min read | 05 Oct 2026
Real Estate Transfer Tax | International Fund Structures

Baden-Württemberg Tax Court: Change of Management Company of a Luxembourg FCP Does Not Trigger Real Estate Transfer Tax

In its judgment of 13 March 2026, the Baden-Württemberg Tax Court held that replacing the management company of a Luxembourg contractual investment fund (Fonds Commun de Placement, FCP) does not, by itself, trigger German real estate transfer tax where the fund assets include direct or indirect interests in German real estate-owning companies. For fund initiators, investors, management companies and real estate businesses, the decision is highly relevant in practice. It provides helpful comfort in cases where only the management of a Luxembourg fund changes, while the legal ownership of the indirectly held real estate companies remains unchanged.

Sebastian Braun
| 5 min read | 01 Oct 2026
Investment Tax Law

Düsseldorf Tax Court: No blanket partial deduction restriction for pooled refinancing costs under section 21 InvStG

Credit institutions generate partially tax-exempt income from fund investments. In the view of the tax authorities, general pooled refinancing costs should therefore generally be excluded from the deduction of business expenses on a pro rata basis. Düsseldorf Tax Court rejects this blanket approach: in the absence of an identifiable causal nexus between the interest expenses and the partially tax-exempt fund income, section 21 of the German Investment Tax Act (Investmentsteuergesetz – InvStG) does not apply. The judgment of Düsseldorf Tax Court of 17 June 2026 (7 K 1535/24 K,G; appeal against denial of leave to appeal pending, Federal Fiscal Court case no. VIII B 69/26) therefore strengthens the requirement for a case-by-case analysis.

Dr Martin Weiss
| 6 min read | 01 Oct 2026
Criminal Tax Law & Tax Compliance

Farewell to Voluntary Self-Disclosure with Immunity from Prosecution? Why a Tax Compliance Management System Is Becoming Indispensable

The German Federal Government plans to abolish voluntary self-disclosure with immunity from prosecution while at the same time tightening sanctions for tax evasion. For companies and managing directors, criminal tax law risks are therefore increasing significantly. Why a Tax Compliance Management System (Tax CMS) could become the decisive protection tool going forward.

Thomas Felzmann
Katharina Lehner
| 7 min read | 01 Oct 2026
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Press releases

11 Mar 2026

Grant Thornton increases annual revenue to EUR 264 million in financial year 2024/25

The audit and advisory firm Grant Thornton in Germany ended the 2024/25 financial year on September 30, 2025, with consolidated revenue of EUR 264 million (up 6 percent on the previous year). The Audit & Assurance division recorded particularly strong growth with an increase of 14 per cent compared to the previous year.

09 Feb 2026

Grant Thornton Germany wins Martin Biegel for the new position of CFO/COO

Martin Biegel joined the Senior Leadership Team of the audit and advisory firm Grant Thornton Germany in February as the new Chief Financial Officer/Chief Operating Officer (CFO/COO) and in this role will actively help drive the firm’s strategic development.

13 Oct 2025

Grant Thornton Germany and Cinven enter into strategic partnership

The Equity Partners of Grant Thornton AG Wirtschaftsprüfungsgesellschaft (“Grant Thornton Germany”) have approved the strategic partnership with international private equity firm Cinven. This marks a key milestone for the transaction initially announced on 10 September 2025, which is expected to close in the first quarter of 2026. The partnership further strengthens Grant Thornton Germany’s position as a leading, trusted service provider in the German audit and advisory market, ushering in its next phase of growth.

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