Seldom has there been such feverish activity: both the speed and the number of international initiatives to improve the taxation of cross-border investment income as well as the broad media interest in the topic have swelled to dimensions rarely seen before. There are a variety of reasons for this. One important reason is the continuing crisis in Europe – countries are in urgent need of tax revenues. The US, however, has also acted as a catalyst for international negotiations by passing the FATCA legislation. [more]

The next multiannual financial framework of the European Union (2014-2020) allows disbursements to be partially linked to economic conditions in order to enhance the effect of these funds by preparing the right economic framework. However, time inconsistencies and a low probability of sanctions make these instruments less effective. These first approaches to conditionality under the MFF should be further developed and extended to other instruments of the Union such as the ESM, the fiscal compact and other mechanisms of economic policy coordination. [more]

Demographic change has come far as an issue for medium-sized businesses. When it comes to the necessary investments, for example in further training, large family businesses are more advanced than small and medium-sized enterprises. Even though there is no threat of a general deficit in candidates for succession in the foreseeable future, succession arrangements need to be prioritised in many businesses as the number of companies ready for transfer is set to rise. Regardless of whether family succession or an external solution is chosen, transfers are often associated with significant risks. The economic and financial position of the company, the market environment and financial conditions play just as much a role as the motivation, interests and values of those involved. Given the complexity of the transfer and its huge importance in the company's history, experts recommend transfer management in which all the necessary steps are planned and implemented at an early stage. [more]

Within the framework of “The major family businesses in Germany” study series, 405 of the 4,400 major family businesses in Germany with an annual turnover of more than 50 million euros provided representative information on their current and future economic situation, the euro crisis, Germany as a place for doing business and the impact of the energy policy as well as how to deal with the shortage of labour. [more]

Since the financial crisis, the countries of Europe have been faced with the difficult challenge of consolidating their budgets while at the same time promoting economic growth. One approach is a growth-conducive tax system, which keeps distorting effects of taxation on the growth factors – labour, capital and technological progress – as small as possible. Tax reforms carried out in the EU to date are steps in the right direction. Increasing economic policy coordination in Europe offers the chance to implement further structural reforms. [more]