German municipalities have just lost a lucrative source of income after the U.S. House of Representatives, following the path already taken by the Senate, voted in favor of closing a loophole in the country's tax law, thus putting an end to cross-border leasing. <more>
... “Municipalities that negotiated their contracts in fine detail, ensuring that their individual needs were included in the contract, don't have anything to worry about from the developments in the United States,“ Ulrich Eder, the managing director of a tax advisory firm in Düsseldorf that specializes in cross-border leases, told F.A.Z. Weekly. “Others, however, are soon going to be brought back to reality,“ he added.
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