Die Einführung des German Real Estate Investment Trust - Problematik der steuerlichen Behandlung
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Studienarbeit aus dem Jahr 2005 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,9, Duale Hochschule Baden-Württemberg Mannheim, früher: Berufsakademie Mannheim (Fachrichtung Bank), Sprache: Deutsch, Abstract: Wer die kapitalmarktorientierten Medien seit etwa Anfang des Jahres verfolgt, kommt an einem Thema nicht vorbei: "REITs - REAL ESTATE INVESMENT TRUSTS". Die so genannten Immobilienaktien sollen in Deutschland eingeführt werden. REITs sind steuerlich privilegierte Aktiengesellschaften, deren primärer Geschäftszweck im Erwerb, der Veräu erung sowie Vermietung und Verpachtung von Immobilien besteht und deren Gewinn zum grö ten Teil an die Anleger weiter gegeben wird. Es gilt die beste Lösung für den Standort Deutschland zu finden. Dabei müssen die Interessen verschiedener Marktteilnehmer berücksichtigt werden. Zum Ersten die des Staates, der durch die REITs seine Einnahmen über die Besteuerung der Ausschüttungen und das Heben der schlafenden Besitztümer, den stillen Reserven, steigern will. Zum Zweiten müssen für die Eigentümer der Immobilienbesitztümer mit den über Jahre angehäuften stillen Reserven Anreize geschaffen werden, so dass sie diese in die German-REITs einbringen. Zum Dritten muss auch den Investoren ein Anreiz gegeben werden in die neuen Vehikel am Kapitalmarkt in Deutschland zu investieren. Denn nur durch sie kann das deutsche Immobilienvermögen effizient an die Börse gebracht werden. Trotz all dieser Faktoren, die eine Art magisches Dreieck der REITs bilden, soll das neue Instrument am Immobilienmarkt transparent sein. Aus diesem Grund sind mit der Einführung komplizierte und umfangreiche Diskussionen verbunden. Ziel dieses Buches ist es daher, den Real Estate Investment Trust zunächst zu definieren und gegenüber den anderen Immobilienanlageformen, welche in Deutschland existieren, abzugrenzen. Des Weiteren soll die steuerliche Problematik behandelt werden, um zum Abschluss eine mögliche Empfehlung für den deutschen Markt zu geben, bei
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