Money Tip by Helma Sick: Withholding tax
Prepare in good time!
Three quarters of Germans do not know what the new withholding tax is. That's scary, I think. Because this new tax, which will be introduced from 1.1.2009, has indeed serious consequences, especially for long-term savings - also for retirement. As is often the case here: knowing everything is everything. So do not let the flat-rate tax surprise you, but prepare yourself and your investments for it.
Once again the most important thing in short:
As of 1 January 2009, interest, dividends and capital gains on securities investments will be uniformly taxed at 25% plus solidarity surcharge and church tax. The tax deduction is carried out by the respective bank or fund company in which the securities are stored. However, only when the capital gains and price gains exceed the tax base of 801 euros (married 1602 euros) are.
With the tax deduction your tax debt is completely settled. You do not have to pay anything, but you get nothing back. Hence the name "final withholding tax". If your personal tax rate is below 25%, you can apply to the tax office to be taxed under old law. If you do not pay any taxes, you can obtain a "non-assessment certificate" from the tax office and submit it to your financial institution, which will not result in a tax deduction. Winners of the tax reform are all those who have a high income tax rate and who rely predominantly on pure interest rates such as overnight money, time deposits or bonds, etc. In the future, they will only pay 25% plus solos (and eventually church tax) instead of 40%, for example.
For most investors, the withholding tax brings a significant additional burden: Previously, price gains from equities and equity funds were tax-exempt after a speculative period of one year. The change has grave consequences, because the price gain is indeed the part of the return, which has a particularly positive effect on longer investment time.
