In fact, we would recommend that once working capital is being managed efficiently, the working capital changes from year to year be estimated using working capital as a percent of revenues. When forecasting the non-cash working capital needs for the Gap, we have several choices.
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After the provision regarding the tax exemption of restructuring gains was abolished effective January 1, , the tax-privileged treatment of such gains was based on the March 27, decree of the Federal Ministry of Finance.
With the law of June 27, which was published in the Federal Gazette , part I, p. Under these regulations and rules, gains from debt relief are exempt from German corporate income and trade taxation if the relief is granted to recapitalize and restructure an ailing business.
The tax exemption, however, only applies if, at the time of the issuance of a waiver of debt, i the business is in need of restructuring sanierungsbedürftig , i. Further, the borrower must waive the debt with the intention to restructure the business Sanierungsabsicht des Gläubigers.
These requirements have to be assessed on a case-by-case basis. The regulations and rules apply to resident and non-resident individuals and corporations alike.
At the time of the issuance, it was contemplated that sec. However, the effectiveness of these new regulations and rules was conditional upon the confirmation of the EU Commission that the tax exemption does not constitute state aid Beihilfe under EU law. The EU Commission issued the confirmation in August The Tax Reform Act sets sec. The regulations and rules provide that they apply for the first time in cases in which debt was fully or partially waived after February 8, the publication date of the Federal Tax Court decision.
The Restructuring Exception only applies if the restructuring measures are appropriate to avoid or eliminate the illiquidity or the overindebtedness of the corporation and to maintain its basic operational structure.
The basic operational structure is maintained if the respective corporation receives material working capital injections and meets certain requirements with respect to the level of employment. Generally, the Restructuring Exception applies to share transfers that occurred after December 31, In January , the EU Commission issued a resolution on state aid Beihilfebeschluss stating that sec.
Consequently, the application of sec. Going forward, restructuring measures should be considerably more simplified, as the legal uncertainties about the taxation of restructuring gains have been eliminated. OK, pay off- de la KudoZ. Apoi, aici este vorba despre o " Automatic update in Return to KudoZ list.
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