Deutsche Börse deposits one gram of the precious metal for each share certificate of the so-called Xetra-Gold bond.
According to a bill, the Federal Ministry of Finance wants to levy a flat tax on certain precious metal securities. This would be a disadvantage for investors who could be pushed into non-transparent market areas.
DThe joint venture responsible for the Xetra-Gold bond does not believe in the planned tax liability for the security that is popular with institutional and private investors.
“Deutsche Börse Commodities GmbH speaks out against a legislative proposal that imposes a flat-rate tax on a transparent, regulated and efficient investment in physical gold, like Xetra-Gold,” said one of the F.A.Z. statement available on Wednesday. The possible migration of investors to non-transparent areas of the market would be the counterproductive consequence.
So far tax-free after the speculation period
The company is a joint venture between Deutsche Börse and well-known banks and the gold bar manufacturer Umicore. As this newspaper had reported, the Federal Ministry of Finance plans to tax capital gains on securities that, like Xetra-Gold, certify a claim to the delivery of precious metals (F.A.Z. of July 24).