La limitazione alla deducibilità degl’interessi passivi: considerazioni sul dibattito in Germania

Abstract

The limitation of the deductibility of interest in the calculation of personal and corporate income tax unites the tax choices in Italy and Germany. In Germany, however, the scheme is not seen as an anti-avoidance tool, but as a means to safeguard the national tax base from erosion caused by loans taken out by German companies with foreign entities. However, this protective measure clashes with the preservation of the freedoms guaranteeing the European market and has been referred to the Constitutional Court. In particular, the limitation of deductible interest expenses would first of all violate the constitutional principle of equality. Ultimately, the purposes put forward in the justification for the limitation of the deductibility of interest, namely the strengthening of the equity capital base or the encouragement of foreign investments, cannot, therefore, justify the limitation, not even from the point of view of securing the national tax base.