Levying of capital gains tax against investment funds

(1) For income under section 6(2) subject to a tax deduction, the capital gains tax is 15 per cent of the capital income. No refund of capital gains tax under section 44a(9), first sentence of the Income Tax Act is to be made. Where a solidarity surcharge is levied, the capital gains tax is reduced by an amount such that the sum of the reduced capital gains tax and the solidarity surcharge is 15 per cent of the capital income. In other respects no capital gains tax is to be levied against investment funds.
(2) Insofar as income under section 6(2) is subject to a tax deduction, the corporate income tax and the solidarity surcharge are discharged by the tax deduction. The first sentence does not apply to other domestic income under section 6(5), first sentence, nos. 2 and 3.
(3) Subsection (1) applies only where the person obliged under section 44 of the Income Tax Act to deduct the capital gains tax (withholding agent) holds a certificate in which the competent tax authority has confirmed the status as an investment fund (status certificate). The withholding agent must record the date of issue of the status certificate and the identification features used in it.
(4) The status certificate is issued on application, to be made on the officially prescribed form. The validity of the status certificate may be at most three years on first issue; thereafter the validity may be up to five years. The status certificate must state whether the investment fund is subject to unlimited or limited liability to corporate income tax. The status certificate may be issued retroactively for a period of six months before the application is made. The competent tax authority may demand the return of the status certificate at any time. Where the competent tax authority demands the return of the status certificate, or the investment fund recognises that the conditions for its issue have ceased to exist, the status certificate must be returned without delay.
(5) Where an investment fund subject to unlimited liability to corporate income tax submits a status certificate within 18 months after the accrual of capital income, the withholding agent must refund to the investment fund the capital gains tax exceeding the tax deduction to be made under subsection (1). The same applies insofar as the investment fund demonstrates, within 18 months after the accrual of capital income, that the conditions for a tax exemption under sections 8 to 10 are satisfied. A tax certificate previously issued must be returned without delay in original. The refund may be made only after return of a tax certificate already issued.