Update: Draft bill to amend the Tax Consultancy Act: Sudden end to hype for financial investors?
There have been new developments in this matter. Find out more here.
The significant restriction of investment opportunities for financial investors in tax consulting firms that was feared last year (see also our article of September 17, 2025) is unlikely to materialize (for the time being).
The draft bill for the Ninth Act Amending the Tax Consultancy Act has not progressed further to date, as no agreement could be reached within the federal government. According to press articles, there are differing views between the Ministry of Finance, which wants to stick to the planned new regulation, and the Ministry of Economics, which apparently has considerable reservations about the draft. A meeting of the Federal Cabinet to discuss the draft, scheduled for the last quarter of 2025, was canceled at short notice; a new date has not yet been set.
Regardless of this, the interest groups representing the liberal professions have taken a clear position. In a joint statement dated December 3, 2025, several chambers and associations expressly advocated strengthening the ban on third-party ownership and warned that external capital investments could jeopardize the independence of the liberal professions.
It is therefore currently unclear whether and in what form a new legislative attempt will be made to turn the draft bill into law. Against this background, the regulatory environment for potential investments in this area must continue to be closely monitored, as further developments are to be expected.
