January 22, 2024: The latest update to the Saxon Foundation Act will result in changes as of December 31, 2023. The background to this was the desire of the Saxon legislature to repeal state law regulations in the wake of amended provisions of the German Civil Code (BGB) and to regulate foundation civil law uniformly.
What does this mean in concrete terms for foundations in Saxony? In future, non-tax-privileged foundations will have to provide evidence in the form of a report on the fulfillment of the foundation's purpose and an external audit report. According to the law, this audit report can also be prepared by us as an independent auditing company.
At present, the supervisory authorities in Saxony are already assuming an audit obligation for 2023. But even here, changes are apparently not impossible. We are monitoring developments in this regard.
