In January 2026, the pre-determined tax basis (Vorabpauschale) for investment funds is once again likely to come as a surprise for many investors – even though it has been an integral part of investment taxes in Germany since 2018. But what is the pre-determined tax basis, and how does it work? This article explains what you need to know.

This paper examines the Eurosystem’s initiatives Pontes and Appia and explains why today’s architectural choices will shape Europe’s financial sovereignty tomorrow. It makes the case for a distribution-based approach as the most effective way to combine innovation, efficiency, and robust regulatory control.