If 2009, the withholding tax is imposed on capital gains, is the capital before a fundamental change. The elimination of speculation and half-income limit and their replacement with a flat-rate withholding tax on any capital gains means that the after-tax return on investments a much greater importance given than previously customary. For now, investors had capital gains tax only if he had sold the securities within the holding period of 12 months. This is obsolete with the introduction of withholding tax, with which then all profits made from investments, whether interest, capital gains or dividend income is at a flat rate (either 25% or 30% currently under discussion) will be taxed. Thus, from this point of interesting products with downstream taxation. Further downstream in this case means that it is not taxed during the accumulation phase, the gains are incurred. This works as a Riester Fondssparplan and is based simply on theFact that during the accumulation phase of such a product no disbursements are made to the investor, which allows taxation of accrued gains. But even in the payout phase of such a fund savings plan, the withholding tax does not apply, but the investor must pay taxes related to a Riester pension product, with its personal tax rate under the income tax return. Fail no matter how high the tax rate in future, depending on the duration of the accumulation phase of the investors achieved virtually a tax deferral of several decades and during that time can get optimum benefit from the compounding effect of its investment. The same of course also works with a bank savings plan or a Riester Riester pension insurance. Investors who need to invest in “normal” forms of investment such as stocks or bonds, however, all achieved gains tax when selling directly to the relevant securities. These banks and brokers are virtually as the tax collection offices used by the appropriate percentage of the profits madeequal to withhold and pay over the tax office. If an investor a lower tax rate than that paid 25 or 30%, he can have the excess tax refund as part of its income tax return. Investors with a higher tax rate, however benefit from the flat tax because they pay the withholding tax with a lower tax rate than if they would be subject to their personal income tax rate.