The German 2008 Tax Reform Act has been adopted by the Lower House (25 May 2007) and by the Upper House (6 July 2007). Upon signing of the German 2008 Tax Reform Act by the German Ppesident (14 August 2007) and its respective publication in the Federal Gazette (17 August 2007), the new tax laws have become effective. This article provides an overview of the various changes introduced with particular focus on those relevant for operators of the financial sector or affecting taxation of financial income.