They should have helped investors in a big way when tax savings: According to media reports, German banks are involved in questionable transactions in shares. Especially an institute excels itself.
German banks have brought the Treasury apparently more than a billion euros per year. The reported an Search composite of “Handelsblatt”, Bayerischer Rundfunk (BR), “Washington Post” and the New York Office Search “ProPublica”. The media rely on confidential documents that they have evaluated together.
The reportedly banks acted on behalf of foreign investors. Accordingly, the banks and their partners a tax tricks, which is called in industry jargon Cum / Cum business operated: Shortly before the payment of the dividend lend foreign shareholders their German equities to domestic banks
Tax Paid. must be the dividend by all shareholders, but domestic receive a credit, foreign only to a part of the full amount thereof. Thanks to the lending agreement, the Treasury has more tax refund than usual.
Especially a bank active
The tricks are so popular that the volume conferred shares of German companies in the last three weeks before a dividend record date was swelled by up to 800 percent, reports the “Handelsblatt”.
the BR According to have been active in these Cum-Cum-shops especially Commerzbank. Between 2013 and 2015, such support services in the money house were detected 250 times. Accordingly, the parties divided on the saved control.
The Commerzbank loudly declared BR on request, at a day more than 100,000 stores they agiere “necessarily” in so-called Cum-Cum-situations. But it with “extensive internal systems and controls ensure that all commercial transactions in accordance with applicable law are”.
Legal or not?
are through the business of German banks to estimates of “ProPublica” lost the German tax authorities since 2011 around five billion euros.
bankers call Cum Cum deal as legal. but experts doubt that they are in principle admissible. Subject “no commercial reasons other than tax avoidance” in front, to let certainly speak of abuse, said the tax expert of the University of Mannheim, Christoph Spengel, Bayerischer Rundfunk.
The Federal Ministry of Finance has so far not reached for comment.
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