Sunday, September 25, 2016

Dubious share transactions: fraud on the German taxpayer? NRW-financial authorities … – FOCUS Online

Sunday, 25.09.2016, 19:45
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The tax authorities in North Rhine-Westphalia are investigating a media report, according to whether a number of major foreign banks involved in dubious stock transactions at the expense of German taxpayers.

According to information of the “süddeutsche Zeitung”, NDR and WDR are more than 20 institutions targeted by the investigators, including the USA, the UK, Switzerland and France. Accordingly, it is the so-called “Cum-Ex”transactions.

be affected, Among other things, according to the SZ, JP Morgan and Morgan Stanley, Barclays, and HSBC, UBS and BNP Paris. The tax investigators suspect that with their help may have a criminal equity deals were settled, the went to the expense of the German tax authorities.

The tax investigation is suspected:

The North Rhine-Westphalia Finance Ministry explained on Sunday evening, it was known that the country had bought a year ago, a data carrier with Instructions to “Cum-Ex-scams”. The tax investigation to go any suspicions. Several banks cooperated with the authorities in the investigation, said Finance Minister Norbert Walter-Borjans (SPD). To further Details about what the money houses it – not expressed the Ministry.

In the case of complex Deals, share with (cum) and without (ex) the dividend entitlement to the dividend record date of a company quickly between multiple Stakeholders and shuffled. This led to a tax certificates for capital income taxes were several times issued, which have not been paid. The Federal Ministry of Finance has closed this Tax loophole in 2012. Among lawyers, the opinions differ about whether it is illegal transactions.

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