Taxes

Cum-Ex: A Steuerloch of 12 billion

Four years ago, that the so-called Cum-Ex transactions were banned. By dubious Aktiendeals escaped to the Treasury billion. Only now should a Committee of inquiry can bring clarity.

The German Parliament has on Friday with Aktiengeschäften busy that hardly anyone understands, by the Treasury but may be up to twelve billion euros are lost. The so-called Cum-Ex transactions should even be the topic of a Committee of inquiry of the Bundestag. And although the practice and the associated tax loopholes in 2012 were closed.

Twelve billion euros in the Orkus gone?

The Opposition in Parliament wants to prevent similar Deals to the detriment of the Public Hand can repeat. What is it about?

Dividenenstripping

The Cum-Ex-transactions were quite complicated transactions, which for the Participants is also only rewarded if large sums of money were in the game, not for retail, only for banks, investment funds and large speculators. In essence, it is about dividends and their taxation. The parties Involved were pushing blocks of shares with (cum) and without (ex) Dividend shortly prior to the closing date, to the dividends to be paid were, in great consequence back and forth.

Important tool in these shops were so-called short sales. It is with blocks of shares are traded on the traders at the time of business does not have. So came the Parties may certificates about taxes that you did not actually had paid to them but to the tax authorities to be refunded. Hence the Name “Dividenenstripping” for the Deals. By the constructions it could also happen that shares in the short term, several owners had made, the then capital gains tax refund could be, if the shares transfer. The state is in the taxation of dividends is a capital gains tax of 25 percent.

Indecent Loophole

This practice was by the changes in the 2012 off. Since then, argue but traders and the tax authorities before the tax courts whether the Cum-Ex-transactions were illegal or just immoral. The participating merchant and rich individuals stressed time and again, they only had a loophole exploited.

“For years, knew the Treasury Department decision.”

The establishment of the inquiry in the Parliament want the opposition Green and Left to ensure that similar loopholes do not elsewhere exist. “For years, knew the Ministry of Finance over the business decision, the Finance Minister, you have long not prevented. Why not?” it was in the Green. The financial expert of the party Gerhard Schick said for the justification for the advance to continue: “I hope that it succeeds, in the taxation of financial products in the future such frauds to prevent.”

To the dubious deals were, according to media reports, at least two banks involved, the in the public domain. Investigators were also at the German Bank active, but not to allegations against the Bank itself.

Maple Bank in Frankfurt was closed.

A Bank, HVB, accepted in the matter now a fine of almost ten million Euro. In Frankfurt, was most recently the Maple Bank, a smaller Bank’s canadian owner, because of their involvement in controversial Cum-Ex-transactions by the financial Supervisory authority have been closed.

In the current legislative term, the Bundestag has already three committees of inquiry set up. To achieve this, the voices of a quarter of the deputies. The committees of inquiry, witnesses and Sachverständnisse hear and investigations in Aufrtag.

ar/hb (dpa, rtr, archive)