A new tax fraud in stock transactions has alarmed the Ministry of Finance. Although the loophole was stuffed hastily, but the damage is not yet clear. The FDP wants to consult the head of Department.
Traders on the New York Wall Street
The cheating scandal with “Phantom shares” to the detriment of the taxpayer brings the German Finance Minister, Olaf Scholz, in expository. “We demand that the Minister sets out in the Finance Committee of the Bundestag comprehensively, as the knowledge of the house,” said the financial policy spokesman of the FDP group in the Bundestag, Florian Toncar, the German press Agency. Actually, an independent special Prosecutor is needed now, because a long time ago, it must have a clear, fraud-proof System for the refund of capital gains taxes.
According to research by the West German radio (WDR) and the “süddeutsche Zeitung”, the Cologne public Prosecutor of a previously unknown mesh, with the bankers and stock traders millions of German taxpayers ‘ money scammed. Specifically, it is to do business with so-called American Depositary Receipts (ADR). These are papers issued by banks in the United States representing foreign shares are traded.
Never paid taxes, will reimburse the
Typically, each ADR must be based on paper a real share. Big banks and stock traders is now being accused of but in the USA, millions of cor-securities issued that were not deposited with a real share. For the new scandal, the term “Cum-Fake”, since on the Basis of non-existent shares, apparently, the tax refund could be made.
The Vice-Chairman of the Left, the financial expert, Fabio de Masi, said the dpa: “The revelations about American Depositary Receipts are an embarrassment to the Federal Minister of Finance, and Treasurer, Olaf Scholz.” “Cum-Fake” show a failure of a glaring State “and organised crime of the German banks in the reimbursement of capital income taxes.” The Federal Central tax office and the financial Supervisory authority, BaFin would have to analyze refunds around the dividend date, a systematic and a strong Task Force.
The Ministry has stopped by decree as a precautionary measure, a digital refund procedure, it could have potential Criminal especially easy to grab in the state Treasury. Already by the “Cum-Ex”affair of billions in taxpayers’ money through the loopholes of big banks have been tapped in a targeted manner.
rb/kle (dpa, WDR, sz.de)