Tag #Cum-Cum

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dw.com

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Jul 25, 01:14

Cum-Cum Tax Schemes Cost Governments Over €140 Billion

Tax schemes known as "cum-ex" and "cum-cum" have cost Germany an estimated €29 billion between 2000 and 2020, with global losses exceeding €140 billion, due to a legal loophole that allows financial institutions to claim multiple tax refunds on dividend payments.

Cum-Cum Tax Schemes Cost Governments Over €140 Billion

Tax schemes known as "cum-ex" and "cum-cum" have cost Germany an estimated €29 billion between 2000 and 2020, with global losses exceeding €140 billion, due to a legal loophole that allows financial institutions to claim multiple tax refunds on dividend payments.

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How do "cum-cum" tax schemes exploit legal loopholes, and what specific legislative changes are proposed to address them?

The core issue is a legal loophole enabling "cum-cum" transactions, where the lending of shares for short periods around dividend payments allows for fraudulent tax reclaims. This loophole exists because share lending isn't taxed, unlike in countries where such transactions are impossible due to taxation of share lending. Experts advocate for closing this gap through legislative changes.

sueddeutsche.de

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Mar 25, 19:18

First Cum-Cum Prosecution in Germany

Five former Deutsche Pfandbriefbank executives face charges for Cum-Cum tax evasion, costing the German treasury almost €40 million, marking the first such prosecution in Germany and potentially prompting further legal action against other banks.

First Cum-Cum Prosecution in Germany

Five former Deutsche Pfandbriefbank executives face charges for Cum-Cum tax evasion, costing the German treasury almost €40 million, marking the first such prosecution in Germany and potentially prompting further legal action against other banks.

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What systemic changes are needed in German financial regulations and tax laws to prevent similar large-scale tax evasion schemes in the future?

This prosecution sets a crucial precedent. With 54 banks admitting involvement in Cum-Cum schemes and facing over €4.6 billion in potential repayments, the case may trigger further investigations and prosecutions, potentially leading to significant regulatory changes to prevent future tax evasion. The long-term impact hinges on the success of this trial and the consequent deterrent effect.

welt.de

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Jan 2, 10:09

Germany's Slow Cum-Ex/Cum-Cum Recovery: Systemic Issues and Call for Reform

Former German prosecutor Brorhilker criticizes the slow recovery of billions of euros lost to Cum-Ex and Cum-Cum tax schemes due to insufficient inter-agency cooperation, lack of specialized expertise, and data stored abroad; she calls for a central authority to combat financial crime.

Germany's Slow Cum-Ex/Cum-Cum Recovery: Systemic Issues and Call for Reform

Former German prosecutor Brorhilker criticizes the slow recovery of billions of euros lost to Cum-Ex and Cum-Cum tax schemes due to insufficient inter-agency cooperation, lack of specialized expertise, and data stored abroad; she calls for a central authority to combat financial crime.

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What are the main obstacles hindering the effective prosecution of Cum-Ex and Cum-Cum tax schemes in Germany, and what is their impact on the recovery of stolen tax money?

A former top German prosecutor, Brorhilker, criticized the slow progress in recovering billions of euros lost to Cum-Ex and Cum-Cum tax schemes. She highlights the difficulty in prosecuting these crimes due to banks' data being stored abroad, making investigations challenging and highlighting a lack of cooperation between German authorities. The state has recovered only a small fraction of the lost funds.

zeit.de

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May 21, 07:11

Hesse Forms Special Investigative Units to Combat Cum-Cum Tax Evasion

Facing criticism for slow responses to Cum-Cum tax evasion, costing Germany an estimated €28 billion, Hesse is forming special investigative units, recovering €2 billion in taxes, and collaborating with the Cologne prosecutor's office to secure additional funds and prevent the expiration of statutes...

Hesse Forms Special Investigative Units to Combat Cum-Cum Tax Evasion

Facing criticism for slow responses to Cum-Cum tax evasion, costing Germany an estimated €28 billion, Hesse is forming special investigative units, recovering €2 billion in taxes, and collaborating with the Cologne prosecutor's office to secure additional funds and prevent the expiration of statutes...

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What specific measures is the Hessian Ministry of Finance taking to address the Cum-Cum tax scandal and recover lost revenue?

The Hessian Ministry of Finance is establishing special investigative groups to address the Cum-Cum tax scandal, collaborating closely with prosecutors to recover an estimated €2 billion in capital gains taxes. They are implementing measures to prevent statutes of limitations from expiring on open cases. Approximately €1 billion in tax credits has already been repaid to the state.

zeit.de

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Mar 25, 19:18

German Bankers Face First Cum-Cum Prosecution

Five former top managers of Deutsche Pfandbriefbank face charges for Cum-Cum stock transactions that allegedly cost the German treasury nearly €40 million; this is the first such prosecution in Germany, following a previous unsuccessful attempt to bring charges.

German Bankers Face First Cum-Cum Prosecution

Five former top managers of Deutsche Pfandbriefbank face charges for Cum-Cum stock transactions that allegedly cost the German treasury nearly €40 million; this is the first such prosecution in Germany, following a previous unsuccessful attempt to bring charges.

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What are the immediate consequences of the first Cum-Cum prosecution in German judicial history?

For the first time in German judicial history, bankers are being prosecuted for Cum-Cum stock transactions. The Frankfurt Higher Regional Court has admitted an indictment against five former top managers of Deutsche Pfandbriefbank, accused of costing the German treasury nearly €40 million.

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