Entertainment Judgment of the BGH: "CUM-EX" share transactions are punishable tax evasion
Inside the Trump Org Money Man's Interview with Investigators
Jeff McConney, a high-ranking accountant at the Trump Organization, has reportedly already testified before the special grand jury in New York that yielded a criminal indictment against the company. But as prosecutors look at additional charges, never-before-seen testimony from McConney during an earlier civil case four years ago shows that while this Trump insider quickly acknowledges when the company runs afoul of the law, he does his best to protect the boss.
"Cum-ex" share trades with billions of losses for the German fiscal are to be evaluated as tax evasion and thus punishable. Not only the reason for justice, but also arise directly from the law, the Federal Court of Justice (BGH) decided on Wednesday in Karlsruhe. The first highlight judgment in a Cum-ex-case had been expected with tension. Now it is clear that the criminal work-up of the scandal can continue. (Az. 1 STR 519/20)
The judges rejected all revisions against the Nationwide first criminal judgment in a Cum ex process. It is final. In March 2020, the Bonn regional court had sentenced two ex-stock exchange traders from London for tax evasion or aid to prison sentences on probation. The BGH also confirmed that one of the men's profits of 14 million euros and the private bank taught in the scandal. Warburg has to repay more than 176 million euros.
Thousands protest as Colombia gov't submits new tax reform plan
Thousands of Colombians returned to the streets on Tuesday to protest against President Ivan Duque's government, which submitted a new tax reform plan to Congress. The government presented a new tax reform plan to Congress on Tuesday -- one that lacked the controversial clauses that caused such uproar three months ago. Gone are the increases in value-added tax on some goods and the broadened income tax paying base.Instead, the new plan removes certain tax exemptions introduced by Duque himself in 2019, increases income tax for businesses and adds a three percent surcharge on the financial sector.The plan aims to generate $3.
Confusion for Financial Authorities
Cum Ex doing businesses are so because large packages of shares with ("cum") and without ("ex ') dividend entitled to the deadline for the distribution in rapid consequence were pushed back and forth. The deliberately opaque transactions of investors, stock exchange dealers and banks had only one goal: as much confusion as possible as possible, the tax authorities. With this trick, the parties were to be reimbursed in a large-scale capital gain tax, which was never paid. The profits were split.
The actors had always said they had only used a control loop. The BGH granted a clear cancellation: The law has clearly revealed that only an actually paid tax could be asserted against the tax authorities, said the chairman Richter Rolf Room. "There was no gap here."
at CUM-EX is just one thing: the "bare handle in the cash register, in which all taxpayers usually deposit". The BGH also decided that a confiscation of profits from the negotiated transactions between 2007 and 2011 is not excluded because of limitation. The legislator clarified by a Passus newly introduced in December 2020 in the Criminal Code. (dpa)
India scraps 'tax terrorism' rule that spooked foreign firms .
Indian lawmakers approved Friday the scrapping of a tax rule that allowed huge retroactive claims, badly hurt its image for foreign investors, and led to embarrassing attempted asset seizures from Paris to New York. Revenue Secretary Tarun Bajaj said Friday that the scrapping of the law was "a very good sign for foreign investors".The 2012 legislation, which the then-opposition -- now in power -- dubbed "tax terrorism", sought to claw back billions of dollars from foreign firms from past deals that involved Indian assets.