Entertainment Judgment of the BGH: "CUM-EX" share transactions are punishable tax evasion

16:06  28 july  2021
16:06  28 july  2021 Source:   ksta.de

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"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)

Der Erste Strafsenat beim Bundesgerichtshof (BGH), Markus Jäger (l-r), Rolf Raum (Vorsitz), und Wolfgang Bär © Picture Alliance / DPA The first penal extent to the Federal Court of Justice (BGH), Markus Jäger (LR), Rolf Room (Presidency), and Wolfgang Bär

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.

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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)

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