According to media reports, the Cologne public prosecutor investigates a hitherto unknown scam with which bankers and stock traders are said to have struck millions of German taxpayers‘ money.
The trick should be based on „phantom papers“. Controversial „cum-ex“ tax havens have already caused billions of dollars in damage for taxpayers across Europe.
The Federal Ministry of Finance said on dpa on Wednesday request: „The research of the media point to a serious process. The Federal Ministry of Finance is pursuing these allegations with great force, working closely with the Federal Central Tax Office, which is responsible for the reimbursement of capital gains taxes, as well as with the competent authorities of the federal states. »
It was now the task of the competent investigation authorities to examine relevant facts and to penalize them. This also includes the liability of participating financial institutions for the possible damage:
Specifically, it deals with transactions with so-called American Depositary Receipts (ADR). According to the report, these are papers issued by banks and traded on behalf of foreign stocks in the United States. Normally every ADR paper must be based on a real share. Big banks and stock traders but now accused of having issued millions of ADR papers that were not backed by a real share.
The ministry said tax credits could only be issued for ADRs that were actually held in the institution’s deposit and for which capital gains tax was deducted on the ADR’s underlying stock. If certificates had nevertheless been applied for and issued, there was a clear violation of the law.