E.t is July 28, 2021, many Germans are on vacation, there is a parliamentary summer break in Berlin. But tax attorneys, tax officials, law enforcement officers and bankers look spellbound to Karlsruhe. On this summer day, the 3rd Criminal Senate at the Federal Court of Justice (BGH) decides on the heavily controversial question whether the share group transactions with (cum) and without (ex) dividends and the multiple reimbursement of a capital gains tax that has only been incurred once are a criminal offense. Or a rather clever tax trick for very wealthy investors – reprehensible, but legal because of a loophole in the annual tax law.
This is what many consultants, stock traders and bank managers argue, who also made good profits in the cum-ex deals between 2006 and 2012. Her narrative: Trading has been digitized, but the share is not an object that wanders from one hand to the next – so it cannot be assigned to a specific owner. In the age of computer-controlled trading, shares are more “dematerialized” than anything else in the world, said Hanno Berger, one of the suspected pullers in share transactions, in an interview with the FAZ in 2020.
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#Cumex #scandal #reaching