[PDF] What is Cum-Ex and why such a scandal?

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[PDF] What is 'Cum-Ex' and why such a scandal?

Finally, tax lawyers would write legal opinions to confirm that everything was legitimate and above board Armed with this confirmation, the investor - EU or

1356_2explainer_Cum_Ex.pdf 'Cum-Ex' is Latin - and it means 'with without'. In essence, it's a massive stock trading scam by bankers, brokers, hedge Ć billions of euros. gave rise to the scandal of the same name.

How did it work?

were two owners of the shares when there was only ever one. Investment Ć Ć Ć In fact, foreign investors being able to reclaim the refund on such taxes is at the heart of the 'cum-ex' scandal.

What is 'Cum-Ex'

and why such a scandal?

How much money are we

talking about? at least €55 billion.

This scandal has already been

described as Germany's biggest though the country had both

2007, 2009 and 2012 to ban the

How did this tax fraud come to light?

Ć other countries as well as member state tax authorities.

How many European countries are affected?

At the latest count, at least 11 member states have been tricked by this scam Estimated losses for Germany ranges from €5.3 billion to as high as €30 billion. Other countries include at least €17 billion for France, €4.5 billion in

What happened in Germany?

Ć caved into banking lobbyists and made no changes to the law.

And in Denmark?

Germany, the Danish tax authority has also been accused of failing to act

What is the EU doing about it?

necessary action. withholding taxes. The Commission claimed this would eliminate the risk of fraudulent behaviour. However, relief-at-source has actually increased the risk of

European United Left • Nordic Green Left

EUROPEAN PARLIAMENTARY GROUP

www.guengl.euFollow GUE/NGL on:

Who's been involved?

The banks which have been

Ć tax justice now!

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