CUM-EX DEALS – Tax Avoidance or Tax Evasion?

Cum-Ex deals – the biggest tax scandal in the history of Germany – refer to very complex financial transactions that involved exploiting a legal loophole in order to enable several organizations to claim the same capital gains tax refund. It is estimated that this has resulted in a loss of several billion euros for the German state. Judiciary is now suppossed to determine whether these deals have been illegal.

This podcast deals with the questions what challenges the state now faces and what the implications of this scandal for the political system in Germany are.

PODCAST Cum-Ex Deals

Click on the Links below for more detailed information on the technical aspects of the Cum-Ex deals

Sources

• Buettner, T., Holzmann , C., Kreidl , F., & Scholz, H. (2020). Withholding tax non compliance: the case of cum ex stock market transactions. International Tax and Public Finance 27 (6), 1425 –. https://doi.org/10.1007/s10797-020-09602-9
• Collier, R. (2020). Banking on Failure: Cum Ex and Why and How Banks Game the System . Oxford University Press USA OSO.
• Dunkel, M. (2021) Warum sich Mr. Cum Ex als Opfer eines Justizskandals sieht . https://www.capital.de/wirtschaft politik/hanno-berger-besuch-bei-mr-cum-ex . Last accessed on 18.05.2021
• Eisenring , C., Häberli , S. (2018) Wie “Cum Ex” Geschäfte funktionieren und wieso sie in Deutschland länger möglich waren als in der Schweiz. https://www.nzz.ch/wirtschaft/umstrittene-cum-ex-geschaefte-als-europaeisches-phaenomen-ld.1429256. Last accessed on 18.05.2021
• Misteli , J., Waldburger , R., & Athanas , P. (2001). Dividenden Stripping: steuerrechtliche Aspekte einer Verschiebung von Aktien über den Dividendenstichtag mittels börslicher Kassageschäfte , Sell/Buy Back, Repo und Securities Lending.

• Panorama (2020), Cum-Ex: It May Be the Biggest Tax Heist Ever, Das Erste (23.01.2020). https://www.ardmediathek.de/video/panorama/cum-ex-it-may-be-the-biggest-tax-heist-ever/das-erste/Y3JpZDovL25kci5kZS8yZjQxYWY4MS1hYTY3LTRjZmMtOTE1NS1lZjU2MTFmMjdlODg/ . Last accessed on 14.06.2021
• Richter, F. (2018) CUMEX FILES A CROSS BORDER INVESTIGATIO; https://cumex-files.com/ . Last accessed on 18.05.2021
• Spengel , C. (2017). Collective Failure: The Problem of Dividend Kollektivversagen : Cum/Cum, Cum/Ex und Hopp Wirtschaftsdienst (Hamburg) 97 (7), 454 –. https://doi.org/10.1007/s10273-017-2161-y
• Thiess Buettner, Carolin Holzmann , Felix Kreidl , & Hendrik Scholz. (2017). Stock Market Behavior on Ex Dividend Dates: The Case of Cum Ex Transactions in Germany. Proceedings (Conference on Taxation), 110 , 1-31

• Wech, M., Bognanni, M., Nagel, P. (2021), Der Milliardenraub – Eine Staatsanwältin jagt die Steuer-Mafia. Das Erste (07.06.2021), https://www.ardmediathek.de/video/reportage-und-dokumentation/der-milliardenraub-eine-staatsanwaeltin-jagt-die-steuer-mafia/das-erste/Y3JpZDovL2Rhc2Vyc3RlLmRlL3JlcG9ydGFnZSBfIGRva3VtZW50YXRpb24gaW0gZXJzdGVuL2U2YTk3ZTRjLTJjZjctNGI0Ni05YWM3LTZhM2E1NTAxNGQ4YQ/ . Last accessed on 14.06.2021

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