Saturday, October 16, 2021
Nationwide raid
Public prosecutor’s office is investigating “Cum-Ex-Two”
Three years ago, the Cum-Ex-Files shook the financial world. A loophole in the law leads to the repayment of taxes that were never paid – taxes in the billions are missing in European countries. Could that be repeated now? New investigations point to a “cum-ex-two”.
It is about suspected tax fraud amounting to half a million euros: According to a report by the “Süddeutsche Zeitung”, the Munich I public prosecutor is investigating around a hundred suspects for tax evasion. The focus on finance managers, tax lawyers and company owners should therefore have proceeded similarly to the cum-ex scandal.
According to the report, a large-scale raid took place a good three weeks ago, in which 150 to 200 offices in almost all of Germany were searched. The focus on financial experts and entrepreneurs is said to have threaded complicated transactions and created opaque structures in order to deceive the tax authorities – similar to the cum-ex tax scandal.
They are said to have benefited from the procedure that the “Süddeutsche”, referring to “Insider”, calls “Cum-Ex-Zwei”, especially medium-sized companies that have achieved high profits with company sales or in other ways.
The Munich I public prosecutor’s office did not comment on the investigation and referred to tax secrecy. According to the newspaper, the investigation is about deals with certificates. The profit from these transactions is said to have been reported once to the tax authorities, while the loss has been claimed twice. In this way, it should have been possible to significantly reduce the tax payments that are actually due. Defense lawyers on the case deny this allegation.