CUM-EX TAX FRAUD TRIAL BEGINS IN GERMANY
September 1st, 2019
A EUR55 billion tax fraud case, in which two British investment bankers claimed capital gains refunds for taxes that had never been paid, is back in the spotlight as their trial kicked off in Germany. The Cum-Ex (with and without) tax loophole, where the traders claimed tax refunds twice on transactions when it had only been paid once, was closed in 2016, but not before it cost EU countries an estimated EUR55 billion. In Germany’s biggest ever tax fraud trial, which began September 4, Martin Shields and Nicholas Diable are accused of defrauding the German state ...
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