The Cum-ex Case: A Look at Germany

@article{9352,
   author = {Schulz, Bastian},
   article_location = {Praha},
   article_number = {1},
   keywords = {tax fraud; dividend taxes; cum-ex trading; tax evasion; withholding tax},
   language = {eng},
   issn = {1802-792X},
   journal = {ACTA VŠFS},
   title = {The Cum-ex Case: A Look at Germany},
   url = {https://www.vsfs.cz/periodika/acta-2021-1.pdf},
   volume = {15},
   year = {2021}
}

TY  - JOUR
ID  - 9352
AU  - Schulz, Bastian
PY  - 2021
TI  - The Cum-ex Case: A Look at Germany
JF  - ACTA VŠFS
VL  - 15
IS  - 1
SP  - 49-62
EP  - 49-62
PB  - Vysoká škola finanční a správní, a.s.
SN  - 1802792X
KW  - tax fraud
KW  - dividend taxes
KW  - cum-ex trading
KW  - tax evasion
KW  - withholding tax
UR  - https://www.vsfs.cz/periodika/acta-2021-1.pdf
N2  - This paper focuses on a particular form of stock-market trades around ex-dividend days, so-called “cum-ex” transactions, which have resulted in major revenue losses due to illegitimate tax refunds in Germany and other European nations. Until 2012, the loophole in the German withholding tax scheme made it possible for cum-ex traders to receive withholding-tax certificates without prior withholding-tax payment. Because a certain category of investors might use the tax certificates to gain a tax exemption, this opened up the prospect of a particular form of tax arbitration. It was not until 2018 that a crossborder investigation team called the Cum-Ex Files revealed the scandal to its full extend. This paper will mainly focus on the cum-ex scandal in Germany since the literature on the topic is very limited.
ER  - 

SCHULZ, Bastian. The Cum-ex Case: A Look at Germany. \textit{ACTA VŠFS}. Praha: Vysoká škola finanční a správní, a.s., 2021, roč.~15, č.~1, s.~49-62. ISSN~1802-792X.