Cum-Ex Tax Evasion Scandal
The past year has seen more developments related to the “cum-ex” tax evasion scandal we discussed in our 2022 report. As a part of the cum-ex (“with-without”) fraud, firms executed share deals before and after a stock’s dividend payment, timed so as to dupe governments into reimbursing tax payments that were, in actuality, never made. The scheme took advantage of a flaw in the German tax code and is estimated to have cost the government more than €10bn.1
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