Cum/Ex-Tax robbers in pinstripe suits



Lecture series “Business Research 2020”: Lecture by Prof. Dr. Spengel (in German)

Cum/Ex transactions with short selling were intended to provide multiple repayments of capital gains tax paid only once. This was illegal and is now the subject of numerous investigations by public prosecutors. Cum/Cum transactions, on the other hand, avoid the limited tax liability of dividends in Germany. This form of dividend stripping is not illegal per se, but it must be examined whether these transactions are to be recognized in individual cases. The retroactive taking up of already transacted Cum/Ex transactions with short selling and of Cum/Cum transactions by the tax authorities is not transparent. The tax damage caused to the Federal Republic of Germany by such share transactions is immense: it is in the high double-digit billion range. The lecture will shed light on the situation and highlight a collective failure of the actors responsible for legislation.

This presentation will be held in German. You can access the online event via Portal2