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CumEx-Files - Countries Affected By The Fraud
The CumEx-Files is an investigation by a number of European news media outlets into a tax fraud scheme discovered by them in 2017. A network of banks, stock traders, and lawyers had obtained billions from European treasuries through suspected fraud and speculation involving dividend taxes. The five hardest hit countries may have lost at least $62.9 billion. Germany is the hardest hit country, with around $36.2 billion withdrawn from the German treasury. Estimated losses for other countries include at least €17 billion for France, €4.5 billion in Italy, €1.7 billion in Denmark and €201 million for Belgium. The name "cum-ex" is derived from Latin, meaning "with without", and refers to the disappearing nature of the fraudulent dividend payments. Method The network stole several billion Euros from the treasury, through what Correctiv calls a "cum-ex" trade: The participants in the network would lend each other shares in large companies, so that to tax authorities there wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia and it is located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. Comprising the westernmost peninsulas of Eurasia, it shares the continental landmass of Afro-Eurasia with both Africa and Asia. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south and Asia to the east. Europe is commonly considered to be Boundaries between the continents of Earth#Asia and Europe, separated from Asia by the drainage divide, watershed of the Ural Mountains, the Ural (river), Ural River, the Caspian Sea, the Greater Caucasus, the Black Sea and the waterways of the Turkish Straits. "Europe" (pp. 68–69); "Asia" (pp. 90–91): "A commonly accepted division between Asia and E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Evasion
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance, as they desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Fraud
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance, as they desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanjay Shah
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Dividend Stripping
Dividend stripping is the practice of buying shares a short period before a dividend is declared, called cum-dividend, and then selling them when they go ex-dividend, when the previous owner is entitled to the dividend. On the day the company trades ex-dividend, theoretically the share price drops by the amount of the dividend. This may be done either by an ordinary investor as an investment strategy, or by a company's owners or associates as a tax avoidance strategy. Investors For an investor, dividend stripping provides dividend income, and a capital loss when the shares fall in value (in normal circumstances) on going ex-dividend. This may be profitable if income is greater than the loss, or if the tax treatment of the two gives an advantage. Different tax circumstances of different investors is a factor. A tax advantage available to everyone would be expected to show up in the ex-dividend price fall. But an advantage available only to a limited set of investors might not. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investec
Investec is an Anglo-South African international banking and wealth management group. It provides a range of financial products and services to a client base in Europe, Southern Africa, and Asia-Pacific. Investec is dual-listed on the London Stock Exchange and the Johannesburg Stock Exchange. It is a constituent of the FTSE 250 index. History Investec was founded as a small leasing and financing company in 1974 in Johannesburg, South Africa, by Larry Nestadt, Errol Grolman and Ian Kantor. It has expanded through growth and acquisitions. It secured a banking licence in 1980 and was first listed on the JSE Securities Exchange in South Africa in 1986, after merging with Metboard, a trust company. In 1988, Investec Bank Limited was restructured into Investec Group Limited ("IGL"), giving Investec Management and staff control of the company. In 1990, Investec acquired property management company I. Kuper & Company (Pty) Limited, Corporate Merchant Bank Limited (formerly Hill Samu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was named Ernst & Young until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KPMG
KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a network of firms in 145 countries, with over 265,000 employees and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups. Over the past decade various parts of the firm's global network of affiliates have been involved in regulatory actions as well as lawsuits. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler". The initialism was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987. History Early years and mergers In 1818, John Moxham opened a company in Bristol. James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857. In 1861, Henry Grace joined James Jr. and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merrill (company)
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial analysts and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform. Prior to 2009, the company was publicly owned and traded on the New York Stock Exchange. Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the financial crisis of 2007–2008, the same weekend that Lehman Brothers was allowed to fail. The acquisition was completed in January 2009 and Merrill Lynch & C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Banks And Credit Unions In Canada
This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks". The "Big Five" Canada's "big five" banks, and a few statistics (2013): The term "Big Six" is frequently used as well and includes the National Bank of Canada (2013 market cap of $8.9B), though its operations are primarily focused in the provinces of Quebec and New Brunswick. Banks by legal classification Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. For a greater explanation of the classifications, see ''Banking in Canada'' and ''Canada Bank Act''. Schedule I banks (domestic banks) Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 35 domestic banks, included 2 federally regulated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HypoVereinsbank
UniCredit Bank AG, better known under its brand name HypoVereinsbank (HVB), is the fifth-largest of the German financial institutions, ranked according to its total assets, and the fourth-largest bank in Germany according to the number of its employees. Its registered office is in Munich, and it is a member of the Cash Group. Since 2005, UniCredit Bank AG has been a subsidiary of UniCredit S.p.A., an Italian financial service provider headquartered in Milan. When the transfer resolution was entered in the commercial register in 2008, the equities of the minority shareholders were transferred to the principal shareholder, UniCredit S.p.A., as part of a squeeze-out. HVB thus became a wholly owned subsidiary and has not been listed on a stock exchange since that time. Operating in Germany, HVB mainly focuses on private clients business and corporate banking, customer-related capital market activities and private banking (also known as wealth management). As a mixed mortgage bank, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. It was founded in 1870 and grew through multiple acquisitions, including Disconto-Gesellschaft in 1929 (as a consequence of which it was known from 1929 to 1937 as Deutsche Bank und Disconto-Gesellschaft or "DeDi-Bank"), Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018, the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. As of 2021, Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization. It is a component of the DAX stock market index, and often referred to as the largest German banking institution even though the Sparkassen-Finanzgruppe comes well ahead in terms of combined assets. Deutsche Bank has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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