Cum-Ex – “That should never happen again”, Olaf Scholz, has called the Cum-Ex-affair as a tax policy scandal. The Federal government had acted too late, said the German Finance Minister, on a TIME-Matinee. © Photo: Phil Dera for THE TIME

the Federal Finance Minister, Olaf Scholz (SPD) has the handling of the Federal government, with the Cum-Ex-affair criticized. “What has taken place there is a huge tax scandal,” he said at the TIME Matinee in Hamburg. “This should never happen again.” In an interview with Zeit editor Josef Joffe and TIME editor Roman Pletter of the Vice-Chancellor said that laws that would have prevented this fraud, had been issued late.

Scholz, not more, however, assumes that the tax robbery of share transactions is now possible. “As far as I can see, no more run the business in Germany,” he said.

TIME ONLINE, had TIME and other media reported that scammers have robbed with “tax-driven share shops” a minimum of 55.2 billion Euro from Tax revenue in Germany and at least ten other European countries. This approach was, among other things, as the Cum-Cum – and-Cum-Ex-transactions known.

in Short, As the Cum-Ex tax scandal It is expired is probably the biggest tax scandal in German history. Such as banks and lawyers stole billions, we show in this Video. © Photo: Kerstin Welther

The research also showed that for the German authorities to the tax robberies since 2012, was known. You will be accused of having other affected States informed. The Cum-Ex-transactions in Europe caused a sensation.

, The Cum-Ex-Files-The-century robbery

It is probably the biggest tax Heist of all time. With “tax-driven share transactions”, which have become, among other things, as the Cum-Cum – and-Cum-Ex-transactions known to have been at least robbed of 55.2 billion Euro from Tax revenue in Germany and at least ten other European countries.

driven the shares were Damaged by the pure tax transactions around the ex-dividend date, so Cum-Ex, Cum-Cum, and similar trading strategies, in addition to Germany, France, Spain, Italy, the Netherlands, Denmark, Belgium, Austria, Finland, Norway, and Switzerland. The damage results from information provided by tax authorities, as well as analyses of market data.

The renowned tax Professor Christoph Spengel from the University of Mannheim had already calculated last year that the German tax authorities lost between 2001 and 2016, at least 31.8 billion euros. In the Wake of the Cum-Ex-Files at least 17 billion Italy 4.5 billion in Denmark 1.7 billion, and in Belgium 201 million to come in France. Some States were able to request partial amounts. For the other countries concerned, no official Figures or reliable market data are available.

the tax was robbery by the fact that the exchange of information on tax harmful activities has taken place within Europe. Germany, for example, warned its European neighbors only in 2015, an OECD-database prior to the Cum-Ex-transactions, although the Ministry of Finance knew at least since 2002 know. The BMF is not denied, on request, to have the neighbors only, starting in 2015, warned, tells, however, that “in the past, various States, among other things, on demand, about Cum-Ex-transactions-informed”.

Covert research also show that the transactions at the expense of the European taxpayer to go to today.