Cum-Ex investigations are rapidly gaining pace in a number of countries. The large-scale practice of selling shares to exploit a loophole on dividend payments led to a number of parties claiming the same tax refund - and left treasuries across Europe tens of billions of euros out of pocket.
Now the authorities are looking to hold to account those they believe were to blame for Cum-Ex. It is coming to be viewed as possibly Europe’s largest-ever tax investigation, with an increasingly wide net being cast by investigators as they seek to identify those who were involved. Their investigations are likely to have major implications for many firms and people involved in banking, investment and asset management.
Cum-Ex is something that could have serious and long-lasting implications for the financial services industry – and those working in it – in many countries. Being aware of the issues surrounding Cum-Ex, the scope of the investigations and the possible consequences is, therefore, vitally important.