Combat: state financial Procurator’s office and the Prosecutor’s office fraud take on Cum-Ex facts

State financial Procurator’s office estimated between 2011 and 2013, a loss of 108 million euros

Vienna (OTS) – Up to 2013, but before 2011, has applied the tax fraud model „Cum-Ex“ in Austria. The Federal Ministry of Finance has raised the potential damage cases, and reflected in a report. Media speculation in 2018, according to the damage in Austria amounts to several hundred million euros, did not come to pass. The main results presented financial Procurator President Wolfgang Peschorn and Secretary General in the Ministry of justice, Christian Pilnacek in a press meeting.

In the case of a Cum-Ex amounted to two applicants want to get the capital gains tax (KESt) of the financial returns, although only one is entitled to. In other words, to be sold on a Cum-Ex amounted to shares with Dividend rights (Cum-dividend) shortly before the dividend record date, but without Dividend rights (Ex-dividend) after the date of the ex-Dividend date delivered and both the seller and the buyer of the capital gains tax refund. In conclusion, it came with the application for the refund of the capital gains tax to unauthorized withdrawals. In short: There are more capital gains tax was reimbursed by the state, as has been paid. The complex construct that has made it impossible for the tax office almost fraudulent to understand the intentions in the request.

According to the tax model was in 2013, the Federal Ministry of Finance has imposed an immediate halt to disbursements, resulting in a damage of 38 million could be averted. In consequence, legislative Changes have been decided and a Team of their own for capital gains tax-set up requests for a refund, this fraud stem. In the report of the „potential damage is limited“ in the years 2011 to 2013 to 108 million euros.

The Federal Ministry of Finance, press office
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