Bayern Calls Back Hundreds of Millions of Euros From Dubious Stock Deals
The lettering “Finance” is available at the Federal Ministry of Finance.
When trading shares had until 2012, large loopholes existed. This made it possible for banks, investment funds and stockbrokers to repay more taxes than had ever been paid before.
The damage incurred in Bavaria estimated the Ministry of Finance with at least 773 million euros.
Those who have deceived the Treasury, the authorities do not share because of tax secrecy.
This allowed for a whole year to finance state parliament, Court of Auditors and the protection of the Constitution, as well as to pay the blind and state education money. In addition, the state government could cover its expenditure on nature and consumer protection, teacher training and adult education, civil protection and village renewal, and the adaptation of forests to climate change. All important things. And then there would be about 50 million left.
Various banks, financial managers and stockbrokers have deceived the treasury for years with questionable, if not deceptive, stock deals. According to information from the Süddeutsche Zeitung and the Bayerischer Rundfunk, the amount of damage amounts to just € 773 million – at least. It is an official number of the Ministry of Finance to the largest tax robbery in Germany, which is associated with bulky terms such as Cum-Ex and also took place in the Free State.
Banks and their partners have avoided the actual taxes due on certain stock market deals. Or even got into the treasury, by being reimbursed by the tricky deceived tax authorities a once paid tax on dividend proceeds several times. Investigating prosecutors in Munich and elsewhere. Meanwhile, the Treasury beats back, even in Bavaria, and has recovered 134 million euros. 37 million euros have also been billed, but not yet paid, as this amount is, according to the Ministry of Finance, “the subject of ongoing insolvency proceedings”.
According to the ministry, a further 352 million euros are expected to be reclaimed by decision this year. Completely open are therefore still 250 million euros, which the tax authorities will also try. So bottom line is missing a large amount in the state treasury, almost 640 million euros. That’s a sum that would allow the state parliament to finance almost an entire electoral term, at least for five years.