A report by German media on Wednesday claims that the German state lost at least €31.8 billion since 2001 through tricks by banker and brokers to manipulate tax payments and refunds. These deals are estimated to have cost Germany €24.6 billion since 2001, according to Spengel. “Cum-ex” trades are similar, but essentially allow for there to be multiple refunds filed on capital gains taxes that were only paid once to tax authorities. Spengel calculates that these deals cost the German state €7.2 billion between 2005 and 2012. "This is the biggest tax scandal in the history of the Federal Republic of Germany," said Spengel.

Source: The Local June 08, 2017 08:48 UTC