Commerzbank has come to the attention of the German tax investigation for business in Luxembourg. Prosecutors and investigators examined on Tuesday, inter alia, the headquarters of the Dax Group in Frankfurt as the financial institution acknowledged. According to reports, the “Süddeutsche Zeitung”, NDR and the WDR employees are the Luxembourg subsidiary of Commerzbank suspected to have played a large scale aid for tax evasion.
A Commerzbank spokesman said on demand, the bank had “interest in a rapid comprehensive information and support the efforts of the authorities actively and in full”. The investigation relates to old cases, the subject back ten years or mor e. The cases were also processed in-house. The tax status of all clients in Luxembourg must be clarified. The spokesman said: “The Commerzbank rejects relationships with customers, their tax status is not clear on principle.”
According to the prosecution Cologne searched investigators on Tuesday nationwide offices and commercial premises. It was about a possible concealment of profits earned in Luxembourg capital gains, it said. Over 130 tax inspectors and 20 police officers were the raids in use, said the Cologne public prosecutor Ulrich Bremer.
The investigations were directed against taxpayers who “have acquired so-called offshore companies for the purpose of systematic evasion of income taxes to cover their made in Luxembourg banks capital income”. The searched institutions or to the number of suspected cases, the speaker of the prosecution declined to comment.
Main searches were loud “SZ” the Rhineland, Hesse and Rhineland-Palatinate. During the investigation it related to questionable ‘offshore’ stores: Luxembourg banks, asset managers and lawyers should have helped thousands of clients from all over the world, hiding assets in offshore companies overseas before the tax authorities. Basis of the method is a record that the North Rhine-Westphalian financial authorities had bought some time ago.
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