Wednesday, February 25, 2015

Tax raids because Luxembourg persist – Reuters Germany

Tax raids because Luxembourg persist – Reuters Germany


Dusseldorf / FRANKFURT (Reuters) – The Federal Tax raids because of the controversial Luxembourg businesses take the public prosecutor, according to Cologne.


At the searched objects prosecutor wanted Carolin Breloer on Wednesday but do not have. According to financial circles, was among at least on Tuesday the Frankfurt headquarters of Commerzbank. Employees of the Luxembourg subsidiary are suspected to have played a large scale aid for tax evasion. This provides investors with uncertainty. Commerzbank shares slid towards noon by two percent, making it one of the biggest losers in the Dax.


In politics, the news was received with incomprehension. “I’m surprised almost nothing in the legacy of the Commerzbank”, the Green-finance expert Gerhard Schick told the news agency Reuters. “And from a bank with state participation, I would expect them to not only start cleaning up their environmental liabilities when the prosecutor knocks on the door, but by itself the various problematic transactions that occurred prior to entry of the state worked up, . “


Revealed had the affair the “Süddeutsche Zeitung”. The prosecution Cologne confirmed that several homes and business premises were raided on suspicion of tax evasion. Over 130 tax inspectors and 20 police officers were deployed. The investigations are directed according to the authority 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 Commerzbank promised to work closely with the allegations to the authorities. “The investigation is based on old cases, ten years and are older,” said a spokesman. The bank will look at these cases carefully. “We demand absolute t ransparency about the fact that all our customers have in Luxembourg on a clarified tax status.” From the environment of the Deutsche Bank was reported that there was no reason to worry about Luxembourg stores.





The state government in Dusseldorf has bought in the past, a number of control CDs and records that then – are evaluated and processed by tax inspectors – as in the current process. NRW Finance Minister Norbert Walter Borjans criticized “for decades, a financial industry has grown, relatively few have offered to the detriment of many ways to win.” Without information from the inner workings of this sector, the tax investigation would never have come this bustle on the track, the SPD politician said. He called for tougher consequences for banks that are engaged in tax evasion: “We need a better penetration for banking supervision to the Banking Act, which must extend to the withdrawal of the license.” The findings of the NRW tax investigation showed “that we need smart sanctions”.


In fact, joins in the banking industry a tax scandal to the next. Only recently it was revealed that the Swiss subsidiary of the British bank HSBC is suspected to have helped wealthy clients in tax evasion and money laundering. The German subsidiary of HSBC Trinkaus will not let the tax affair of the parent company spoil the reputation. “We have discussions with customers.? – Yes Has it led to layoffs No,” said Trinkaus boss Andreas Schmitz on Tuesday night in Dusseldorf

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