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Law Firm Raided In German Tax Investigation

by Ulrika Lomas, Tax-News.com, Brussels

27 October 2017


Prosecutors in Germany have reportedly searched the Frankfurt offices of law firm Freshfields Bruckhaus Deringer in connection with an investigation into the use of certain financial transactions which produced excessive tax deductions for financial institutions.

German daily Sueddeutsche Zeitung reported earlier this week that the search was connected to an investigation into the use of so-called cum/ex trades, an outlawed practice which allowed participants to take multiple tax deductions on the same security.

In a statement reported by Reuters, Freshfields confirmed that the searches took place, but expressed confidence that the investigation would uncover no wrongdoing.

"Freshfields is confident that the prosecutor's review will reveal that our advice has been legally sound," the firm said.

In a cum/ex trade, financial institutions would claim multiple tax refunds by selling short and repurchasing financial securities. The practice became the subject of a judicial investigation before being outlawed in 2012.

TAGS: tax | law | Germany | trade | Tax | Tax Evasion

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