POLICE RAID: Deutsche Bank And 50 Other Banks In Germany

Categorized | concealment, corruption

POLICE RAID: Deutsche Bank And 50 Other Banks In Germany

POLICE RAID: Deutsche Bank And 50 Other Banks In Germany

Gregory White | Apr. 28, 2010, 12:42 PM

Bild DB

Bild.de has broke the news of German police raids of Deutsche Bank and fifty other financial firms over tax-evasion charges.

The investigation involves 150 people suspected of evading VAT charges due in carbon trading schemes.

The taxes avoided add up to €1 billion, according to Bild.

Bild explains the tax scheme as this:

Dealers in different EU countries buy and sell permits which allow industrial enterprises to release a certain amount of greenhouse gases.

On the sale from dealer A to dealer B across a state border, no VAT is due. Upon the resale of the permits by dealer B to dealer C within the same country (i.e. Germany), VAT does become owed which dealer C can then claim back from the tax office.

Dealer B owes the authorities 19 per cent in VAT – it doesn’t pay, but pockets the 19 per cent and disappears off the market.

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One Response to “POLICE RAID: Deutsche Bank And 50 Other Banks In Germany”

  1. dcbreidenbach says:

    There is a tax on insurance payments to foreign and offshore hedges funds—but if they call it “swap” seems to exempt it——wouldnt need a $50 billion fund if the tax was imposed on those swaps——or maybe those CDOs should be subject wagering taxes

    Heh states–wake up and go tax this stuff-laws are on the books —just do it

    whats definition of wagering?
    placing bets of things you dont have an economic interest in—-i think im going to do a law review article and send it to Federation of Tax Administrators–and Council of Governors-one good thing about a fight with a big company(ies) is that you dont have to have good aim to hit em—-

    Rev. Proc. 2003-78

    26 CFR 601.403: Miscellaneous excise taxes collected by return.

    SECTION 1. PURPOSE

    This revenue procedure provides instructions for establishing exemption from the section 4371 excise tax on insurance premiums paid to a foreign insurer or reinsurer when the exemption is based on the provisions of an income tax treaty to which the United States is a party.

    SECTION 2. BACKGROUND

    .01 Section 4371 of the Internal Revenue Code generally imposes a tax (the “insurance excise tax”) on each policy of insurance or reinsurance with respect to United States risks issued by any foreign insurer or reinsurer, unless the premiums paid are taxed as income effectively connected with the conduct of a United States trade or business.

    .02 Section 4374 provides that the insurance excise tax shall be paid by any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax, or for whose use or benefit the same are made, signed, issued or sold.

    .03 Section 46.4374-1(c) of the Excise Tax Regulations provides that the insurance excise tax shall be paid on the basis of a return. Such return shall be filed and tax remitted by the person who makes the payment of a premium to a foreign insurer or reinsurer. If the tax is not paid by the person who makes payment of a premium, the insurance excise tax shall be paid on the basis of a return by any person who makes, signs, issues or sells any of the documents or instruments subject to the tax imposed by section 4371, or for whose use or benefit such document or instrument is made, signed, issued or sold.

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