EU Watchdog Declines To Say If Share Tax Scheme Is Fraud

Law360 (July 2, 2019, 5:45 PM EDT) -- A scheme to reclaim withholding taxes tied to the cross-border trade of shares may rise to the level of fraud or evasion, but that’s not for Europe’s top securities watchdog to decide, according to its report released Tuesday.

The European Securities and Markets Authority's headquarters in Paris. (AP) The European Securities and Markets Authority said in its report that so-called cum-ex trades are “likely to represent a fraud” under European countries’ laws, but the watchdog doesn’t have the authority to conclude whether the schemes are illegal or fraudulent. In its most basic form, the concept of trading shares to place them...

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