On 23 September, the European Securities and Markets Authority published this report, saying that, following alleged large-scale tax fraud schemes known as “Cum/Ex”, the European Parliament requested the ESMA to conduct an inquiry into dividend arbitrage, Cum/Ex and Cum/Cum schemes. In July 2019, ESMA published a Report on preliminary findings on multiple withholding tax reclaim schemes. This latest Report presents the results of the findings of a formal inquiry and provides an updated analysis of the subject.
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