Banking on Failure: Cum-Ex and Why and How Banks Game the System

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Richard S Collier (Associate Fellow, Associate Fellow, Said Business School, University of Oxford, UK)

Banking on Failure

Cum-Ex and Why and How Banks Game the System

Richard S Collier (Associate Fellow, Associate Fellow, Said Business School, University of Oxford, UK)

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English

Oxford University Press
04 June 2020

Economics; Taxation; Banking

"Banks seem all too often involved in cases of misconduct, particularly involving the exploitation of tax systems. Banking on Failure explains why and how banks ""game the system"", accounting for these misconduct cases and analysing the wider implications for financial markets and tax systems.

Banking on Failure: Cum-Ex and Why and How Banks Game the System explains why banks design and use structured products to exploit tax systems. It describes one of the biggest and most complex cases - the ""cum-ex"" scandal - in which hundreds of banks and funds from across the globe participated in the raid on the public exchequers of a number of countries, with losses in the tens of billions of euros. The book then draws on the significance of this case study, and what this tells us about modern banks and their interactions with tax systems. Banking on Failure demonstrates why the exploitation of tax systems by banks is an inevitable feature of the financial markets landscape, and suggests possible responses."

By: Richard S Collier (Associate Fellow Associate Fellow Said Business School University of Oxford UK)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 241mm, Width: 162mm, Spine: 25mm
Weight: 728g
ISBN: 9780198859673
ISBN 10: 0198859678
Pages: 392
Publication Date: 04 June 2020
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction 1: Cum-Ex in Concept 2: Emergence of Cum-Ex 3: Evolution of Cum-Ex 4: Closure of Cum-Ex and the Aftermath 5: Assessing the Cum-Ex Trade 6: Banks and Misconduct 7: Banks and Tax Systems 8: Conclusions

Richard Collier is currently a Senior Tax Advisor at the OECD. He was previously an Associate Fellow at the Said Business School, University of Oxford and a Tax Partner with PwC, where he was the global leader of the firm's banking and capital markets tax practice. Richard has written many articles and recently co-authored (with Joe Andrus) a book, Transfer Pricing and the Arm's Length Principle after BEPS.

Reviews for Banking on Failure: Cum-Ex and Why and How Banks Game the System

Rarely does a book on dividend withholding taxation awaken emotions comparable to the finest John Grisham or Tom Clancy bestselling thriller. Richard Collier's book plunges the reader into the world of predatory banks that exploit the slightest glitch in tax and financial systems and turn it into an idle-running cash machine at the expense of the ordinary taxpayer until the story ends in an ugly way. * Edoardo Traversa, Intertax *