Erscheinung:03.11.2023 | Topic Measures BaFin orders Commerzbank AG to issue tax certificates without delay
On 2 November 2023, the Federal Financial Supervisory Authority (BaFin) ordered Commerzbank AG to send clients their annual tax certificates for the year 2022 without delay. This order applies to tax certificates requested by clients after 2 November 2023. Commerzbank must now send out the certificates within 20 bank business days. The bank has finished processing its backlog of tax certificates that were requested before 2 November and affected by delays. BaFin also ordered Commerzbank to implement appropriate organisational measures and arrangements to ensure that it issues annual tax certificates in a timely manner in future.
BaFin published a supervisory statement on this matter in May 2023, making clear that it expects banks, financial services institutions and investment firms in Germany to issue annual tax certificates by 30 June of the respective subsequent year at the latest. Under section 45a (2) of the Income Tax Act (Einkommensteuergesetz – EStG), institutions with a head office or branch in Germany are obliged to issue tax certificates.
Only when clients of these institutions receive their tax certificates in a timely manner can they comply with their own statutory submission deadlines and include the tax certificate when filing their income tax returns.
Providing services in line with clients’ best interests
Section 63 (1) of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) requires institutions to provide investment services and ancillary investment services professionally in accordance with the best interests of their clients. Institutions violate this obligation if they issue annual tax certificates later than 30 June of the following year because, for example, they failed to implement appropriate measures and arrangements.
BaFin has issued these orders to Commerzbank to protect the collective interests of consumers.
Announcement
By letter of 2 November 2023, BaFin ordered Commerzbank AG to
- issue annual tax certificates for the year 2022 expressly requested by clients after 2 November 2023 within 20 bank business days of receiving the respective requests;
- implement appropriate organisational measures and arrangements to ensure that, starting in 2024 with certificates for the year 2023, annual tax certificates are issued by the end of 30 June of the following year.
