Bafin: Commerzbank must send out certificates "swiftly"
The financial regulator Bafin is increasing the pressure on Commerzbank due to the partially delayed dispatch of tax certificates to Commerzbank customers. The authority has ordered the DAX-listed group to "swiftly send out" the tax certificates for 2022, the Federal Financial Supervisory Authority (Bafin) announced on Friday: "Commerzbank must send them out within 20 banking days." In addition, the bank must "take appropriate organizational measures and precautions to issue annual tax certificates on time in future".
The background to the Bafin order is that Commerzbank recently experienced problems with the dispatch of the annual tax statement. As recently as September 2023, the bank apologized in personal letters to affected customers that the certificate for 2022 could not yet be made available "due to necessary checks" and promised: "We are working intensively to send you the annual tax certificate in a timely manner."
On Friday, a Commerzbank spokesperson spoke of "individual cases" still outstanding for 2022. Bafin announced that the bank had now worked through delays in tax certificates that were requested before November 2.
The Commerzbank spokesperson stated that the bank had "already taken far-reaching organizational measures last year to ensure a smooth process for our customers that meets the official requirements". This has been "largely achieved" in the current year. The bank is "confident based on the established measures" that it will "prepare and send all annual tax certificates requested by customers on time" in 2024.
Consumers need the certificates from their banks in order to apply for a refund of any excess capital gains tax withheld via their income tax return. Banks usually send out the tax certificates by the end of the first quarter. In May, Bafin informed the industry that it expected "banks to issue tax certificates by June 30 of the following year at the latest with immediate effect".
The issues with Commerzbank's delayed tax certificate dispatch have led to concerns about potential tax-related complications for their customers. As a result, banks might need to reevaluate their tax certificate handling procedures to avoid such delays in the future, considering the importance of these certificates for tax refund applications.
Source: www.dpa.com
