BaFin has asked Commerzbank to quickly send the outstanding tax certificates for 2022. Customers need proof of their income tax return.
The Federal Financial Supervisory Authority (BaFin) is increasing the pressure due to the late dispatch of tax certificates to Commerzbank customers. The financial supervisory authority has ordered that the bank “send out the tax certificates for 2022 quickly,” BaFin announced today: “Commerzbank must send them within 20 banking days.” In addition, the bank must “take appropriate organizational measures and precautions to issue annual tax certificates in a timely manner in the future.”
As BaFin further states in its current announcement, according to the Securities Trading Act, institutions must provide their investment services and ancillary services professionally in the best possible interest of customers.
“Open individual cases”
The background to the order is that Commerzbank recently had problems sending the annual tax certificate. In 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.”
A Commerzbank spokesman spoke of “individual cases” still open for 2022. BaFin announced that the institute had now processed delays in tax certificates that were requested before November 2nd.
The spokesman said the bank had “already taken extensive organizational measures last year to ensure a smooth process for our customers that meets regulatory requirements.” This was “largely the case” in the current year. The bank is “confident due to the measures in place” that it will “create and send all annual tax certificates requested by customers in a timely manner” in 2024.
Evidence is important for the Income tax
BaFin had already let the industry know in May that it expected “the institutions to issue the tax certificates from now on and no later than June 30 of the following year.” Consumers need proof from their banks in order to apply for a refund of any excess capital gains taxes withheld via their income tax return. Financial institutions usually send out tax certificates by the end of the first quarter.
“Only if the customers of these institutions receive their tax certificates on time can they meet their own tax obligations within the statutory deadlines and take the data from the tax certificate into account in their income tax return,” says BaFin.