Latest news with #foreignbank
Bloomberg
29-05-2025
- Business
- Bloomberg
Morgan Stanley Denies Dutch Prosecutor's Tax Evasion Allegations
Morgan Stanley denied allegations by the Dutch Public Prosecution Service that it evaded tax on almost $1 billion worth of dividends more than a decade ago. According to the Dutch Public Prosecution Service, an Amsterdam-based subsidiary of a foreign bank filed five corporation tax returns between 2009 and 2013. The returns offset €124 million ($140 million) in tax relating to a total of €825 million in dividends paid on listed Dutch shares, the public prosecution service said in a statement Wednesday without identifying the bank. The prosecutor holds the European parent company and an employee involved at the time responsible.
Reuters
28-05-2025
- Business
- Reuters
Morgan Stanley says it will contest Dutch dividend tax evasion probe
THE HAGUE, May 28 (Reuters) - Morgan Stanley (MS.N), opens new tab said on Wednesday it will contest a Dutch public prosecutor's investigation into tax evasion related to dividends on Dutch shares. The Dutch public prosecution service said on Wednesday it would subpoena a foreign bank on suspicion of dividend tax evasion. It said that between 2009 and 2013, a subsidiary of a foreign bank based in Amsterdam submitted five corporate tax returns in which a total of 124 million euros in withholding tax was offset, related to 825 million euros in dividends that were distributed on Dutch listed shares. "Following an is suspicion that the subsidiary has unlawfully offset the withholding tax and is therefore suspected of tax evasion," the Dutch Public Prosecution Service said, adding it was also holding the European parent company responsible. The prosecutor did not specify the foreign bank being investigated, but a source close to the investigation said the probe concerns Morgan Stanley. Asked about the report, a spokesperson for Morgan Stanley said the bank was aware of the probe and would defend its case. "Morgan Stanley rejects the Prosecutor's allegations about this complex, decade-old matter and intends to contest them vigorously," the bank said. "Despite our full cooperation and the lack of clarity in the relevant tax legislation, the Prosecutor is basing this decision on an incomplete investigation and record, in violation of established process." Morgan Stanley offers a full range of banking services in the Netherlands since the opening of its Amsterdam office in 1997.
