Dutch prosecutor fines Morgan Stanley 101 million euros for tax evasion
AMSTERDAM (Reuters) -The Dutch Public Prosecutor (OM) has imposed a complete superb of 101 million euros ($117.10 million) on two Morgan Stanley entities in London and Amsterdam for dividend tax evasion, it stated on Thursday.
The penalty is separate from the tax legal responsibility Morgan Stanley settled with the Dutch Tax Administration on the finish of 2024, together with accrued curiosity, the OM added.
Beneath Dutch regulation, home shareholders can reclaim or offset dividend taxes, however overseas recipients normally can’t. Based on OM, Morgan Stanley used a particular construction that allowed events who weren’t eligible to improperly declare these tax rebates.
Earlier this 12 months, the OM stated it will summon Morgan Stanley however simply earlier than the beginning of prison proceedings, the monetary companies firm agreed to just accept the superb.
Morgan Stanley stated it was “happy to have resolved this historic matter”, which involved company tax returns filed within the Netherlands greater than 12 years in the past.
($1 = 0.8625 euros)
(Reporting by Toby Sterling, Writing by Charlotte Van Campenhout; Enhancing by Kirsten Donovan)
