Bankers, athletes and celebrities are suing Ingenious Media Holdings Plc, saying that they were misled about investments in the film industry that were later branded tax avoidance by the U.K. government.
Banks were among the top beneficiaries when Republicans slashed corporate taxes in December to stoke the U.S. economy. So how are the nation’s largest financial institutions treating employees, customers and investors?
Goldman Sachs Group Inc, Amundi SA and BlackRock Inc. were chosen to manage about 13 billion euros ($16 billion) in back taxes that Apple Inc. will pay to Ireland, bringing recovery of the cash a step closer.
Morgan Stanley said it will take a roughly $1.25 billion hit to earnings in the fourth quarter, becoming the latest bank to detail how profit will be hurt in the near term by the U.S. tax overhaul driven by President Donald Trump.
U.S. companies that have accumulated trillions of dollars of overseas earnings would be taxed on that stockpiled income at a rate as high as 12 percent under the tax-overhaul bill that House Republicans released Thursday.
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