Steelmaker Sues Natwest For $1.9M After German Tax Change

Law360, London (July 29, 2020, 7:24 PM BST) -- A German steel manufacturer is suing NatWest Markets PLC to claw back a €1.6 million ($1.9 million) tax bill after legislative reforms meant the company would have to pay back tax breaks it received on stock transfers made in 2006.

The litigation is tied to a crackdown by the German finance ministry on a type of trade that allows investors to avoid a national withholding tax on dividends. Salzgitter Mannesmann GmbH said in recently public court documents that it should be reimbursed after the company was told it no longer qualified for tax deductions on company dividends linked to transactions made...

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