The UK’s one-off bank bonus tax cost Goldman Sachs $600m (£395m), the Wall
Street bank said today as it revealed its second quarter results.
Excluding the impact of the $600m related to the UK bank payroll tax and the
$550m related to the SEC settlement, diluted earnings per common share were
$2.75 for the second quarter of 2010, the bank said.
The British government enacted legislation that imposed a non-deductible 50%
tax on certain financial institutions for discretionary bonuses in excess of
£25,000, awarded under arrangements made between 9 December 2009 and 5 April
2010 to ‘relevant banking employees’.
‘The market environment became more difficult during the second quarter and,
as a result, client activity across our businesses declined,’ said Lloyd C.
Blankfein, chairman and chief executive officer.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states