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Deutsche says working with Russian tax officials over standard ops

Deutsche says working with Russian tax officials over standard ops

MOSCOW: The Russian unit of Deutsche Bank (DBKGn.DE) said on Monday it was working with Russian tax authorities over standard operations it had conducted, following a RBC news report which said it could face over 10 billion roubles ($172 million) in extra profit tax charges.

“As part of an ongoing routine audit, Deutsche Bank is working with Russian tax authorities on matters relating to standard business operations that follow normal industry practice,” Deutsche’s Russian unit said in a statement. Citing sources, RBC reported that the tax service believes that the bank lowered its taxable income in 2013 and 2014 when it was buying the foreign currency on the domestic currency market and selling it to London’s Deutsche Bank.