In 2005 profit before interest and tax was around EURO398m on sales of EURO2.4 billion, with a gross trading margin of more than 50%, about the highest in the business.

2005年未扣除利息和税负的利润大约是3.98亿欧元，销售额是24亿欧元。毛销售利润率超过50%，这大概是行业最高的。

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In terms of business financial affairs, tax is an external cost that is imposed on enterprises. Tax saving means gaining net-profit directly for enterprises.

从企业财务角度来看，税收是企业必须支付的一项外在成本，节约税收支出等于直接增加企业净收益。

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But in terms of business financial affairs, tax is an internal cost which are imposed to pay. Tax saving means gaining net-profit directly for enterprises.

但从企业财务角度来看，税收是企业必须支付的一项外在成本，节约税收支付等于直接增加企业净收益。

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Still, much of the recent aha moment is aimed at his business savvy and profit making activities more than his tax dodging.

FORBES: Tax Day Comfort---Shakespeare Was A Tax Cheat

Operating pre-tax profit in the wealth management business was the highest in the bank's history, said Mr Gorman.

BBC: Morgan Stanley reports first quarter profit

The investment banking division, which is the motor of the group's business, posted a 57% decline in pre-tax profit to 447m euros in the final quarter, thanks to a sagging demand for debt products.

BBC: Deutsche Bank chairman Josef Ackermann is optimistic