World Economy

Taxes Eat Into Profits

Taxes Eat  Into ProfitsTaxes Eat  Into Profits

German top-of-the-range carmaker BMW said Tuesday its profits slipped in the third quarter despite rising sales due to higher taxes, but said it was confident about its outlook for the year, AFP reported. It said it earned a net profit of 1.31b euros ($1.64b) for the period running from July to September, down 1.2% from last year due to the higher tax bill.