Tax

Corona Capital: Private jet deal

17 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: Blackstone bets that plutocrats will be back in the air before the rest of us.

France picks wrong tax fight with United States

30 Nov 2020

Finance Minister Bruno Le Maire wants President-elect Joe Biden’s administration to help overhaul rules on how digital services are taxed. A global minimum levy on all firms is more likely to win U.S. support, and will raise more cash. Europe’s tech-bashing is counterproductive.

Italy finds tax trick to prettify risky bank M&A

26 Nov 2020

Rome is letting lenders turn past losses into fiscal credits if they merge. The capital boost may make shaky state-controlled Monte Paschi more appealing to buyers such as UniCredit, without breaking state aid rules. But even healthy groups, like Credit Agricole or BPM, may gain.

Viewsroom: What we’re expecting on election night

29 Oct 2020

If Joe Biden wins Donald Trump’s place as POTUS on Nov. 3, and the Senate turns Democrat, lots of things will change – chief among them tax and economic policy. But big tech companies and China’s Communist Party will gain no reprieve. Rob Cox, Gina Chon and John Foley discuss.

Joe Biden’s tax plan has a flaw: too many losers

19 Oct 2020

The presidential candidate pledges to slap new levies only on the very wealthy. But his plan to raise the corporate rate may mean that workers receive lower wages by 2030 than they would otherwise. This points to a tax system that punishes the rich without helping the poor.

The Exchange: Terra incognita

13 Oct 2020

The U.S. faces more uncertainty as 2020 ends, including inflation, antitrust enforcement, and how the next president handles taxes, trade and the post-virus economy. So says Nathan Sheets, chief economist at PGIM Fixed Income. He argues tackling inequality should be a priority.

Trump’s tax avoidance is a real election issue

28 Sep 2020

The U.S. president paid just $750 in federal taxes the year he was elected thanks to losses and deductions, according to the New York Times. Assume it's all legitimate and it shows how America's tax code favors corporations and the very rich. If voters want, they can change that.

India will win by playing tax cricket

28 Sep 2020

By accepting the international arbitration ruling in Vodafone’s favour, India can shake off its reputation for “tax terrorism” as it seeks to woo investment away from China. Resolution will bring long-term investment gains even if defeat entails painful upfront costs.

Apple fight is just one front in Europe’s tax war

25 Sep 2020

Antitrust tsar Margrethe Vestager will appeal a court ruling nullifying demands the tech giant pay Ireland $15 bln of back taxes. It’s time-consuming and possibly futile. With Covid-19 inflating government deficits, political pressure on low-tax states may be more fruitful.

Corona Capital: Millionaire tax, Rent the Runway

18 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: New Jersey taxes the rich to help close a budget gap; and high fashion has trouble competing against sweats.

Corona Capital: Newspaper rivals, College football

17 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: the Wall Street Journal hits up the New York Times’ printing presses; U.S. college football’s Big Ten makes a comeback.

Buyout baron special pleading faces uphill battle

9 Sep 2020

A UK review of capital gains taxes may close the infamous carried interest loophole. Private equity’s threats to move abroad have less force since others, like U.S. presidential candidate Joe Biden, are also hostile. The industry’s growing heft makes it a bigger global target.

American boss would squash OECD’s global tax push

8 Sep 2020

Under outgoing chief Angel Gurria, the multilateral group has led efforts to stop aggressive tax avoidance, namely by Big Tech. Donald Trump’s decision to promote a top aid as the next secretary-general signals a potential fight that could doom tax equalisation efforts for good.

Long-shot Dutch exit tax is warning for Unilever

13 Aug 2020

Lawmakers in the Netherlands want to charge the Dove maker an exit fee for unifying its head office in London. The proposal, which would cost Unilever 11 bln euros, may not be legally or politically viable. Still, it’s a reminder that chasing efficiency risks a public backlash.

UK’s online tax plan risks killing retail patient

29 Jul 2020

Rishi Sunak is looking to raise 2 billion pounds through an internet sales levy. If the goal is to help traditional retailers, then the chancellor should look at punitive business rates. The government, like landlords, might have to make sacrifices to keep high streets healthy.

Brazil’s tax reform is too little, too late

23 Jul 2020

The economy minister just proposed a simplified 12% VAT – part one of a much-needed tax reform. Passage would be a positive step, but small potatoes on its own – especially as its economy could shrink by almost 8%. The window for big-time economic reform may have closed.

Viewsroom: Wall Street, Huawei, Chinese taxpayers

16 Jul 2020

Investment bankers have had a very nice lockdown indeed, says U.S. Editor John Foley. British Prime Minister Boris Johnson backtracks on 5G, delivering his pal Donald Trump a tech victory against China. Meantime President Xi Jinping takes some unusual tax pointers from Uncle Sam.

Apple tax win flags EU problem of enemies within

15 Jul 2020

The tech giant won a legal case over $15 bln of back taxes. Ireland was fighting at its side against Europe’s antitrust czar Margrethe Vestager. The alliance shows the stiff resistance she faces, from governments as much as companies, to corporate tax reform or a digital levy.

Corona Capital: Expense accounts, Zoom’s new box

15 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Goldman Sachs’ earnings give an insight into pandemic-era client schmoozing, and virtual meeting facilitator Zoom tiptoes into the high-priced hardware market.

Chinese tax initiative strains overseas reach

15 Jul 2020

Beijing wants citizens to pay full whack no matter where they earn in the world, just as the United States does. The top bracket, at 45% for incomes over $137,000, makes low-tax Hong Kong less attractive at an odd time. Enforcing the rule further afield, though, could be tough.