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☆ Apple just lost a decadelong EU tax case. Now it must pay $14 billion.
▼ + stars: | 2024-09-10 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

The EU's top court ruled Apple must pay over €13 billion in back taxes. The European Court of Justice's decision ends a decadelong legal battle with the tech giant. EU competition chief Margrethe Vestager argued Apple received unfair tax breaks from Ireland. AdvertisementThe EU's top court just dealt Apple a major blow, ruling that the tech giant must pay more than €13 billion (about $14 billion) in back taxes. The European Court of Justice (ECJ) ruled that Apple must pay the taxes to the Irish government, ending a decadelong legal battle.

Persons: Margrethe Vestager, Apple, — Organizations: Apple, Service, of Justice, European Commission, Business Locations: EU, Ireland

☆ Wealth of global top 1% grew by $42 trillion over past decade: Oxfam
▼ + stars: | 2024-07-25 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —The last decade has been very lucrative for the world’s super-rich residents, fueling the drive by some advocates to tax them more. The top 1% has seen its wealth soar by $42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. “The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”Oxfam regularly issues reports highlighting global inequality and pushes for changes to start evening the playing field. “Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments. Finance officials from the world’s biggest countries began talks earlier this year on introducing a global minimum tax on billionaires.

Persons: That’s, ”, Max Lawson, Gabriel Zucman, ” Lawson Organizations: CNN, Oxfam International, Oxfam International’s, Oxfam, EU, Observatory, Zucman, Finance Locations: Brazil

☆ Rising temperatures and floods leave cities with hefty bills. Startups are working to help them adapt to climate risks.
▼ + stars: | 2024-03-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

All of this has given rise to climate adaptation, a sector that aims to mitigate against and adapt to the risks associated with climate change. For James Brennan and Navjit Sagoo, two of the scientists behind climate risk analytics startup Climate X, it is imperative that adaption efforts go hand in hand with those working to curb rising temperatures. Indeed, Bank of America analysts predicted the climate adaptation industry would be worth $2 trillion a year by 2026. Climate X made its calculations based on the UN's Intergovernmental Panel on Climate Change's RCP8.5 scenario, which has been deemed to be a "very high" baseline for emissions. Mike Segar/ReutersAll hands on deckThe need for climate adaptation is clear but often overlooked until an extreme weather event occurs, according to Landesman and Chaudhury.

Persons: —, James Brennan, Navjit Sagoo, Abrar Chaudhury, Autarc, Bill Gates, Tucker Landesman, Helge Jørgensen, Mike Segar, Brennan, Sagoo Organizations: Service, Business, Bank of America, Climate, X, Deloitte, University of Oxford's, Business School, New York Times, New, London, Fabian Society, Tech, Breakthrough Energy Ventures, Goldman Sachs, Management, Air, International Institute for Environment, Development Locations: London, New York City, New York, California, Autarc , Massachusetts, Medellin, Colombia, Europe, PitchBook, Mamaroneck, Westchester County , New York, U.S

☆ A global tax on billionaires is on the G20 agenda. Will it ever happen?
▼ + stars: | 2024-03-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Finance officials from the world’s biggest economies began talks this week on introducing a global minimum tax on billionaires. According to the EU Tax Observatory, the super-rich in big countries pay a far smaller share of their income in taxes than ordinary people. The world’s current patchwork of tax regimes fails “to properly tax the individuals with the highest ability to pay taxes,” he added. The negotiations on a minimum tax on corporations took years,” Quentin Parrinello, senior policy advisor at the EU Tax Observatory, told CNN. Practical headachesA global minimum tax on billionaires would be more complicated to implement than the one introduced for corporations, says Arun Advani, an economics professor at the University of Warwick.

Persons: ” Gabriel Zucman, ” Quentin Parrinello, ” Parrinello, Arun Advani, “ It’s, ” Advani, “, ’, Advani, ” Organizations: London CNN — Finance, EU, Observatory, Oxfam, EU Tax Observatory, Independent, Climate Finance, European Union, CNN, University of Warwick Locations: São Paulo, Brazil, France, Italy, United States, China, India, Saudi Arabia, Argentina, London, New York

☆ The American Dream is 'rapidly diminishing,' Walgreens boss says in plea to raise taxes for the wealthy
▼ + stars: | 2024-01-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Walgreens Boots Alliance's executive vice president, John Driscoll, penned a letter asking lawmakers in the US and abroad to tax the wealthy. Driscoll echoed the pleas of entrepreneurs, an heiress, and activists in his demand to save the "rapidly diminishing American Dream." Advertisement"In this spirit, I call on national and international lawmakers to do whatever it takes to tax wealthy people like me," Driscoll wrote. "I agree that we should make elaborate tax-avoidance schemes illegal, but acting upon that would upset a lot of donors, so we will see words, but no action," Musk wrote in June. In his tax letter, Driscoll cited a report from the Economic Policy Institute that CEOs made 399 times as much as a typical employee in 2021.

Persons: —, John Driscoll, Driscoll, Switzerland that's, Daniel Werfel, Elon Musk —, Joe Biden, Musk Organizations: Service, Walgreens Boots, Business, IRS, Analysts, EU Tax Observatory, Economic Policy Institute Locations: Davos, Switzerland

☆ EU is ill-equipped to meet growing global threats
▼ + stars: | 2023-11-27 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The snag is that EU countries are ever more reluctant to give up their right to block collective actions. Meanwhile, rivalry between the United States and China – and a green subsidy race between the world's two largest economies – is undermining the world trading system. The response of EU countries to the Gaza conflict has also been shambolic, both individually and collectively. Yet EU countries are also grappling with nationalistic currents, the latest demonstration of which is last week’s election victory by Geert Wilders, the Dutch politician who has long campaigned on an anti-immigrant and anti-EU ticket. But it is not clear that EU countries want to find a way to speed up collective decision-making.

Persons: Donald Trump, Vladimir Putin, Geert Wilders, Olivier Costa, Jan Zielonka, Erik Jones, keener, Annalena, Shahin Vallée, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, European, NATO, EU, United Nations General Assembly, Franco, Britain, IF, College of Europe, Oxford University, European University Institute, Thomson Locations: Ukraine, United States, China, EU, People's Republic, Gaza, Dutch, Washington, Beijing, Germany, France, Denmark, United Kingdom, Berlin, Franco, Russia

☆ Setback for Apple as EU court advisor backs EU's $14 bln tax order
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: +1 min

Apple iPhone 15 series devices are displayed for sale at The Grove Apple retail store on release day in Los Angeles, California, on September 22, 2023. The tax case against Apple was part of EU antitrust chief Margrethe Vestager's crackdown against deals between multinationals and EU countries which regulators saw as unfair state aid. The General Court in 2020 upheld Apple's challenge, saying that regulators had not met the legal standard to show Apple had enjoyed an unfair advantage. Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) said CJEU judges should set aside the General Court ruling and refer the case back to the lower tribunal. "The judgment of the General Court on 'tax rulings' adopted by Ireland in relation to Apple should be set aside," he said in a non-binding opinion.

Persons: Margrethe Vestager's, Apple, Apple's, Giovanni Pitruzzella, CJEU Organizations: Apple, Grove Apple, European Commission, EU, of Justice Locations: Los Angeles , California, Ireland

☆ Apple’s fight against a $14 billion EU tax bill suffers a setback
▼ + stars: | 2023-11-09 | by ( ) edition.cnn.com time to read: +3 min

But Advocate General Giovanni Pitruzzella at the European Court of Justice (ECJ) — the EU’s highest court — disagreed, saying judges should set aside the General Court ruling and refer the case back to the lower tribunal. “The judgment of the General Court on ‘tax rulings’ adopted by Ireland in relation to Apple should be set aside,” he said in a non-binding opinion. He said the General Court had committed a series of errors in law. “It is therefore necessary for the General Court to carry out a new assessment,” Pitruzzella said. Her biggest legal victory to date came in September when the General Court upheld her decision against a €700 million ($749 million) Belgian tax scheme for 55 multinationals.

Persons: Margrethe Vestager, Apple, Giovanni Pitruzzella, —, ”, ” Pitruzzella, Michael McGrath, Court’s, Vestager Organizations: Apple, European Commission, European Court of Justice, Justice, Court, Ireland, Dublin, Stellantis, Starbucks, Belgian Locations: Luxembourg, Ireland

☆ A 2% global tax on all billionaires could raise $250 billion annually, a research report backed by a Nobel Prize-winning economist says
▼ + stars: | 2023-10-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Billionaires worldwide should have to pay a 2% wealth tax, the EU Tax Observatory says. AdvertisementAdvertisementBillionaires should have to pay a 2% global minimum tax imposed by governments, researchers at the EU Tax Observatory say. They listed the tax as a key proposal in their Global Tax Evasion Report and argued that it would raise close to $250 billion annually. Its researchers said that the tax would mimic the 15% global minimum tax introduced for multinational companies. Currently the world's billionaires collectively pay around $44 billion a year in individual income taxes and wealth taxes, the researchers wrote.

Persons: Joseph Stiglitz, —, Stiglitz Organizations: EU, Service, European Union, Paris School of Economics, London School of Economics, King's College Locations: King's College London

☆ Billionaires pay almost no tax. A global levy of just 2% could raise $250 billion
▼ + stars: | 2023-10-23 | by ( ) edition.cnn.com time to read: +3 min

Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires effectively pay far less personal tax than other taxpayers of more modest means because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. Although the end of banking secrecy and the corporate minimum tax have largely put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example, the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum. Meanwhile, governments are increasingly competing for investment through subsidies rather than competing only on low tax rates, the Observatory said.

Persons: Gabriel Zucman, Joe Biden’s, ” Zucman, Zucman Organizations: EU Tax, Paris School of Economics, ” Locations: United States, France, Washington

☆ Global billionaire tax could yield $250 billion annually, study says
▼ + stars: | 2023-10-22 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

PARIS, Oct 23 (Reuters) - Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. In the absence of a broad international push for a minimum tax on billionaires, Zucman said a "coalition of willing countries" could unilaterally lead the way. Although the end of banking secrecy and the corporate minimum tax have put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum.

Persons: Gabriel Zucman, Joe Biden's, Zucman, Leigh Thomas, Hugh Lawson Organizations: EU Tax, Paris School of Economics, Thomson Locations: United States, France, Washington

Instead, because the plan has been weakened, it says the minimum tax will generate only half that — less than 5% of corporate tax revenue. The watchdog group estimates that a 15% minimum tax could have raised roughly $270 billion in 2023. That carveout, the EU Tax Observatory warned, could “give firms incentives to move production to countries with tax rates below 15%." Despite its criticisms of what has happened to the minimum tax, the EU Tax Observatory praised a separate effort to stop the wealthy from dodging taxes. The EU TAX Observatory is calling for a 2% global tax on billionaires' wealth, a proposal it says would raise $250 billion annually from fewer than 3,000 people.

Persons: Janet Yellen, wouldn't, ″, Gabriel Zucman, ’ ’ Organizations: WASHINGTON, European Union, Organization for Economic Cooperation, Development, Apple, Nike, OECD, EU, Observatory, EU Tax Observatory, Companies, Treasury, Paris School of Economics, University of California Locations: Bermuda, Cayman Islands, United States, Berkeley

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The council said all three jurisdictions either lacked tax information or failed to deliver on commitments regarding governance and transparency reforms. Barring Russia, it said in a statement, the EU list only includes "small and vulnerable countries like Belize yet fails to include any EU member state" which were given the same Global Forum rating. Oxfam's EU tax expert Chiara Putaturo also slammed the list as "toothless" for not screening the United States, the UK, or EU states such as Luxembourg and Malta, adding "countries deemed too big to be listed can no longer escape scrutiny." The EU Council did not immediately respond to a request for comment.

Persons: Jon Nazca, Chiara Putaturo, Sarah Morland, Alvaro Murillo, Jose Sanchez, Bill Berkrot, Stephen Coates Organizations: REUTERS, European Union, OECD's, Transparency, Information, EU, Marshall, Thomson Locations: Granada, Spain, Seychelles, Caribbean, Belize, Antigua, Barbuda, Russia, Panama, EU, United States, Luxembourg, Malta, British Virgin Islands, Costa Rica, Mexico City, San Jose, Belmopan

☆ Europe has more Russian lessons to learn
▼ + stars: | 2023-06-26 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The EU also isn’t remotely as threatening as China or even the United States, not to mention Russia. Over the same period, China’s share has risen to 18% from 7%, while the United States has stayed flat at 24%. The United States will carry most of the burden of deterring China. SECOND-BEST SOLUTIONSThe best solution to the EU’s lack of unity would be for it to use majority voting to determine foreign policy - as it already does for economic policy. But neither the EU nor its members should kid themselves that it’s in their interests to break with the United States.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Joe Biden’s, “, Emmanuel Macron, Donald Trump, Peter Thal Larsen, Thomas Shum Organizations: Reuters, EU, Companies, U.S, Eurostat, Reuters Graphics, Trade, European Commission, Twitter, Thomson Locations: Brussels, Ukraine, Russia, EU, China, United States, Russian, Kyiv, Germany, France, Poland, Taiwan, Lithuania, People’s Republic, U.S, Spain, Europe, Italy, Japan, United Kingdom, Canada

☆ Britain sets out next steps to green its financial system
▼ + stars: | 2023-03-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Asset managers oversee assets worth 10 trillion pounds ($12.35 trillion), with nearly half having integrated ESG into the investment process, the paper said. "This will support the quality of standards, labels and disclosures used in the industry for green finance activity," the ministry said in a statement. "The government proposes that nuclear - as a key technology within our pathways to reach net zero - will be included within the UK’s Green Taxonomy, subject to consultation." In the fourth quarter, Britain will also consult on requirements for the largest companies to disclose their transition plans to net zero carbon emissions, if they have one, the ministry said. Brendan Curry, policy fellow at the Grantham Research Institute on Climate Change, said the updated strategy has "failed to deliver" a clear roadmap for the annual investment needed for net zero.

☆ The $322 billion impact investment market is grappling with a fundamental question: How does it measure how much good it has achieved?
▼ + stars: | 2023-03-03 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Global impact funds now have over $322 billion in assets under management, PitchBook data shows. Matteo Cera, cofounder at Hogaru, Maria Oliva Farriol of Oryx Impact, and moderator Marta del Castillo, CEO of Social Next. Tasmin Lockwood/InsiderSocial impact measurement is all about the baseline, said Maria Oliva Farriol, impact and ESG manager at Oryx Impact. Oryx Impact is a Barcelona-based fund of funds focused on economic development, climate change, and equality in Africa. To avoid this, Oryx Impact is taking advantage of technology to digitize its impact measurement and management strategy.

WASHINGTON, Jan 31 (Reuters) - The White House on Tuesday expressed outrage on Tuesday at Exxon Mobil Corp's record net profit in 2022 of $56 billion, a historical high not just for the company but for the entire Western oil industry. Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to near $200 billion. The scale has brought renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. A White House statement said Exxon's (XOM.N) profit margin was particularly galling as Americans paid record high prices at the pump. Exxon's CFO Kathryn Mikells responded to growing criticism over the industry's windfall profits and suggested the answer is not increased taxes.

☆ The global tax deal won't help countries to change their tax rates, economist says
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe global tax deal won't help countries to change their tax rates, economist saysA panel moderated by CNBC's Joumanna Bercetche discusses the challenges of global tax reform. Zainab Shamsuna Ahmed, minister of finance for Nigeria, Mathias Cormann, secretary-general at the OECD, Gabriel Zucman, director at the EU Tax Observatory, and Faisal Alibrahim, minister of economy and planning of Saudi Arabia, joined the panel.

☆ Inside climate tech's record-breaking year where the energy crisis, new regulation, and a maturing debt market helped European startups raise $17.5 billion
▼ + stars: | 2022-12-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +7 min

Climate tech was a clear green shoot in a tumultuous 2022 but there will be a delayed correction. But there has been one green shoot: Climate tech. "We've just gotten started when it comes to climate tech," Emitwise's Cozzi said. Many climate tech companies have raised at high valuations, said Magda Lukaszewicz, principal at Balderton Capital. Energy and infrastructure companies are tipped as winners, while pure software plays may see some consolidation, climate tech investors and founders said.

☆ This startup wants to show the impact Fortune 500 companies have on the environment and society. Check out the 18-slide pitch deck Upright used to raise $5.2 million.
▼ + stars: | 2022-12-13 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Finnish startup Upright just landed a 5 million euros seed round (around $5.2 million). The platform reveals the impact the world's largest companies have on the environment and society. Check out the 18-slide pitch deck Upright used to raise its first round from VC Planet A.Annu Nieminen has always found solace in math. She couldn't find anyone working on a tool to show the overall negative or positive impact of businesses so decided to do it herself – "as the cliche goes," she told Insider. The Helsinki-based startup has been bootstrapped until now, as it announces a 5 million euros seed round (around $5.2 million).

☆ EU Tax Ruling on Fiat-Chrysler Is Rejected by Court
▼ + stars: | 2022-11-08 | by ( Daniel Michaels | Kim Mackrael | ) www.wsj.com time to read: 1 min

The European Commission ruled in 2015 that Fiat Chrysler, now part of Stellantis, had benefited from an illegal tax deal. BRUSSELS—The European Union’s top court overturned a tax ruling against Fiat Chrysler from 2015, handing the bloc’s regulators a fresh setback in a crack down on multinational companies’ efforts to financially shield their operations. The setback follows similar reversals in tax cases involving Apple Inc., Amazon.com Inc. and Starbucks Corp.

☆ A pair of European VCs just closed the first tranche of a $50 million social impact fund. Here's the 7-slide LP deck Redstone and EnjoyVenture used to raise the funds.
▼ + stars: | 2022-10-27 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

European VC firms Redstone and EnjoyVenture have closed the first tranche of their social impact fund. We got an exclusive look at the 7-slide LP deck it used to raise the first tranche of the fund. He agreed, but only if he could set up his own venture fund. Paul said he had seen a flurry of activity around environmental impact investing but less so around social impact. "The idea was really to have a holistic understanding of social impact," he said.

☆ Planet: Companies are accelerating their investment in combating the climate crisis
▼ + stars: | 2022-03-03 | by ( Bria Overs | Megan Dematteo | ) www.businessinsider.com time to read: +5 min

Many are now investing in green bonds and other financial instruments to drive change. Green bonds are one way companies are using new financial offerings to drive change. Also called sustainability bonds, they work like regular bonds in many ways and allow companies to raise money for capital projects. Each project it selects aims to support "low-carbon design and engineering, renewable energy, energy efficiency, carbon mitigation, and sequestration," the company said. "People are going to have to start demonstrating what they're doing inside these green bonds," Grainger said.

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