Forum | This stuff needs to stop. by catch74

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This stuff needs to stop. 22:32 - Jun 11 with 700 views

Shake up needed post-Corona.

HMGâ€™s paid out Â£1 billion to German company BASF in â€œcorona moneyâ€. It paid no UK corporation tax last yr it actually took a Â£5.8 million tax credit out of UK taxman. CNH Ind. took Â£600m from the UK taxpayer yet has taken â‚¬15.4m out in tax credits since 2017. Food for thought!
— Lord Digby Jones (@Digbylj) June 11, 2020

Poll:

Who are the Numbskulls?

This stuff needs to stop. on 23:00 - Jun 11 with 619 views

StokieBlue

Not sure it's as simple as that tweet tries to make out. I don't know if they paid tax or not but with ~800 employees they certainly should have. However calling a repayable loan "corona money" is imprecise and deliberately antagonistic.

https://www.theguardian.com/business/2020/jun/04/chemicals-firm-basf-biggest-ben

In the cited example of Chanel, they have borrowed 600m in the form of loans from the government at an interest rate of 0.5% which will be paid within 12 months. Given the government borrowing rate is negative for short term assets they are making money from this and ensuring 1200 jobs.

So you are right that these companies need to pay tax but it's more complicated than that tweet makes out given jobs are on the line and it's not a "hand-out" like it suggests.

SB

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