Forum | This stuff needs to stop. by catch74

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This stuff needs to stop. 22:32 - Jun 11 with 748 views

catch74

Shake up needed post-Corona.

Poll:

Who are the Numbskulls?

This stuff needs to stop. on 23:00 - Jun 11 with 667 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

SB - (not Simon Batford)

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