Press review for administrative and financial directors (week of August 15, 2022) - Finance function

Press review for administrative and financial directors (week of August 15, 2022) – Finance function



“The risks are too great for groups to seek at all costs to reduce their taxes”

Transfer pricing, these intra-group transactions specific to multinationals, are regularly implicated in cases of tax evasion or tax evasion. For Eric Lesprit, specialist in these issues at Deloitte Société d’Avocats and former director within the tax administration, today, international groups seek to focus on their operational activities, to protect their brand and their reputation: The risks are too great for groups to seek at all costs to reduce their taxes by manipulating the price of these intra-group transactions. What they are looking for is legal certainty. With the system of prior agreements, France has a specific partnership procedure, drawn from the experience of other European States, which aims to create a mutual “relation of trust” between the tax administration and the company that wish. This form of partnership set up in 2019, was created after the Essoc law of October 2018 punishing fraud more severely and eliminating the “Bercy lock”. The tax administration therefore has both a carrot and a stick in its relationship with businesses. >> Read the full article on the Les Echos website

Inflation hit an all-time high in July in the eurozone

The European official statistics body, Eurostat, confirmed the inflation figures in the euro zone on Thursday. The consumer price index calculated according to European standards reached 8.9% over one year, against 8.6% in June. At European Union level, inflation peaked at 9.8% in July over one year, against 9.6% in June. As in all of Europe, France has also seen its prices rise for several months. In July, the country even reached the highest rate of inflation since July 1985 at 6.1% over one year against 5.8% in June, according to INSEE. However, it still has the lowest rate with Malta (6.5% in July) compared to the Baltic countries which record the highest inflation: 22.7% in Estonia, 21% in Latvia, 20.8 % in Lithuania, last month. >> Read the full article on the La Tribune website

Eurozone: Inflation outlook has not improved, says Schnabel (ECB)

The outlook for inflation in the euro zone has not improved since the rate hike in July, said Isabel Schnabel, a member of the executive board of the European Central Bank (ECB), suggesting that she would be in favor of a significant rise in the cost of credit next month despite the risk of recession in the region. Faced with soaring inflation, the ECB last month raised the cost of money for the first time in 11 years, ending the era of negative rates, by raising the interest rate by half a point deposit, the rate on the main refinancing operations and the rate on the marginal lending facility. A rate hike in September by the ECB is seen as virtually a given and only the magnitude, 25 points or 50 points, remains to be determined. >> Read the full article on the Challenges website

State-guaranteed loans: unions and companies warn of the risk of bankruptcies

As the macroeconomic situation continues to deteriorate, unions are warning of the difficulties some companies are encountering in repaying their state-guaranteed loans (PGE) and URSSAF charges. 137 billion euros in PGEs were granted to more than 660,000 companies in December 2021, according to a count by the Court of Auditors. 88% of subscribers are very small businesses (TPE). ” Reimbursement [du] surplus net debt generated by the health crisis and the subscription of the PGE is conditional on the good recovery of economic activity. However, at the end of 2021, the return to growth during the year 2021 seemed mixed for the beneficiaries of the PGE », underlines a report of the Court of Auditors, published at the end of July. In fact, the SDI warns of the risk of bankruptcies. The union relies on July 2022 statistics from the Banque de France (BDF), which point out that 34,653 companies closed shop in one year. If this number remains below the figures for 2019, before the pandemic, they are up 23.1% compared to July 2021. >> Read the full article on the Euractiv site

ECB wants harmonized crypto-asset rules for European banks

Europe is determined to complete its regulatory arsenal concerning crypto-assets. After the adoption of the MiCA regulation governing crypto-asset issuers and service providers, the European Central Bank (ECB) wants to look into the role played by banks in this ecosystem. In the absence of a framework, practices are today very disparate from one country to another. This legal vagueness would also explain the great caution of the banks vis-à-vis these activities. The European supervisor therefore wants to work on harmonizing the rules. The vast project carried out on the digitalization of banks under the leadership of the single supervisory mechanism will thus include a component on crypto activity, warns the ECB. Its conclusions are expected by the end of 2022. >> Read the full article on the L’Agefi website

Leave a Comment

Your email address will not be published.