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2021-05-25
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How a Global Minimum Tax Could Impact Markets<blockquote>全球最低税如何影响市场</blockquote>
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The U.S. Treasury Department wants a global minimum corporate tax rate of 15%,a reduced askfrom the 21% level it previously suggested. If the policy ever came to pass, that could still have a marked impact on international markets.</p><p><blockquote>如果获得通过,美国对企业利润征收全球最低税的计划可能会让拥有大量海外收入和极低税单的公司感到不安。美国财政部希望全球最低企业税率为15%,较之前建议的21%水平有所降低。如果该政策成为现实,仍可能对国际市场产生重大影响。</blockquote></p><p> On a headline basis, the 15% tax would move several countries not typically considered tax havens—Thailand, the U.K. and Vietnam, for example—onto the safe side of the line.</p><p><blockquote>总体而言,15%的税收将使几个通常不被视为避税天堂的国家(例如泰国、英国和越南)转向安全地带。</blockquote></p><p> In both Hong Kong and Singapore, headline corporate tax rates sit between 15% and 21%. But in reality, as noted by Asia economists at Citi, their effective tax rates are made considerably lower by various breaks and incentives and a 15% level would likely still cause issues. Ireland and Macau, with corporate tax rates at 12.5% and 12% respectively, would both be caught even without considering any breaks or incentives.</p><p><blockquote>在香港和新加坡,总体企业税率在15%至21%之间。但实际上,正如花旗亚洲经济学家指出的那样,他们的有效税率因各种优惠和激励措施而大大降低,15%的水平仍可能引发问题。爱尔兰和澳门的企业税率分别为12.5%和12%,即使不考虑任何减免或激励措施,也会受到影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/87a0465eae87e4c5f534f806d5a020c0\" tg-width=\"335\" tg-height=\"418\">A number of major American companies make more than 50% of their income internationally, and have both foreign effective tax rates and consensus 2022 effective tax rates below 15%, according to an analysis by Goldman Sachs. That list includesNVIDIACorp.,BroadcomInc.,Las Vegas SandsCorp.andMicrochip TechnologyInc.The analysts see fewer impacts in Europe, where the vast majority of companies already pay above 21% as it is.</p><p><blockquote>高盛(Goldman Sachs)的分析显示,许多美国大公司超过50%的收入来自国际,其外国有效税率和共识2022年有效税率均低于15%。这份名单包括英伟达(NvidiaCorp.)、博通(BroadcomInc.)、拉斯维加斯金沙(Las Vegas SandsCorp.)和微芯片技术(Microchip TechnologyInc.)。分析师认为欧洲的影响较小,欧洲绝大多数公司的支付率已经超过21%。</blockquote></p><p> Paradoxically, the lower the minimum proposed, the greater the threat to the most obvious havens such as Jersey, the Cayman Islands and the British Virgin Islands. Since those territories have 0% corporation tax rates, they will be hit under an agreement on any level and a lower proposal is more likely to garnerbroad international support.</p><p><blockquote>矛盾的是,提议的最低限度越低,对泽西岛、开曼群岛和英属维尔京群岛等最明显的避风港的威胁就越大。由于这些地区的公司税税率为0%,因此根据任何级别的协议,它们都会受到打击,而较低的提案更有可能获得广泛的国际支持。</blockquote></p><p> Relatively less-taxed sectors of the equity market haveoutperformed considerablysince the global financial crisis, something which hasn’t been unnoticed by policy makers. Even if we leave the idea of a global minimum tax aside, the Biden administration plans to double the tax on global intangible low-tax income repatriated from abroad,known as Gilti.</p><p><blockquote>自全球金融危机以来,税收相对较低的股市板块的表现显着优于大盘,这一点并没有被政策制定者忽视。即使我们抛开全球最低税的想法,拜登政府也计划对从国外汇回的全球无形低税收入(即Gilti)征税一倍。</blockquote></p><p> One interesting possibility raised by credit analysts at Danske Bank is that a global minimum tax—and higher rates in general—could increase corporate debt levels at the margin by exacerbating the bias toward debt financing that is already embedded in most tax systems.</p><p><blockquote>丹斯克银行(Danske Bank)信贷分析师提出的一个有趣的可能性是,全球最低税——以及总体上更高的税率——可能会加剧大多数税收体系中已经存在的对债务融资的偏见,从而在边际上增加企业债务水平。</blockquote></p><p> While it is still unclear whether a global minimum tax will ever come to pass, the worm seems to have turned on corporate tax levels generally. Companies that pay very low corporate taxes—and their investors—should brace for impact.</p><p><blockquote>虽然目前还不清楚全球最低税是否会通过,但蠕虫似乎已经普遍开启了公司税水平。缴纳极低公司税的公司及其投资者应该做好应对冲击的准备。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How a Global Minimum Tax Could Impact Markets<blockquote>全球最低税如何影响市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow a Global Minimum Tax Could Impact Markets<blockquote>全球最低税如何影响市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-25 15:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p> If it comes to pass, U.S. plans for global minimum levy on corporate profits could rattle companies with lots of overseas revenue and very low tax bills. The U.S. Treasury Department wants a global minimum corporate tax rate of 15%,a reduced askfrom the 21% level it previously suggested. If the policy ever came to pass, that could still have a marked impact on international markets.</p><p><blockquote>如果获得通过,美国对企业利润征收全球最低税的计划可能会让拥有大量海外收入和极低税单的公司感到不安。美国财政部希望全球最低企业税率为15%,较之前建议的21%水平有所降低。如果该政策成为现实,仍可能对国际市场产生重大影响。</blockquote></p><p> On a headline basis, the 15% tax would move several countries not typically considered tax havens—Thailand, the U.K. and Vietnam, for example—onto the safe side of the line.</p><p><blockquote>总体而言,15%的税收将使几个通常不被视为避税天堂的国家(例如泰国、英国和越南)转向安全地带。</blockquote></p><p> In both Hong Kong and Singapore, headline corporate tax rates sit between 15% and 21%. But in reality, as noted by Asia economists at Citi, their effective tax rates are made considerably lower by various breaks and incentives and a 15% level would likely still cause issues. Ireland and Macau, with corporate tax rates at 12.5% and 12% respectively, would both be caught even without considering any breaks or incentives.</p><p><blockquote>在香港和新加坡,总体企业税率在15%至21%之间。但实际上,正如花旗亚洲经济学家指出的那样,他们的有效税率因各种优惠和激励措施而大大降低,15%的水平仍可能引发问题。爱尔兰和澳门的企业税率分别为12.5%和12%,即使不考虑任何减免或激励措施,也会受到影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/87a0465eae87e4c5f534f806d5a020c0\" tg-width=\"335\" tg-height=\"418\">A number of major American companies make more than 50% of their income internationally, and have both foreign effective tax rates and consensus 2022 effective tax rates below 15%, according to an analysis by Goldman Sachs. That list includesNVIDIACorp.,BroadcomInc.,Las Vegas SandsCorp.andMicrochip TechnologyInc.The analysts see fewer impacts in Europe, where the vast majority of companies already pay above 21% as it is.</p><p><blockquote>高盛(Goldman Sachs)的分析显示,许多美国大公司超过50%的收入来自国际,其外国有效税率和共识2022年有效税率均低于15%。这份名单包括英伟达(NvidiaCorp.)、博通(BroadcomInc.)、拉斯维加斯金沙(Las Vegas SandsCorp.)和微芯片技术(Microchip TechnologyInc.)。分析师认为欧洲的影响较小,欧洲绝大多数公司的支付率已经超过21%。</blockquote></p><p> Paradoxically, the lower the minimum proposed, the greater the threat to the most obvious havens such as Jersey, the Cayman Islands and the British Virgin Islands. Since those territories have 0% corporation tax rates, they will be hit under an agreement on any level and a lower proposal is more likely to garnerbroad international support.</p><p><blockquote>矛盾的是,提议的最低限度越低,对泽西岛、开曼群岛和英属维尔京群岛等最明显的避风港的威胁就越大。由于这些地区的公司税税率为0%,因此根据任何级别的协议,它们都会受到打击,而较低的提案更有可能获得广泛的国际支持。</blockquote></p><p> Relatively less-taxed sectors of the equity market haveoutperformed considerablysince the global financial crisis, something which hasn’t been unnoticed by policy makers. Even if we leave the idea of a global minimum tax aside, the Biden administration plans to double the tax on global intangible low-tax income repatriated from abroad,known as Gilti.</p><p><blockquote>自全球金融危机以来,税收相对较低的股市板块的表现显着优于大盘,这一点并没有被政策制定者忽视。即使我们抛开全球最低税的想法,拜登政府也计划对从国外汇回的全球无形低税收入(即Gilti)征税一倍。</blockquote></p><p> One interesting possibility raised by credit analysts at Danske Bank is that a global minimum tax—and higher rates in general—could increase corporate debt levels at the margin by exacerbating the bias toward debt financing that is already embedded in most tax systems.</p><p><blockquote>丹斯克银行(Danske Bank)信贷分析师提出的一个有趣的可能性是,全球最低税——以及总体上更高的税率——可能会加剧大多数税收体系中已经存在的对债务融资的偏见,从而在边际上增加企业债务水平。</blockquote></p><p> While it is still unclear whether a global minimum tax will ever come to pass, the worm seems to have turned on corporate tax levels generally. Companies that pay very low corporate taxes—and their investors—should brace for impact.</p><p><blockquote>虽然目前还不清楚全球最低税是否会通过,但蠕虫似乎已经普遍开启了公司税水平。缴纳极低公司税的公司及其投资者应该做好应对冲击的准备。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.wsj.com/articles/how-a-global-minimum-tax-could-impact-markets-11621844805?mod=markets_lead_pos10\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/how-a-global-minimum-tax-could-impact-markets-11621844805?mod=markets_lead_pos10","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192073416","content_text":"If it comes to pass, U.S. plans for global minimum levy on corporate profits could rattle companies with lots of overseas revenue and very low tax bills.\n\nThe U.S. Treasury Department wants a global minimum corporate tax rate of 15%,a reduced askfrom the 21% level it previously suggested. If the policy ever came to pass, that could still have a marked impact on international markets.\nOn a headline basis, the 15% tax would move several countries not typically considered tax havens—Thailand, the U.K. and Vietnam, for example—onto the safe side of the line.\nIn both Hong Kong and Singapore, headline corporate tax rates sit between 15% and 21%. But in reality, as noted by Asia economists at Citi, their effective tax rates are made considerably lower by various breaks and incentives and a 15% level would likely still cause issues. Ireland and Macau, with corporate tax rates at 12.5% and 12% respectively, would both be caught even without considering any breaks or incentives.\nA number of major American companies make more than 50% of their income internationally, and have both foreign effective tax rates and consensus 2022 effective tax rates below 15%, according to an analysis by Goldman Sachs. That list includesNVIDIACorp.,BroadcomInc.,Las Vegas SandsCorp.andMicrochip TechnologyInc.The analysts see fewer impacts in Europe, where the vast majority of companies already pay above 21% as it is.\nParadoxically, the lower the minimum proposed, the greater the threat to the most obvious havens such as Jersey, the Cayman Islands and the British Virgin Islands. Since those territories have 0% corporation tax rates, they will be hit under an agreement on any level and a lower proposal is more likely to garnerbroad international support.\nRelatively less-taxed sectors of the equity market haveoutperformed considerablysince the global financial crisis, something which hasn’t been unnoticed by policy makers. Even if we leave the idea of a global minimum tax aside, the Biden administration plans to double the tax on global intangible low-tax income repatriated from abroad,known as Gilti.\nOne interesting possibility raised by credit analysts at Danske Bank is that a global minimum tax—and higher rates in general—could increase corporate debt levels at the margin by exacerbating the bias toward debt financing that is already embedded in most tax systems.\nWhile it is still unclear whether a global minimum tax will ever come to pass, the worm seems to have turned on corporate tax levels generally. Companies that pay very low corporate taxes—and their investors—should brace for impact.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":489,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/138864871"}
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