lundi 15 septembre 2014

"Dumping fiscal" in English

A chapter of my book, which has earned critical acclaim in the French and Belgian media, has been translated in English.
Here it goes:
“It is your duty to negotiate from a position of strength in tomorrow’s world.” Thus speaks Ajit Shetty, the head of the Forum for Multinational Companies in Belgium. The month is June 2013, and the MCB Forum is holding its annual meeting in a chic hotel in the capital. Baron Shetty knows what he is speaking of: for a long time he directed Janssen Pharmaceutica, a big fish in the pharmaceutical sector, one of the 250 subsidiaries of the global behemoth Johnson & Johnson.

The incentives offered by Belgium are “very attractive,” he says. Besides notional interest deduction – a system of massive tax reduction - the legislator has devised a specific deduction for patents. “We have the best of both worlds,” the businessman exclaims. But now is not the time to lower one’s guard. In the full swing of the economic crisis, fiscal gifts are no longer the order of the day. “We are not asking for new enticements,” but Belgium must “guarantee stability for the next ten years,” he demands. He warns the executives who have come to hear him not to procrastinate. If the fiscal climate is downscaled, “you might as well pack your bags and leave the country in a few months’ time.” Doesn’t the European financial transaction tax risk weighing on earnings? “If you can relocate to Geneva and avoid this tax, why not?”

(click here to read the entire chapter)
A recent blog post has also been translated and will be published here.

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