TotalEnergies “would not pay tax in France”, while recording “extraordinary earnings”, criticizes economist Maxime Combs
It introduced a complete revenue of $5.7 billion for the 2nd quarter of 2022, greater than double from the identical interval final 12 months and greater than $18.8 billion in the primary quarter alone. in the semester of 2022.What Total is doing with its elevated earnings is growing shareholder compensation and that’s extraordinarily problematic“, believes Maxim Combs.
franceinfo: How can such outcomes be defined?
Maxim Combs : Inflation in international markets implies that refiners could make a lot bigger margins than ordinary on this exercise. This is related to elevated costs all through the manufacturing chain. We have due to this fact, in consequence, achieved distinctive and unbelievable earnings, which have exceeded all market expectations in current years.
20 cents off gross: Risk of “job loss” for rivals, in accordance with representatives of 5,800 stations
How a lot does the industrial gesture of 20 cents much less per liter of gasoline weigh relative to the entire grant because the starting of the college 12 months?
What this represents in phrases of turnover must have actual figures, however Total has introduced that it’ll undoubtedly signify 500 million euros. This is simply 0.2% of TotalEnergies’ 2021 turnover. This is a really small a part of the entire payout to its shareholders final 12 months, round 9 billion euros. This is a share that’s all however bearish as its earnings explode in 2022. TotalEnergies has already introduced its dividend enhance for 2022 and its share buyback. So, basically, what Total does with its revenue development is enhance shareholder remuneration, and that is extremely problematic.
the place @Total Energy Having introduced a revenue of greater than 17.7 billion euros ($18.8 billion) in the primary half of 2022 alone, we are able to say that the group didn’t pay company tax in France or in 2019 or 2020.
— Maxim Combs (@maximcombs) July 28, 2022
Why do you think about the state of affairs “problematic”?
We can say that Total didn’t pay company tax in France, neither in its 2019 monetary 12 months nor in its 2020 monetary 12 months. In the 2020 monetary 12 months, this was anticipated since Total introduced report losses that 12 months, however in 2019 it’s much more shocking, since Total had already made a worldwide revenue of 10 billion euros and paid no company tax in France that 12 months. It reignites the talk.”Large firms must be taxed on tremendous earnings“, however the extra normal debate”Do we tax this massive group of people that do not pay it in France?“
Superprofits: Instead of introducing taxes, Elizabeth Bourne prefers to “inform” corporations to “assist the French”.
Aurore Berg, president of the Renaissance group in the National Assembly, assured that Total already pays taxes in France, do you assume that is fallacious?
I do not know what Aurore Bergé is basing this on, however it’s utterly false, I’m basing myself on the info revealed by Total. It studies by nation the entire quantity of tax paid in every nation. In its 2019 monetary 12 months, TotalEnergies is obvious, the group didn’t pay any company tax in France and even obtained a examine from the general public treasury for overpayments in earlier years. TotalEnergies doesn’t pay its fair proportion of tax in the nationwide territory and TotalEnergies justifies not paying tax in France by the dominance of its earnings outdoors France, while the group has 21% of its actions in France, 1 / 4 of its staff in France and its headquarters in France. Not forgetting that it’s a group backed by manpower investing overseas.