Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  AkzoNobel    AKZA   NL0000009132

AKZONOBEL (AKZA)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Dutch government under fire over tax cut favoured by big business

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/09/2017 | 02:35pm CET
Netherland's Prime Minister Mark Rutte arrives at the EU summit meeting in Brussels

The new Dutch government came under fire in parliament on Thursday for scrapping a 15 percent dividend withholding tax, after a national broadcaster NOS said Shell , Unilever (>> Unilever), Akzo Nobel (>> AkzoNobel) and Philips (>> Royal Philips) had lobbied for the change.

The new Dutch government came under fire in parliament on Thursday for scrapping a 15 percent dividend withholding tax, after a national broadcaster NOS said Shell <RDSa.L>, Unilever (>> Unilever), Akzo Nobel (>> AkzoNobel) and Philips (>> Royal Philips) had lobbied for the change.

Shell confirmed to Reuters it had sought the change, while Philips denied it. Akzo Nobel declined to comment. Unilever would not say whether it asked for the change but it "welcomes measures that improve the business climate in countries where we operate."

Prime Minister Mark Rutte has said the policy will help the country retain its appeal to foreign investors as it cuts other tax perks in response to concerns that Dutch tax policies have helped multinationals avoid paying fair taxes.

It is also cutting its corporate tax rate to 21 percent from 25 percent.

The withholding tax meant the Dutch state levied tax on dividends when they were paid. Dutch citizens were able to reclaim that money in their annual tax returns and many foreign investors could claim exemption from taxes levied by their own governments to avoid double taxation. But those based in countries without dividend taxes - such as Britain - had no way to claw back the Dutch tax.

The idea of getting rid of the dividend withholding tax met resistance from Dutch voters, as it would primarily benefit those foreign investors.

Opposition parties demanded clarity from Finance Minster Wopke Hoekstra in his first appearance on the floor of parliament.

"I had a lot of romantic and less romantic ideas of how my start here would go, but I'll admit right away that I did not really expect this," he said, facing demands for an explanation, which he may submit to the house in a written statement.

Last week, Shell CFO Jessica Uhl said the company would consider simplifying its dual class share structure - designed to shield non-Dutch investors from the tax - if the plan proceeds.

Shell spokesman Frank van Hoorn said there was nothing secret or nefarious about Shell's lobbying for the change, as it was common for interest groups to seek to convince the government to adopt policies favourable to them.

In a company statement, Shell said abolishing the dividend withholding tax "improves the competitiveness of the Dutch economy, attracts foreign investment, and reduces the administrative burden for companies."

Thursday's debate follows a discussion earlier in the week about "advance tax rulings" favourable to big business revealed in the so-called "Paradise Papers". That led to a promise by the Finance Ministry on Wednesday to review whether 4,000 such rulings granted in 2012-2016 were properly vetted.

(Reporting by Toby Sterling; Editing by Robin Pomeroy)

By Bart H. Meijer and Toby Sterling

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AKZONOBEL
01/22 AKZONOBEL : Vietnam’s leading architecture awards receives AkzoNobel endor..
01/19 AKZONOBEL : brings the latest digital color technology to yacht coatings...
01/17 AKZONOBEL : launches €12 million organic peroxides expansion in Mexico
01/16 AKZONOBEL : Elliott ups stake in GKN in wake of takeover bid
01/12 AKZONOBEL : Akzo Nobel India Limited - Disclosure under SEBI Takeover Regulation..
01/10 AKZONOBEL : announces 2018 Imagine Chemistry challenges
01/09 AKZONOBEL : Akzo Nobel Considers 20MW Electrolysis Plant to Store Green Energy
01/09 AKZONOBEL : and Gasunie looking to convert water into green hydrogen using...
01/03 Akzo Nobel appoints Arcadis's Vree as CFO of chemicals business
01/03 AkzoNobel Names Renier Vree as CFO of Specialty Chemicals Unit
More news
News from SeekingAlpha
2017 Axalta Jilted But Not Forlorn
2017 Akzo Nobel shareholders approve chemicals split
2017 Akzo seeks green light for chemicals split
2017 AXALTA : A Beauty With Many Suitors
2017 AkzoNobel to acquire V.Powdertech
Financials (€)
Sales 2017 14 619 M
EBIT 2017 1 515 M
Net income 2017 916 M
Debt 2017 1 857 M
Yield 2017 8,35%
P/E ratio 2017 21,08
P/E ratio 2018 18,99
EV / Sales 2017 1,42x
EV / Sales 2018 1,40x
Capitalization 18 911 M
Chart AKZONOBEL
Duration : Period :
AkzoNobel Technical Analysis Chart | AKZA | NL0000009132 | 4-Traders
Technical analysis trends AKZONOBEL
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 79,1 €
Spread / Average Target 5,6%
EPS Revisions
Managers
NameTitle
Thierry F. J. Vanlancker Chief Executive Officer
Antony Burgmans Chairman-Supervisory Board
Maarten de Vries Chief Financial Officer
Peggy Bertha Bruzelius Member-Supervisory Board
Louis R. Hughes Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
AKZONOBEL2.52%23 174
SHERWIN-WILLIAMS5.06%39 947
PPG INDUSTRIES1.39%29 718
ASIAN PAINTS1.54%17 685
NIPPON PAINT HOLDINGS CO LTD6.16%12 031
AXALTA COATING SYSTEMS LTD-2.16%7 555