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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Microsoft Corporation    MSFT

MICROSOFT CORPORATION

(MSFT)
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Delayed Quote. Delayed Nasdaq - 12/06 04:00:00 pm
151.75 USD   +1.21%
06:18aFrance rejects U.S. proposal on international tax reform
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France rejects U.S. proposal on international tax reform

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12/06/2019 | 06:18am EST
French Finance Minister Bruno Le Maire attends a news conference in Boulogne-Billancourt

France rejects a U.S. idea for companies to opt out of a proposed international tax reform, Finance Minister Bruno Le Maire said on Friday, urging Washington to negotiate in good faith.

The Paris-based Organisation for Economic Cooperation and Development is in the midst of the biggest rewrite of international tax rules since the 1920s, aimed at updating them globally for the digital era.

But France and the United States are already on a collision course over the issue, with Washington threatening heavy duties on imports of champagne, cheeses and luxury handbags in retaliation for a separate French digital levy that would be replaced once any global OECD deal was struck.

U.S. Treasury Secretary Steven Mnuchin raised serious questions about the OECD proposals in a letter made public on Wednesday, jarring international officials by floating the idea of a "safe harbour regime".

He said Washington had serious concerns about any moves to abandon certain current taxation structures such as arm's-length transfer pricing, under which companies have to charge the market rate for cross-border transfers within in a group, and what is considered a taxable presence in a given country.

"Frankly I don't put a lot of stock in the American proposal for an optional solution where companies are free to decide," Le Maire told a conference on the French fashion industry.

"I haven't seen a lot of companies that freely accept to be taxed. We can always count on people's philanthropy, but it doesn't go very far for the public finances," he added.

Until Mnuchin's letter, the United States had been a strong force behind efforts to revamp international tax rules, which are increasingly being put to the test by the rise of big internet companies.

Many governments are deeply frustrated that such companies can legally book profits in low-tax countries such as Ireland regardless of where their clients are.

The OECD proposed in October giving governments more power to tax big multinationals in the country where the end client is. The proposal is to serve as the basis for negotiating the outlines of an agreement by January, with a final deal due later in 2020.

Le Maire said a solution where companies could opt in or out as they pleased would be unacceptable to France and other OECD countries.

He urged Washington to negotiate "in good faith", which he said meant on the basis that the new rules be binding. He said if the efforts at the OECD, tasked with making the proposals by the G20 group of major economies, fell through, EU countries should revive talks for a European digital tax.

By Leigh Thomas

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET 0.94% 1339.39 Delayed Quote.26.99%
AMAZON.COM 0.64% 1751.6 Delayed Quote.15.88%
APPLE INC. 1.93% 270.71 Delayed Quote.68.37%
FACEBOOK 0.85% 201.05 Delayed Quote.52.08%
MICROSOFT CORPORATION 1.21% 151.75 Delayed Quote.47.61%
NETFLIX 1.48% 307.35 Delayed Quote.13.15%
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Financials (USD)
Sales 2020 140 B
EBIT 2020 49 637 M
Net income 2020 41 440 M
Finance 2020 71 780 M
Yield 2020 1,33%
P/E ratio 2020 28,2x
P/E ratio 2021 25,1x
EV / Sales2020 7,64x
EV / Sales2021 6,79x
Capitalization 1 144 B
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Mean consensus BUY
Number of Analysts 36
Average target price 161,29  $
Last Close Price 151,75  $
Spread / Highest target 14,7%
Spread / Average Target 6,29%
Spread / Lowest Target -1,15%
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Managers
NameTitle
Satya Nadella Chief Executive Officer & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Jean-Philippe Courtois President-Global Sales, Marketing & Operations
Amy E. Hood Chief Financial Officer & Executive Vice President
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