Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. The 600 Group PLC
  6. News
  7. Summary
    SIXH   GB0008121641


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

As Juncker bids farewell, new EU executive begins with scrutiny over Luxembourg tax

11/30/2019 | 09:09pm EDT
FILE PHOTO: General view of the city of Luxembourg

Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive's helm.

Vice-President Margrethe Vestager and tax commissioner Paolo Gentiloni will on Monday meet IMF researchers who investigated the impact of tax havens on global tax revenues, according to the commission's agenda.

Jean-Claude Juncker, Luxembourg's prime minister from 1995 to 2013, ends his five-year mandate as commission president on Saturday. He is not accused of any wrongdoing.

During his term in Brussels, the EU made some progress in the fight against tax avoidance, but was also criticized by EU lawmakers and activists for having set up a tax haven blacklist that exempted its 28 member states from screening.

Luxembourg, a country of 600,000 people, hosts as much foreign direct investment (FDI) as the United States and much more than China, data cited in the IMF report shows, estimating FDI in the Grand Duchy is worth $4 trillion, a 10th of the global figure.

"FDI of this size hardly reflects brick-and-mortar investments in the minuscule Luxembourg economy," the IMF report says, arguing that much of the flow goes to "empty corporate shells" which reduce tax revenues in other countries.

An IMF spokeswoman said the report did not represent the fund's institutional view, only that of the authors of the research.

During Juncker's EU mandate, the commission said Luxembourg had given illegal tax advantages to large corporations, such as tech giant Amazon from 2006 and carmaker Fiat from 2012. But instead of fining Luxembourg, it ordered the recovery of the unpaid taxes.

"A few well-known tax havens host the vast majority of the world's phantom FDI," the IMF study said, adding that Luxembourg and the Netherlands, another EU state, absorb nearly half of the $40 trillion FDI, thanks to attractive tax policies and other sweeteners.

Other tax havens listed by the IMF report are Ireland, another EU state, Hong Kong, the British Virgin Islands, Bermuda, Singapore, the Cayman Islands, Switzerland and Mauritius.

After revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills, the EU set up a blacklist in 2017, but it adopted a very lax definition of tax havens, making a zero corporate tax rate not a sufficient condition for being listed.

No EU country has ever been screened and the current blacklist includes only eight jurisdictions, mostly Pacific and Caribbean islands, but none of the tax havens indicated by the IMF report.

On Thursday EU states also blocked a reform of EU rules that would have forced large firms to reveal how much profit they make in each EU state, which could have led to pressure to rebalance their tax burden. Luxembourg and Ireland opposed the overhaul, while the Netherlands supported it.

Gentiloni has said he wants to step up the EU fight against tax avoidance and has pledged to work for sanctions against blacklisted jurisdictions.

(Reporting by Francesco Guarascio @fraguarascio; Editing by Alison Williams and Frances Kerry)

By Francesco Guarascio

ę Reuters 2019
All news about THE 600 GROUP PLC
07/21The 600 Group PLC Reaffirms Earnings Guidance for the Fiscal Year 2021
07/20The 600 Group plc Announces Unaudited Condensed Consolidated Interim Results ..
07/20The 600 Group to Seek Acquisitions
04/15The 600 Group plc Provides Earnings Guidance for the Financial Year Ended 31 ..
02/10600 : CFO Resigns
02/10The 600 Group plc Announces Resignation of G. Mitchell Krasny as Director
2020600 : CFO Resigns On Personal Reasons; Successor Named
2020The 600 Group PLC Announces CFO Changes
2020600 : Download the Interim Results 2020
2020600 : Earnings Flash (SIXH.L) THE 600 GROUP Reports H1 EPS $0.93
More news
Sales 2020 67,2 M - -
Net income 2020 -0,37 M - -
Net Debt 2020 24,1 M - -
P/E ratio 2020 -24,2x
Yield 2020 4,21%
Capitalization 22,9 M 22,9 M -
EV / Sales 2019 0,54x
EV / Sales 2020 0,52x
Nbr of Employees 209
Free-Float 52,8%
Duration : Period :
The 600 Group PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE 600 GROUP PLC
Short TermMid-TermLong Term
Income Statement Evolution
Managers and Directors
Paul Rich Dupee Executive Chairman
David Grimes Chief Technology Officer & MD-Laser Division
Terry Allison Chief Operating Officer
Stephen John Rutherford Senior Independent Non-Executive Director
Derek Zissman Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
THE 600 GROUP PLC53.60%24
BYSTRONIC AG14.52%2 844
DMG MORI CO., LTD.11.73%1 925