爱尔兰140亿欧元税收暴富:揭秘小国如何应对财政盈余难题 | 经济学人财经

财富   2024-11-07 11:01   美国  

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导读


导图作者:
May Li,我要去追逐心中的太阳,还要继续努力的亚古兽
全文概述:爱尔兰政府面临一个罕见的问题:资金过剩。欧洲法院裁定苹果公司需向爱尔兰补缴140亿欧元税款,这笔意外之财加上爱尔兰经济的强劲表现,使政府财政盈余达到国民收入的7.5%。爱尔兰计划设立主权财富基金来管理这些资金,并增加公共投资和福利支出。然而,过多的财政刺激可能会推高通胀。政府面临如何在经济已接近充分就业的情况下合理使用这笔巨额资金的挑战。

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精读|翻译|词组

Finance & economics | Corporate heaven

财经版块|企业天堂

英文部分选自经济学人20241102期财经板块

Finance & economics | Corporate heaven

财经版块|企业天堂

Ireland’s government has an unusual problem: too much money

爱尔兰政府遭遇罕见难题:钱太多了

A tax windfall has added to already overflowing coffers

一笔税收意外之财让本已富裕的国库更加丰盈

Across europefiscal policy is causing headaches. The governments of Britain and France are both raising tax rates sharply. Germany is hobbled by a self-imposed debt brake. Meanwhile, Italy’s profligate borrowing continues to unsettle investors. Ireland faces a different problem: the government is so flush with cash it does not know quite what to do with it.

欧洲各地财政政策引人头痛。英法两国大幅提升税率,德国则因自行设置的债务刹车制度而举步维艰。与此同时,意大利举债无度让投资者持续不安。而爱尔兰则面临一个完全不同的困扰:政府现金充裕,竟不知该如何使用。

注释:

debt brake债务刹车:

为了控制各级政府债务规模持续扩大,德国于2009年出台了《新债务限额》法,即债务刹车规定,并正式成为德国宪法的一部分,规定政府每年新增的公共债务占GDP的比例不得超过0.35%

In September the European Court of Justice delivered a verdict in a long-running legal battle over whether Apple had benefited from unfair (and now closed) loopholes in Ireland’s tax code. As a result, the American tech firm will have to hand over €13bn ($14bn) to the Irish tax authorities, along with over €1bn of interest—an amount equivalent to 4.8% of the country’s annual national income. To the bemusement of other cash-strapped governments, the Irish authorities sided with Apple in its battles with Europe’s courts, arguing that the firm had done nothing wrong.

九月份,欧洲法院对一场旷日持久的官司做出裁决,判定苹果公司曾利用爱尔兰税法中不公平的(现已修复)漏洞。因此,苹果公司不仅需要向爱尔兰税务机构交超过130亿欧元(约140亿美元),外加超过10亿欧元的利息,这相当于爱尔兰年度国民收入的4.8%。令其他资金紧张政府颇感疑惑的是,爱尔兰税务部门在与欧洲法院的诉讼中站到了苹果的一边,辩称该公司并未违规。

The Irish economy is doing exceptionally well. Modified gross national income, which takes account of distortions created by the high number of multinational firms based in the country, is expected to grow by 4.9% this year and 2.7% in 2025. Unemployment is just 4.3%. Inflation has fallen below 2%. The government’s fiscal position was already looking solid before the Apple-related juicing (see chart). It ran a surplus in 2022 and 2023, and was expecting another this year. Ministers now predict a surplus worth 7.5% of national income this year and 2.9% in 2025, even after increasing spending and cutting taxes.

爱尔兰经济表现异常亮眼。考虑到爱尔兰大量跨国公司在该国设立造成的扭曲,修正后的国民总收入预计今年将增长4.9%2025年将增长2.7%。与此同时,失业率仅4.3%,通货膨胀率已降至2%以下。政府财政状况在苹果相关税收增加之前就已经相当稳健(见上图)。20222023年均实现财政盈余,今年预计亦是如此。部长们预测,即使增加支出,削减税收,今年财政盈余仍将占国民收入的7.5%2025年将达到2.9%

Ireland has offered competitive corporate-tax rates in order to attract foreign firms since the 1950s. Even as welfare benefits were sharply cut and other taxes increased during the euro crisis in the early 2010s, corporation tax was left at a generous 12.5%. The strategy has reaped big rewards in recent years. In 2015 corporation-tax receipts were €7bn. By last year they had reached €24bn. And the finance ministry expects them to rise to €30bn a year by the late 2020s. The government agreed in 2021 to raise the corporate-tax rate, as part of a deal involving over 140 countries to set a global minimum. But the increase is modest: the new rate, which kicked in this year for large companies, is 15%.

为吸引外资,自20世纪50年代以来爱尔兰就开始推出极具竞争力的企业税率。即使在2010年代初的欧债危机期间,该国大幅削减福利、普遍上调税率,但企业税率仍保持在12.5%的低位。近年来,这个政策为爱尔兰带来丰厚回报。2015年,企业税收仅为70亿欧元,而到了去年已经增长至240亿欧元。不仅如此,财政部预计到2020年代后期企业税收将提升至每年300亿欧元。2021年,为回应与140多个国家设立的全球最低税率协议,爱尔兰同意上调税率,但涨幅温和:今年开始,针对大型企业的税率仅提至15%

The rise in tax receipts has two main explanations. In the mid-2010s some of America’s largest tech firms reorganised their tax arrangements after criticism from European governments on the use of loopholes. Pressed to move declared profits to countries where they had substantial operations, rather than a brass-plate office with few employees, many picked Ireland. Britain’s decision to leave theeu in 2016 added to the appeal of the country for American firms, as Ireland became the only anglophone member of the single market.

税收收入的增加有两个主要原因。2010年代中期,欧洲政府批评美国最大的几家科技公司利用税收漏洞,随后,几家公司重组了税务安排,被迫将申报利润转移到拥有大量实际业务的国家,而非只有几个员工的虚设办公室,许多公司选择了爱尔兰。2016年,英国脱欧,导致爱尔兰成为欧盟区唯一一个讲英语的成员国,因而爱尔兰对美国公司的吸引力进一步增强。

注释:

1.brass-plate officeA brass plate company or brass plate trust is a legally constituted company lacking meaningful connection with the location of incorporation.

2.anglophone:指英语作为母语或官方语言的人群。

Irish policymakers are aware that the tax base is narrow as well as bountiful. In 2022 just ten firms accounted for three-fifths of corporate-tax receipts. Moreover, corporation tax amounted to 27% of all receipts that year, more than double theoecd average. Recognising this vulnerability, the Irish government intends to treat the Apple windfall in the same way that Norway treated North Sea oil revenues: it will set up a sovereign-wealth fund. Two separate pots are being established. Ministers hope their combined value will reach €100bn by 2040, at which point they will start to spend the income generated.

爱尔兰当局意识到税基虽丰富但狭窄。2022年,仅十家公司就占据了企业税收的五分之三。另外,企业税收占当年总收入的27%,是经合组织平均水平的两倍多。认识到这种脆弱性,爱尔兰政府打算像挪威对待北海石油收入一样处理来自苹果的意外之财:设立一个主权财富基金。目前正在设立两个独立的资金池。部长们希望,到2040年,两个资金池总价能达到1000亿欧元,届时他们开始使用产生的收入。

There is also space for giveaways. With an election due early next year, a recent budget contained treats. While most European finance ministries retreat from support handed out during the energy-price shock of 2021-23, Irish households will receive a €250 energy credit this winter. Child benefits were also lifted and income-tax thresholds raised. Public investment in infrastructure was increased by €3bn.

此外,还有提供福利的空间。随着明年初选举临近,最近的一项预算中包含了福利措施。尽管大多数欧洲财政部门都撤回了在20212023年能源价格冲击期间提供的支持,但爱尔兰的家庭今年冬天将获得250欧元的能源补贴。同时儿童福利也得到提高,所得税起征点上调。公共基础设施投资则增加了30亿欧元。

The problem confronting Irish policymakers is a lack of slack in the economy. The European Central Bank will continue to reduce interest rates, responding to bleak conditions elsewhere on the continent. Ireland’s jobs market is tight. Any additional moves by the government to cut taxes or increase spending are likely to push up inflation. Full details on how some of the Apple windfall will be spent are due to arrive in January; ministers are already under pressure to splash even more cash. The politics of closing a deficit are never easy. Nor, it seems, are the politics of running an enormous surplus.

爱尔兰决策者面临的问题是经济缺乏弹性。欧洲央行将继续降息,以应对欧洲大陆其他地区的严峻形势。爱尔兰的就业市场十分紧张。政府采取的进一步减税或增加支出的措施,很可能会推高通胀。来自苹果意外之财的支出细节预计将于明年一月份公布;部长们已经面临着花销更多资金的压力。弥补赤字的政治向来不易,但似乎,管理巨额盈余的政治同样充满挑战。
翻译组:

Vivifang,顺应周期,爱与自由同时发生

Dreamian ,寻找着方向的人,一路走走停停再回首看看


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Alexis, Less is more
Hannah 做个废柴 保持愉快

SummerQE在职,梦想能仗走天涯 翻译/音乐/健康


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