TAX

EU targets €140 billion from windfall taxes on energy companies

Brussels wants EU member states to raise €140 billion from energy companies’ profits to soften the blow of record-high prices. A proposed windfall tax on power companies that do not burn gas, the price of which has recently soared, would be accompanied by other measures on fossil fuel groups. The commission proposal would also set a mandatory threshold for prices charged by companies that produce low-cost, non-gas energy, such as nuclear and renewables groups. However, the proposals will have to be approved by member states, which are at odds over the issue and will meet to discuss it on September 30. President of the Commission Von der Leyen noted such payments, and the windfall tax would be “all emergency and temporary measures”. (Financial Times)*

STRATEGY

Patagonia’s owner gives company away to fight climate crisis

The billionaire owner of apparel company Patagonia is giving the entire company away to fight climate change. Patagonia founder Yvon Chouinard is giving the entire company to a uniquely structured trust and non-profit, designed to pump all the company’s profits into saving the planet. Chouinard worked with his family and lawyers to create a structure that will allow Patagonia to continue to operate as a for-profit company whose proceeds will go to benefit environmental efforts. Chouinard’s family donated 2% of all stock and all decision-making authority to a trust, which will oversee the company’s mission and values. The other 98% of the company’s stock will go to a non-profit called the Holdfast Collective which is tasked with championing environmental issues. (The Guardian)

SUSTAINABLE INVESTMENT

Singapore outlines financial services overhaul with green focus

Singapore announced plans to overhaul its financial services industry by 2025 in a bid to cement its position in mobilising capital to support sustainable financing and green fintech. The ‘Industry Transformation Map 2025’ plans, released by the Monetary Authority of Singapore (MAS), will include measures to streamline corporate structures used by investment funds, including family offices that offer tax breaks, and a S$400 million investment in local talent within the industry. The MAS projects that its new plans will see Singapore’s financial sector grow by an average of 4% to 5% a year from 2021 to 2025, and create 3,000 – 4,000 net jobs on average annually. The plans include a S$100 million fund over five years to support sustainability within the finance sector such as green fintech, new sustainable financing solutions and reinsurance. (Reuters)

DIGITAL ETHICS

Google faces €25bn lawsuit in UK and EU over digital advertising

Technology company Google faces a €25 billion (£21.6 billion) lawsuit in the UK and EU that accuses the firm of anticompetitive conduct in the digital advertising market. The company, which is a key player in the online advertising market and a dominant force in search, is accused of abusing its power, which coordinates the sale of online advertising space between publishers and advertisers. UK law firm Humphries Kerstetter is planning to bring a case to the competition appeal tribunal. The UK competition watchdog is also investigating Google’s power in the digital advertising technology market. Claimants said the lawsuit aims to recover advertising revenue lost due to Google’s allegedly anticompetitive behaviour over a period of years, accounting for estimated collective losses of £7 billion. (The Guardian) 

DIVERSITY & INCLUSION

KPMG finds more women & underrepresented joining profession

Professional services company KPMG’s Tax Reimagined 2022 survey shows that more women and underrepresented groups are joining the tax and accounting profession, according to executives at large companies. KPMG’s report, which surveys 300 C-suite executives, shows that 83% of C-suite respondents have seen an uptick in the number of female hires and candidates in the profession, and 72% of respondents said the same about underrepresented groups. Around 83% of respondents said that recruiting talent in the tax and accounting profession has been difficult. However, C-suite executives have seen an increase in diverse talent pursuing tax careers in the last year. Another 54% of survey respondents said they have started outreach initiatives to Black, Indigenous, People of Color (BIPOC) and other underrepresented groups. (Diversity Inc)

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