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ODAC Guest Commentary – Where has it all gone wrong?
Last year’s ‘bêtes noires’ were private equity funds. They had seen the light in terms of leverage and were using debt to fund major acquisitions, taking advantage of ridiculously low credit spreads and getting tax relief on their interest payments into the bargain. The Danish government’s corporation tax revenues fell by an estimated 12% when a consortium of private equity firms bought the Danish telecom operator, TDC for over Euros10bn. Too late, the Danish – and German – governments have introduced legislation to limit corporate tax relief on debt interest.
March 28, 2008
