As Chinese consumers become wealthier and foreign vehicles become more prevalent, another Western import is gaining traction: the automobile loan. China's 17 auto-financing firms had $43 billion outstanding as of March 31, up 10% compared with Dec. 31, according to the China Banking Association.
The Securities and Exchange Commission is reminding companies in guidance on eXtensible Business Reporting Language to provide calculation relationships and, especially for smaller companies, to reduce use of custom tags. In a separate publication, the SEC comments on custom tags, or extensions, used to express numbers. It also observes that among large filers, there has been a "consistent and gradual decline" in use of custom tags.
The House of Representatives will vote today on a bill that would permanently extend bonus depreciation. It is unclear what will happen in the Senate, which has said it will not pass any bills before midterm elections in November.
Shareholders of companies that move overseas to limit U.S. taxation tend to ultimately pay the price with the Internal Revenue Service, as illustrated by Medtronic's proposal to acquire Ireland's Covidien for $42.9 billion. The IRS would treat the deal as if Medtronic investors had sold their shares, and some would have to pay capital gains tax.