More companies in the transport and logistics sector have a tax debt than in the business community as a whole, and the average debt is also high: over 313,000 euros, compared to around 90,000 euros in the business community as a whole. Much of the debt probably lies with airlines.
Tax debt in the transport sector stood at 2.8 billion euros on August 31 this year. Some 17 per cent of companies in logistics have a tax debt, compared to 10 per cent for the business sector as a whole. This is what ABN AMRO reports in an analysis on the average deferred tax debt by subsector. The debt is especially high among companies with 50 or more employees: an average of EUR 9.9 million.
Presumably, more than half of the tax debt is in airlines, public transport companies and bus operators and taxi companies. For privacy reasons, figures are not published on all industries.
Freight transport hit during first wave
The bank does know that companies in the freight transport sector face hefty tax debts. These arose mainly during the first corona wave, when the sharp disruption of logistics chains and the closure of factories, shops and catering establishments, for example, caused the transported cargo weight to fall sharply. Thus, 14 per cent of intermediaries in freight transport have outstanding debts averaging 337,000 euros. In freight road transport, 15 per cent have outstanding tax debts averaging almost 153,000 euros. This amount roughly equates to more than 20 months of profit for 2019.
Tax debt at parcel companies
In the postal and courier industry, many companies also have a tax debt. In 19 per cent of the industry, an amount is still outstanding. This is not a result of the corona crisis, as parcel delivery companies have actually benefited from the huge amounts of products ordered online. Presumably, many parcel delivery companies are barely profitable because the market is highly competitive. The average debt did fall since February, from EUR 45,000 to EUR 37,000.
ABN AMRO thinks the outlook for certain transport companies is poor. If debt weighs too heavily on the balance sheet, solvency must be strengthened before investments can be made in sustainability or digitalisation. It is also quite conceivable, according to the bank, that weakened companies will be taken over by strong companies in the sector. The corona crisis could thus lead to further consolidation.
