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Legal and tax studies Reports

Systèmes de Ciblage Algorithmique de la DGFiP et Stratégie de Détection

L’administration fiscale française a engagé une mutation systémique de son contrôle fiscal via le projet PILAT (Pilotage et Analyse du Contrôle) et l’outil GALAXIE, qui constituent une infrastructure algorithmique de ciblage massif. Ces outils transforment l’ensemble des données fiscales, patrimoniales et relationnelles en un score de risque attribué à chaque contribuable. Le projet PILAT, lancé…
7 hours ago0Comments

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Papers with financial graphs beside stacks of US dollar bills representing market analytics.
Analyse de marchéAnalyse de marché MarketsMarkets

How High-Value Properties Slash Pillar Two Top-Up Tax Under SBIE Rules

The Substance-based Income Exclusion (SBIE) is a carve-out mechanism under Pillar Two (GloBE) that excludes part of a jurisdiction's GloBE Income before calculating top-up tax, recognizing real economic substance. Its formula for 2022 rules with 2024-2026 guidance is 5% of eligible payroll plus 5% of tangible assets' carrying value. Payroll includes eligible employee expenses,…
9 hours ago0Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Gold Demand from Central Banks Could Double in Late 2025, But Hurdles Remain, Says SocGen

Société Générale projects a more moderate pace of gold purchases by central banks in the future. While central bank demand has been a key driver of gold's multi-year rise to an all-time high of $5,600, and a recent World Gold Council survey indicates continued official sector buying, one bank adopts a cautious stance, warning that…
11 hours ago0Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Gold Dips Below $4,000 on Fed Hawkishness, but Heraeus Sees Support from Easing Inflation Expectation

According to precious metals market analysts at Heraeus, gold and silver prices are expected to rise soon due to declining oil prices, which ease inflation expectations and reduce bond yields, while developments in the Pacific region suggest a potential shift of the gold market's center of gravity to the East. In their latest review, analysts…
12 hours ago0Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Continued rate hikes. ECB towards 3.75%. Fed towards 5.75% by end of 2026

These projections come from a complete hybrid Monte Carlo simulation (incorporating coupled stochastic processes, embedded HMM regime-switching, an affine term structure for rates, and Poisson jumps for geopolitical shocks), calibrated on Steelldy Risk Engine 12.4 data (backtests 1971-2026), ECB staff projections from June 2026, and current macro flows (Bund 10Y ≈ 2.86-2.90%, ECB deposit rate…
4 days ago0Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Monetary illusion amid rising interest rates against persistent inflationary risks

The rise in key interest rates (ECB deposit facility at 2.25% as of June 17, 2026, following a +25 bps increase) mechanically raises the nominal yield of new sovereign bonds and monetary instruments (€STR, deposits). For a hold-to-maturity investor, this generates a stable nominal carry. However, our decomposition using Steelldy Risk Engine 12.4 (factor decomposition,…
4 days ago0Comments

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Close-up of gold bars on Thai baht banknotes, symbolizing wealth and prosperity.
Analyse de marchéAnalyse de marché MarketsMarkets

Gold vs. Bonds: As Central Banks Hike Rates, Investors Ditch the Yellow Metal for Yield

Gold is currently weakening despite inflation, due to several key factors. In May, Germany’s inflation rate was surprisingly moderate at 2.6% annually, significantly lower than the eurozone’s 3.2%. This deviation from the European trend was primarily driven by a temporary fuel subsidy introduced by the German government, which reduced gasoline and diesel prices. However, this…
5 days ago0Comments

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Analyse de marchéAnalyse de marché MarketsMarkets

Foreign state and institutional holdings of US Treasuries since the escalation of the Iranian conflict

We use exclusively verifiable public data, collected and processed by our Steelldy Risk Engine 3.4 infrastructure and Bloomberg Intelligence modules: - Treasury International Capital (TIC): Monthly and annual reports, raw and adjusted data for valuation and hedging effects, broken down by country and maturity (source: Treasury.gov). - Official reserve flows: IMF COFER (Currency…
06/25/20260Comments

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