Tax report – Sound Effects Online http://sound-effects-online.com/ Tue, 09 Aug 2022 05:15:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sound-effects-online.com/wp-content/uploads/2021/11/favicon-4-120x120.png Tax report – Sound Effects Online http://sound-effects-online.com/ 32 32 City sales tax report shows another monthly gain: The Prowers Journal https://sound-effects-online.com/city-sales-tax-report-shows-another-monthly-gain-the-prowers-journal/ Tue, 09 Aug 2022 05:15:00 +0000 https://sound-effects-online.com/city-sales-tax-report-shows-another-monthly-gain-the-prowers-journal/ Russ Baldwin | August 08, 2022 | Comments 0 Lamar’s June 2022 tax collection report shows a 10.10% increase over the same period last year, with a gain of $38,241, bringing total collections for the month to 416,781 $ compared to $378,540 in 2021. decrease of $5,846. Total sales and use tax collections increased by […]]]>

Lamar’s June 2022 tax collection report shows a 10.10% increase over the same period last year, with a gain of $38,241, bringing total collections for the month to 416,781 $ compared to $378,540 in 2021. decrease of $5,846. Total sales and use tax collections increased by 8.05% for this period for a gain of $33,693 and the 2022 total was $452,290 compared to $418,596 last year .

Since the beginning of the year, gains have also been recorded, although in slightly lower percentages. The municipal sales tax increased by 6.56% for a gain of $162,885 compared to last year. Total collections for 2022 are $2,644,515. Use tax collections decreased by 26.42% for a decrease of $77,435. Total sales tax collections increased by 2.45%, bringing year-to-date earnings to $2,881,858. Collections for 2021 at this point were $2,812,993.

Restaurants, Building Materials and Other Retail/All Other Collections posted gains across the 12 different retail categories posted each month, while Manufacturing and All Business/Electrical declined.

2020 2021 2022
Auto Parts – Vehicle Repair 92,680 98,469

105,060

Construction materials

87,667 101,003 117,421
Clothing-Department stores 758 767 779 212

785,036

Convenience stores and gas sales 111,220 132,065

142,733

All shops/Electricity

122,850 205 706 169,346
Furniture-Appliance-Electronics 13,881 16,455

17,467

grocery stores

180 909 167,370 194 131
Hotels/Motels 76,518 83 108

96,703

Alcohol sales

64,217 68,361 72,349
Manufacturing 14,011 33,188

5,837

Other Retail/All Others

471 514 659,017 701 747
Restaurants 217,353 251,050

267,881

Filed under: Chamber of Commerce • City of Lamar • Consumer Issues • Economy • Featured

Key words: Lamar Sales Tax Revenue Report


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Social charities will each pay an additional £20,000 in tax, report warns https://sound-effects-online.com/social-charities-will-each-pay-an-additional-20000-in-tax-report-warns/ Wed, 27 Jul 2022 11:16:36 +0000 https://sound-effects-online.com/social-charities-will-each-pay-an-additional-20000-in-tax-report-warns/ Employment tax changes will require all charities to contribute an average of £20,392 more over three years to National Insurance payments, according to a new study. The Voluntary Organizations Disability Group (VODG) announced last week that charities would pay out an additional £61million due to higher National Insurance rates for employees and employers as part […]]]>

Employment tax changes will require all charities to contribute an average of £20,392 more over three years to National Insurance payments, according to a new study.

The Voluntary Organizations Disability Group (VODG) announced last week that charities would pay out an additional £61million due to higher National Insurance rates for employees and employers as part of the Health Levy and social care.

Since April, there has been a 1.25% increase in national insurance rates for employees and employers.

VODG analysis of 3,000 charitable social care providers, by consultancy CordisBright, estimates that the increase in employer contributions will amount to £20,392 per supplier over three years. This will vary depending on the size of the organization, the report says.

He also warned that unfunded increases to the National Living Wage (NLW) would make it harder for social charities to compete with other employers.

Charities Hft and Community Integrated Care have warned that providers may have to return services if the government does not increase funding.

Workers’ union Unite has also called for increased funding for charities and warned that social workers could leave the profession without a pay rise.

Most charity social workers are ‘likely to earn minimum wage’

The news comes as research from Community Integrated Care suggests that many social workers would be paid up to 39% more if they worked in other publicly funded sectors.

“This pay gap is simply unacceptable,” said Dr Rhidian Hughes, chief executive of VODG.

Increases in NLW will also be a problem for social care providers, VODG warned, as they estimate it will grow by 6.6% per year until 2024.

VODG’s survey of 28 non-profit providers – which covers 32,000 employees – showed that just 6% are currently paid at NLW rates, but estimated that figure will rise to 54% of workers after the increases.

The report says it is ‘highly unlikely’ that employers will be able to raise wages at a higher rate than the NLW after the hikes, which would mean they will ‘become less and less in control of the larger realm expenses”.

It concluded that social care employers will face a “sustained financial challenge” to find the additional resources needed to pay the health and social care tax and rising NLW costs, and urged the central government to increase the funding through local authorities.

Hughes said: “The Health and Care Tax and the NLW increases are both urgently needed to support the retention and recruitment of social care staff. However, we need to see a greater proportion of levy funding made available, immediately, to support social care workers. All parts of the NHS and social services should be able to agree on this.

Hft: suppliers could render the services

Commenting on the study, Kevin Moyes, director of human resources and organizational development at learning disabilities charity Hft, said some providers would become financially unsustainable without increased central government funding.

“There needs to be more clarity on how local authorities will pay the fees that cover the cost of the new NLW, and preferably go beyond that, to reflect the real cost of living and encourage more people to work and to stay in the area,” he said.

“Without increased sustained financial support from central government, we will see a further increase in recruitment and retention pressures in the sector, which will eventually lead to the return of services to local authorities and, potentially, the non-viability of certain service providers.

“We welcome the government’s commitment to increase funding for health and social care through the health and social care tax.

“However, it seems somewhat counter-intuitive that charities in the sector are required to use funds received from local authorities and donors to contribute to the levy.

“In addition, we believe that a third of the tax will be allocated to the social care sector, but it is not clear whether this will be enough to avoid the potential problems predicted for our sector or how quickly this will happen.

Integrated community care: “Funding must come from central government”

Mark Adams, chief executive of social care charity Community Integrated Care, said: ‘As a sector, we fully support pay rises for NHS employees and other public sector workers, but we strongly believe that t is unfair that these increases do not apply to the 1.6 million hardworking and committed people also working in the welfare sector.

“On average social workers, despite having comparable skills to their counterparts in the government-funded NHS, are paid up to 39% less. Clearly this is not sustainable and only when we achieve pay parity can we really begin to address the recruitment and retention issues facing the sector. This funding must come from the central government.

Unite: Levy ‘needs urgent rethinking’

Alan Scott, national leader of the workers’ union Unite, said the tax and its effects on social charities “need an urgent rethink”.

“This comes at a time when many charities, especially those that relied on revenue from charity shops or event money, are experiencing huge financial problems as a result of the Covid lockdown,” he said. -he declares.

“A charity should save £18m a year from its budget. Many carers who provided essential care during lockdown are now leaving the caring profession due to inadequate pay at a time of rising inflation, and as a result there is a shortage of essential workers in the sector care.

Department of Health and Social Care: ‘An additional $5.4 billion will be invested in adult social care over the next three years’

A government spokesman told Civil Society News: ‘Our social staff are valued, appreciated and supported, which is why we are providing at least £500m to develop and support staff.


“This is part of the additional investment of £5.4 billion over the next three years which will allow us to launch a comprehensive program of adult care reform.


“Most social workers are employed by private sector providers who set their pay and terms and conditions independently of central government.”


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Delivering for Fenland while systematically freezing council tax, report says https://sound-effects-online.com/delivering-for-fenland-while-systematically-freezing-council-tax-report-says/ Fri, 15 Jul 2022 09:21:00 +0000 https://sound-effects-online.com/delivering-for-fenland-while-systematically-freezing-council-tax-report-says/ The unraveling of the economic effects of COVID, along with Russia’s illegal war in Ukraine, has led to soaring inflation internationally. The costs of energy, construction, fuel and food are increasing accordingly in this country. But as the cost of living crisis began to bite, councilors at Fenland District Council decisively froze Fenland’s share of […]]]>

The unraveling of the economic effects of COVID, along with Russia’s illegal war in Ukraine, has led to soaring inflation internationally. The costs of energy, construction, fuel and food are increasing accordingly in this country.

But as the cost of living crisis began to bite, councilors at Fenland District Council decisively froze Fenland’s share of council tax – for the fourth consecutive year.

Now an overview of the extent of the work the Council is undertaking for the people of Fenland, while consistently providing residents with an annual reduction in real terms to their council tax, has been detailed in its annual report for 2021-2022. .

Councilor Chris Boden. (58004909)

The report, now available online at www.fenland.gov.uk/AnnualReport, showcases the Council’s progress across a wide range of key service areas, outlines what has been achieved over the year elapsed and how he spent the income he received.

Councilor Chris Boden, leader of Fenland District Council and cabinet member responsible for finance, said: ‘We are living in the midst of the worst cost of living squeeze since the 1970s, with bills soaring in everyone’s pockets. We are therefore extremely proud that the Council has not only maintained excellent public services and pushed forward ambitious plans for the future, but that we have done so while freezing our share of council tax for four consecutive years. .

“Despite the many national and global challenges of recent years and the resulting strains on our finances, the Council has remained innovative, resilient and steadfast in its determination to improve the lives of the people of Fenland. We have continued to ensure that the needs of our residents, businesses and communities are recognized and met, to put in place provisions to ensure continuous improvement, to deliver vital public services to the highest standards and, with budgets reduced, to provide better value for money every year.

“We have supported vulnerable members of our community; conducted emergency response and built resilience; preventing and combating homelessness; helped people to live in safe and good quality housing; worked with the police to prevent and combat crime and anti-social behaviour;

encouraged our residents to adopt healthier and more active lifestyles; protected and enhanced our parks and green spaces; cleaning the streets and dealing with neighborhood waste and recycling; promoted and lobbied for infrastructure improvements; improved our air quality; secured investments in the district and hosted numerous community events throughout Fenland.

Key highlights from the annual report include progress on numerous regeneration programs such as the rail station master plans, the Wisbech High Street project and the work of the March Future High Streets Fund, as well as the launch of several new forms of online service request to make it even easier. for people to access municipal services.

Other highlights include cracking down on more rogue landlords who broke housing and safety laws, expanding the district’s air quality monitoring network, handing out more grants to coronavirus companies and key role in government houses for Ukraine.

program by supporting Ukrainians seeking to flee the war.

To read the 2021-2022 Annual Report, visit: www.fenland.gov.uk/AnnualReport




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County Receives Slow Sales Tax Report | New https://sound-effects-online.com/county-receives-slow-sales-tax-report-new/ Fri, 24 Jun 2022 04:00:00 +0000 https://sound-effects-online.com/county-receives-slow-sales-tax-report-new/ JONESBORO — Collections of Craighead County’s 1% sales tax rose just 0.9% this month, even as the national consumer goods inflation rate hits an all-time high for 40 years. According to reports provided by County Treasurer Terry McNatt, the tax raised $2,277,954 for the county government and 10 municipalities. June revenue generally mirrors retail sales […]]]>

JONESBORO — Collections of Craighead County’s 1% sales tax rose just 0.9% this month, even as the national consumer goods inflation rate hits an all-time high for 40 years.

According to reports provided by County Treasurer Terry McNatt, the tax raised $2,277,954 for the county government and 10 municipalities. June revenue generally mirrors retail sales in stores in April.

While countywide tax revenue has been sluggish, Jonesboro’s 1% separate municipal sales tax revenue rose 7.6% this month to $2,131,956, according to the city ​​finance department. However, municipal sales tax collection rates lagged countywide tax collections in previous months. For the first six months of 2022, the collections of the two taxes are more than 12% higher than the collections of 2021.

Economists blame a confluence of factors for the inflationary push, reports the Associated Press. Fueled by rock-bottom interest rates and sweeping government assistance programs, the economy rebounded with surprising speed from the pandemic recession of spring 2020. Companies rushed to recall laid-off workers and buy enough supplies to meet growing customer demand. This resulted in labor and material shortages, delays and higher prices. Russia’s invasion of Ukraine has driven up energy and food prices even further.

After being slow to recognize the inflationary threat, the Federal Reserve took aggressive action. Last week it raised its benchmark short-term interest rate by three-quarters of a percentage point – its biggest rise since 1994 – and signaled that bigger rate hikes are ahead. It also raised rates in March and May.

During a congressional hearing on Thursday, Fed Chairman Jerome Powell said the goal was to cut inflation from 8.6% to 2% by the end of the year.

June breakdown of Craighead County sales tax, with each entity’s percentage share of the money in parentheses and the totals for the year:

Jonesboro – (70.6), $1,609,196; $9,815,968.

Craighead County – (16.8), $383,274; $2,337,938.

Berry – (1.69), $38,420; $234,456.

Black Oak – (0.21), $4,772; $24,335.

Bono- (2.17), $49,335; $300,940.

Brookland – (3.65), $83,229; $507,688.

Caraway – (1.02), $23,293; $141,538.

Cash – (0.25), $5,734; $34,979.

Egypt – (0.1), $2,314; $14,116.

Lake City – (2.09), $47,835; $290,571.

Monette – (1.35), $30,842; $188,134.


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Korea far exceeds OECD average in inheritance tax: report https://sound-effects-online.com/korea-far-exceeds-oecd-average-in-inheritance-tax-report/ Fri, 17 Jun 2022 06:17:50 +0000 https://sound-effects-online.com/korea-far-exceeds-oecd-average-in-inheritance-tax-report/ Headquarters of the Organization for Economic Co-operation and Development in Paris (OECD) SEJONG — South Korea has significantly exceeded the Organization for Economic Co-operation and Development average in the ratio of inheritance and gift tax revenue to gross domestic product, a local think tank said Friday. In a report, the Korea Institute of Economic Research […]]]>

Headquarters of the Organization for Economic Co-operation and Development in Paris (OECD)

SEJONG — South Korea has significantly exceeded the Organization for Economic Co-operation and Development average in the ratio of inheritance and gift tax revenue to gross domestic product, a local think tank said Friday.

In a report, the Korea Institute of Economic Research said Korea had a 0.5% ratio of inheritance and gift tax income to GDP, which placed the country third among OECD members in 2020.

Although the institute said the level was 0.3 percentage point higher, compared to the OECD average of 0.2%, it did not specify how many countries among the 38 members of the OECD it was compared.

KERI also said Korea’s top inheritance tax rate for children and grandchildren was about 25 percentage points higher than the OECD average – 50% versus 25%.

The maximum rate of inheritance tax reaches 60% for stock inheritances because additional fees are imposed, making it the highest level among members of the Paris-based organization, the institute said.

He also raised the possibility of double taxation, saying that previously income tax targets could also later become estate tax targets.

KERI argued that “the nation should ease the burden of inheritance tax, given the global trend that most OECD countries do not levy inheritance tax or apply inheritance tax rates. reduced taxation as long as the wealth is offered to direct descendants”.

He suggested a maximum inheritance tax rate of 30% as the optimal level.

Assuming that sufficient income tax has already been levied on descendants in the process of accumulating their wealth, many OECD members impose inheritance tax rates that are lower than inheritance tax rates. income tax, according to the KERI report.

By Kim Yon-se (kys@heraldcorp.com)


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Report of the commissioners on economic development and hearing of the report on the sales tax https://sound-effects-online.com/report-of-the-commissioners-on-economic-development-and-hearing-of-the-report-on-the-sales-tax/ Thu, 16 Jun 2022 01:42:03 +0000 https://sound-effects-online.com/report-of-the-commissioners-on-economic-development-and-hearing-of-the-report-on-the-sales-tax/ by Danielle Linton-Hatfield/Personal editor During the Saline County Commission meeting held on Thursday, June 9, Northern Commissioner Stephanie Gooden reported on a conference she attended. She said it was about economic development, which was discussed in Manhattan, Kan. “It was eye-opening to see how Manhattan has grown since 2014,” Gooden added. “We were able to […]]]>

by Danielle Linton-Hatfield/Personal editor

During the Saline County Commission meeting held on Thursday, June 9, Northern Commissioner Stephanie Gooden reported on a conference she attended. She said it was about economic development, which was discussed in Manhattan, Kan.

“It was eye-opening to see how Manhattan has grown since 2014,” Gooden added. “We were able to interview and learn from many leaders there. I took away from that experience — my two main ones are: one, we need to come together with a positive attitude — and we need to establish a plan or a vision for how to develop Saline County. Those were the two main things that they – the leaders of Manhattan kept saying that they couldn’t do it alone or as a whole. They had to do it as a group.

In other news, Presiding Commissioner Kile Guthrey reported that the Malta Bend Memorial Post No. 558 would like to use the courthouse lawn on Friday morning November 11. He said it would be for a Veterans Day ceremony at 11 a.m.

The commission unanimously approved post #558 to hold the ceremony on the south side of the courthouse.

During the meeting, Treasurer Jared Brewer presented the following sales tax report for the month of June: Sales Tax $124,354.18 (up $23,148.05 from last month; down $13,859.54 over last year); Law Enforcement $93,265.81 (up $17,361.09 from last month; down $10,394.71 from last year); Use tax of $55,485.28 (down $2,750.88 from last month; up $15,474.79 from last year); Law – Sunset $31,089.82 (up $5,807.09 from last month; down -$3,419.03 from last year); and Economic Development $124,274.90 (up $23,280.52 from last month; down $13,685.07 from last year).

This month’s sales tax report and future ones can always be viewed at https://www.salinecountymo.org/treasurer.

Finally, Guthrey said he had something to say before wrapping up the meeting.

“There’s one thing I just want to say about the commission,” he said. “We are doing our best to work together for the benefit of Saline County. We’ve seen in (the) past what the split has cost the county and it’s not our goal for that to happen while we’re on call. We just want to try to do our best for the county. »

“We were able to interview and learn from many leaders there.”


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High Net Worth Families Tax Report, Vol. 15, Number 1 https://sound-effects-online.com/high-net-worth-families-tax-report-vol-15-number-1/ Mon, 06 Jun 2022 13:52:30 +0000 https://sound-effects-online.com/high-net-worth-families-tax-report-vol-15-number-1/ As we have done for over 15 years, in each issue we bring you in-depth articles highlighting important topics and providing practical information for high net worth individuals, with a focus on trusts and estates, taxation, family offices and tax-exempt organizations. . In this issue, Senior Counsel Christina Hammervold details the beneficial ownership information that […]]]>

As we have done for over 15 years, in each issue we bring you in-depth articles highlighting important topics and providing practical information for high net worth individuals, with a focus on trusts and estates, taxation, family offices and tax-exempt organizations. .

In this issue, Senior Counsel Christina Hammervold details the beneficial ownership information that many U.S. private corporations, LLCs, and other entities will soon be required to report to the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) under proposed regulations.

In her article on planning charitable and spousal deductions for fractional ownership interest bequests, partner Terri Barron explores two recent tax cases that highlight potential pitfalls in this complex area. And in “Dividing a Family Foundation: A Potential Solution for Boards Facing Intra-Family Conflict,” associate Brittney Butts discusses options for family foundations when the collaborative pursuit of philanthropic goals is tested by divorce and other family disputes.

As the 2022 election begins, associate Nick Warshaw has put together a guide to help readers navigate the donation limits and reporting requirements of various overlapping federal, state and local campaign finance laws. sometimes. Partner Ryan Austin explains significant changes to California property tax law affecting transfers of residences and other assets from parents to children after the passage of Proposition 19. And finally, Senior Counsel Jennifer Smith has some important reminders about the 2022 adjustments in transfer tax exemptions. and interest rates.

In this problem

New Beneficial Ownership Reporting Requirements for LLCs and Other Entities

Many LLCs, corporations, and other entities incorporated or registered to do business in the United States will soon be required by federal regulations to file reports to disclose their beneficial ownership and update those reports to reflect changes to their beneficial ownership. on an ongoing basis. Learn more here.

Pitfalls in Planning Charitable and Spousal Deductions for Fractional Real Estate Interest Bequests

Planning for the estate tax deduction for charity or marriage is a complex area, particularly when it comes to making bequests of fractional interests in a single property intended to benefit from the one of these deductions. Recent cases in this area highlight the potential pitfalls that have resulted in the reduction of these estate tax deductions and, therefore, unforeseen estate taxes. Learn more here.

Dividing a Family Foundation – A Potential Solution for Boards Facing Intra-Family Conflicts

Private foundations are excellent philanthropic vehicles for spouses and family members to collectively pursue their charitable goals. However, when spouses separate or other family conflicts arise, the collaborative pursuit of charitable goals may no longer be desired or feasible. Learn more here.

Political Contributions 2022 – Highlights of Important Limits and Campaign Finance Rules

As we approach the 2022 election, we wanted to highlight some important campaign finance rules. If you plan to contribute to candidates, ballot measurement committees, political parties, or political committees (PACs) this election cycle, you must comply with campaign finance laws. Learn more here.

Recent Changes in California Property Tax Law – Planning Opportunities with Principal Residences

The passage of Proposition 19 by California voters in November 2020 brought significant changes to the property tax reassessment exemption for transfers between parents and children. Learn more here.

Reminders – 2022 adjustments to transfer tax exemptions and interest rates

The following federal tax information for 2022 may be helpful as you consider your estate planning options for the rest of the year.


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Latest sales tax report shows continued upward revenue trend for many Bay Area cities https://sound-effects-online.com/latest-sales-tax-report-shows-continued-upward-revenue-trend-for-many-bay-area-cities/ Tue, 24 May 2022 15:19:21 +0000 https://sound-effects-online.com/latest-sales-tax-report-shows-continued-upward-revenue-trend-for-many-bay-area-cities/ Many Bay Area cities saw slight year-over-year increases in monthly sales tax figures in March. Sales tax reports are issued by the Texas Comptroller’s Office and are released six weeks after the itemized month end. The March figures report was released on May 13. The April sales tax report is expected to be released in […]]]>

Many Bay Area cities saw slight year-over-year increases in monthly sales tax figures in March.

Sales tax reports are issued by the Texas Comptroller’s Office and are released six weeks after the itemized month end. The March figures report was released on May 13.

The April sales tax report is expected to be released in mid-June.

League City generated $3.25 million in sales tax in March. A year ago, the figure was 2.08% lower at $3.19 million.

League City has seen its monthly sales tax revenue better than the previous year for 15 consecutive months.

Three other Bay Area municipalities also saw their tax receipts exceed $1 million in March.

Webster’s $2.12 million in sales tax was just a shade behind the $2.16 million that was paid in March 2021, but it was the second time in four months the city topped the $2 million mark.

Dickinson was not far behind Webster, raising $1.83 million in sales tax funds in March. This figure was 34.2%, or $466,985, higher than the $1.37 million generated in the same month a year ago.

The $1.83 million was also the highest monthly sales tax figure since September.

Friendswood crossed the $1 million mark for the first time since December, when it received $1.14 million in sales tax receipts. This figure is not far from the $1.26 million of December 2021, which coincided with the peak of holiday purchases.

Kemah saw $458,084 hit the tills in March. While that total was 3.8% behind the $476,068 that came in during the same month in 2021, the current total was the highest since $459,050 came in in September last year.

Seabrook saw its monthly sales tax revenue top that of a year ago for the fifth time in six months in March. The $354,027 was 5.7% higher than the same month last year, when $334,841 was produced.


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UK power company shares fall after windfall tax report https://sound-effects-online.com/uk-power-company-shares-fall-after-windfall-tax-report/ Tue, 24 May 2022 12:16:00 +0000 https://sound-effects-online.com/uk-power-company-shares-fall-after-windfall-tax-report/ Britain’s Chancellor of the Exchequer Rishi Sunak arrives to speak at the annual Confederation of British Industry (CBI) dinner in London, Britain May 18, 2022. Peter Nicholls/REUTERS/File Picture – RC2U9U9T42GX Join now for FREE unlimited access to Reuters.com Register Shares of UK power generation companies plunge in media UK plans possible one-off tax on power […]]]>

Britain’s Chancellor of the Exchequer Rishi Sunak arrives to speak at the annual Confederation of British Industry (CBI) dinner in London, Britain May 18, 2022. Peter Nicholls/REUTERS/File Picture – RC2U9U9T42GX

Join now for FREE unlimited access to Reuters.com

  • Shares of UK power generation companies plunge in media
  • UK plans possible one-off tax on power producers – FT
  • Centrica, Drax and SSE are the worst performers on the STOXX Europe 600

May 24 (Reuters) – Shares of British power generation companies plunged on Tuesday after a report that Britain had ordered plans to be drawn up for a possible windfall tax on more than 10 billion pounds (12, $6 billion) in corporate excess profits.

UK Finance Minister Rishi Sunak is seeking to raise funds to support households facing higher energy bills, the Financial Times reported on Monday. Asked to comment, the Treasury did not provide a specific response to the article.

Shares of UK power producers – Drax (DRX.L), Centrica (CNA.L) and SSE (SSE.L) – fell between 11% and 19%. They are on track for their worst day since the start of the pandemic and were the worst performers on the STOXX Europe 600 (.STOXX).

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A spokesperson for Drax highlighted the company’s £5 billion investment program including major infrastructure projects that would help create jobs and support the country’s energy security, but did not comment specifically. the potential tax.

SSE declined to comment, while Centrica did not respond to inquiries from Reuters.

Sunak and British Prime Minister Boris Johnson urgently want to work out measures to deal with rising energy bills and how to pay them, the FT reported, citing unidentified officials. An announcement could come this week or early June, he added.

“So far, policymakers’ discussions have focused exclusively on the oil and gas sector, but we believe the risk of this spilling over into the power sector is also increasing,” Citigroup said Tuesday, lowering its rating. note on Drax stock to “sell” from “neutral”.

Sunak said that if energy companies do not reinvest profits from soaring oil and gas prices into jobs, growth and energy security, there is no option on the possibility of exceptional taxes. Read more

He told the BBC this month: “I’m not naturally drawn to their idea (windfall taxes) but what I do know is that these companies are currently making significant profits because of these very high prices. ” Read more

The conflict in Ukraine, combined with a rapid recovery in fuel demand as the COVID-19 pandemic subsided, has helped to send oil and gas prices skyrocketing in recent months.

($1 = 0.7947 pounds)

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Reporting by Siddarth S and Jahnavi Nidumolu in Bengaluru Additional reporting by Akanksha Khushi Editing by Edmund Blair and Mark Potter

Our standards: The Thomson Reuters Trust Principles.


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AWS, with $626 million in federal contracts, pays ‘negligible’ tax: report https://sound-effects-online.com/aws-with-626-million-in-federal-contracts-pays-negligible-tax-report/ Tue, 24 May 2022 05:32:16 +0000 https://sound-effects-online.com/aws-with-626-million-in-federal-contracts-pays-negligible-tax-report/ Amazon’s cloud business reported $600 million in Australian income but only paid $16 million in tax in the 2020 financial year, a global tax accountability organization calling for greater transparency around its local operations. A joint report by the Center for International Corporate Tax Accountability and Research (CICTAR) and TaxWatch, released Monday, examines AWS’s importance […]]]>

Amazon’s cloud business reported $600 million in Australian income but only paid $16 million in tax in the 2020 financial year, a global tax accountability organization calling for greater transparency around its local operations.

A joint report by the Center for International Corporate Tax Accountability and Research (CICTAR) and TaxWatch, released Monday, examines AWS’s importance to Amazon’s global business and its practice of “aggressive tax avoidance.”

The report looks at Australia as a case study in this area, with AWS landing $626 million in federal government contracts but paying “negligible” tax in the country.

An Amazon spokesperson said the company “pays all applicable taxes” in Australia.

CICTAR senior analyst Jason Ward said Amazon shouldn’t be rewarded with Commonwealth contracts and the federal government should support local businesses instead.

“If there are qualified Australian companies that can do the job, why not give it to them and boost jobs and taxes for domestic industry rather than awarding massive contracts to companies like Amazon, which has a track record. global and national taxation? avoidance,” Ward told InnovationAus.com.

“The government has this huge buying power and it should use it to leverage responsible behavior and greater transparency across the industry.”

CICTAR is backing a proposal at an Amazon shareholder meeting this week, urging the company to publicly report on its tax payments and earnings in all countries where it operates. This would help better determine what work AWS does in Australia and whether it pays adequate taxes.

AWS Australia reported total revenue of $600 million in fiscal 2020, with taxable income of $55 million and paying $16 million in corporate tax, according to tax data from the ATO.

Since 2017-18, AWS Australia’s total revenue has tripled, but the amount of tax the company pays has only increased from $7 million to $16 million, according to the CICTAR report.

AWS Australia has entered into a lucrative whole-of-government agreement with the Federal Government, worth $390 million and running until 2025. The company has also won a number of contracts with government departments and agencies, including to host data from the controversial COVIDSafe contact tracing app. .

Several of the Australian government’s contracts with AWS are held directly with Delaware-based Amazon, rather than its local subsidiaries. Ward said that was previously the case with all AWS contracts, but now it’s more mixed.

“Assuming a contract is signed with the Delaware entity, all contractor payments immediately go overseas and a small portion goes to the Australian entity,” Ward said.

“Revenues and profits are shifted offshore from the start. There is such an ability for a company like Amazon to make payments and basically withdraw money overseas.

AWS’ original Australian whole-of-government agreement, signed in 2019, was with the Seattle-based parent company rather than its local subsidiary. When that deal was extended earlier this year, it was transferred to its Australian subsidiary.

An Amazon spokesperson defended the company’s tax record globally.

“Amazon pays all applicable taxes in Australia and in all countries in which we operate,” the spokesperson told InnovationAus.com.

“Australian government agencies are saving costs from the day of sign-up, due to the economies of scale achieved through the global supply agreement and also supporting a community of small IT businesses across Australia, who offer products and services that complement and help customers take full advantage of AWS.

AWS controls more than a third of the global cloud computing market and is the most profitable market segment for tech giant Amazon. While AWS only accounts for 13% of Amazon’s revenue, it accounts for 74% of its operating profit.

AWS has grown rapidly in recent years, especially in public sectors around the world.

“Despite raising public funds through large and rapidly growing government IT contracts, Amazon continues to despise paying its fair share of taxes. Amazon uses government contracts and subsidies to expand its empire and stifle competition , but it avoids tax liability on the profits it makes,” Ward said.

“The lower taxes paid by Amazon means the responsibility for funding essential public services is shifted to its hundreds of millions of customers and its growing global workforce.”

Amazon is headquartered in Washington state but incorporated in Delaware and has a market capitalization of $1.6 trillion. In 2021, AWS had net revenue of $62 billion, contributing nearly 75% of Amazon’s overall profits.

In Australia, AWS secured a $39 million government-wide procurement deal with the federal government through the Digital Transformation Agency in 2019. That deal has now grown 10x to $390 million in three years, and will last until 2025.

AWS Australia also received $31 million from the tax office and over $10 million from the employment department.

The company also received just under $710,000 to provide cloud hosting for the COVIDSafe app’s contact tracing data in 2020, raising concerns about data sovereignty.

More than $660 million of AWS Australia’s revenue came from related party sales and another $24 million from related party sublease payments, and some of that is “questionable,” the report says. .

One of the largest of these expenses was for “cloud service fees” of more than $223 million and $55 million for intangible assets.

“These types of large related party transactions, usually offshore, are common indicators of aggressive tax avoidance by multinationals,” the report said.

The report calls for greater transparency around how Amazon and other tech giants operate in Australia.

“It is impossible to decipher from the Australian accounts what levels of service provided in Australia may have been paid directly to Amazon’s offshore entities with only part of the payment going to the Australian entity,” he said.

“Although there is enough evidence to raise many serious doubts and questions, there is not enough evidence to properly analyze the complex multinational structure of Amazon’s global business and its tax obligations in specific jurisdictions.

“If governments are to continue to support and rely on AWS for the delivery of increasingly ubiquitous cloud computing services, it is crucial that these governments demand transparency.

A CICTAR report on another major government contractor last week found consultancy giant McKinsey was paying a ‘negligible’ tax in Australia despite securing more than $145 million in federal government contracts over the past three years and reporting total revenue of $850 million.

Do you know more? Contact James Riley by email.


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