Tax report – Sound Effects Online http://sound-effects-online.com/ Fri, 19 Nov 2021 08:20:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 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 Uber avoided millions of dollars in corporate tax, report says https://sound-effects-online.com/uber-avoided-millions-of-dollars-in-corporate-tax-report-says/ Wed, 17 Nov 2021 21:54:53 +0000 https://sound-effects-online.com/uber-avoided-millions-of-dollars-in-corporate-tax-report-says/ “What is reported are essentially bogus related party transactions that do not reflect any real Uber activity in New Zealand.” A filing with the Companies Office of Uber New Zealand Technologies Ltd showed that service fee revenue increased from $ 12.8 million in 2019 to $ 3.7 million in 2020, while its profit net after […]]]>

“What is reported are essentially bogus related party transactions that do not reflect any real Uber activity in New Zealand.”

A filing with the Companies Office of Uber New Zealand Technologies Ltd showed that service fee revenue increased from $ 12.8 million in 2019 to $ 3.7 million in 2020, while its profit net after tax fell from $ 222,000 to $ 350,000 as the company reduced its expenses and benefited from a tax credit.

The CICTAR report said the drop in service charges appeared to reflect an increase in the amount of money transferred to the Netherlands.

Ward said Uber was not atypical of other tax-dodging tech giants.

“I think they’ve taken it to another level in terms of the structures they’ve created in New Zealand.”

Tax evasion was “explicitly linked” to the exploitation of its drivers, he said.

“How can an Uber driver in New Zealand negotiate with a shell company in the Netherlands?” “

FIRST Union strategic project coordinator Anita Rosentreter said the report highlighted the “dangerous impact” of businesses in the odd-job economy.

“Uber’s business combines an exploitative work model that denies workers their rights, with a global tax structure that robs the public purse of the tax revenues we all rely on to keep our society prosperous.”

E tū and FIRST Union are taking legal action against Uber, seeking a declaration from the labor court that Uber’s workforce is made up of employees rather than independent contractors.

Last year, the court ruled that a former Uber driver had been an independent contractor and not an employee and therefore could not file a complaint against the company.

In a statement, a spokesperson for Uber New Zealand said the company has created “economic opportunities” in the 14 cities of Aotearoa in which it operates.

“The Uber platform provides flexible income opportunities to tens of thousands of Kiwis, with the vast majority of partner income remaining in the local economy.

“Recently, the Uber platform has also provided a crucial source of income for unemployed people like those in the hospitality industry.”

RNZ


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Cayman Finance Says TJN State of Tax Report Is Based on Flawed Analysis https://sound-effects-online.com/cayman-finance-says-tjn-state-of-tax-report-is-based-on-flawed-analysis/ Wed, 17 Nov 2021 16:48:27 +0000 https://sound-effects-online.com/cayman-finance-says-tjn-state-of-tax-report-is-based-on-flawed-analysis/ Cayman Finance is today releasing a critical analysis of a new Tax Justice Network (TJN) report, State of Tax Justice 2021. “TJN’s use of grossly skewed estimates and its failure to recognize the Cayman Islands’ fiscal neutrality and important safeguards against tax evasion and aggressive tax avoidance resulted in a very unreliable report in its […]]]>

Cayman Finance is today releasing a critical analysis of a new Tax Justice Network (TJN) report, State of Tax Justice 2021.

“TJN’s use of grossly skewed estimates and its failure to recognize the Cayman Islands’ fiscal neutrality and important safeguards against tax evasion and aggressive tax avoidance resulted in a very unreliable report in its findings on the Cayman Islands financial services sector, ”Cayman said. Finance said in a statement.

“As Cayman Finance’s research continues to demonstrate, TJN’s reports consistently lack credibility due to significant issues with the choice of data and the application of methodology,” the statement added.

Cayman Finance’s new analytical report, “TJN’s State of Tax Justice: A Critical Review,” assesses TJN’s State of Tax Justice report for 2021 as well as the previously released version for 2020.

Cayman Finance’s assessment was produced by renowned economist Julian Morris and covers “both very inaccurate estimates of corporate tax data as well as substantial errors in TJN’s reports on the islands legal and regulatory environment Caymans, “the statement said.

He added, “Some criticism of the Cayman Islands in the Tax Justice State is recycled from TJN’s Financial Secrecy Index, which Cayman Finance dismantled in a previous report.”

“The State of Tax Justice report continues the Tax Justice Network’s record by using distorted estimates and inaccurate valuations to reach very unreliable conclusions about the Cayman Islands,” said Jude Scott, CEO of Cayman Finance.

“Cayman Finance has once again produced careful analysis that draws on credible research to document TJN’s efforts to manipulate data to produce predetermined results. TJN reports such as the State of Tax Justice and Financial Secrecy Index cannot be taken using more precise data and reliable assumptions – and Cayman Finance will continue to shed light on its work until such time. ‘he does it,’ Scott added.

Cayman Finance said its research determined that TJN’s State of Tax Justice 2021 is based on:

  • Heavily flawed estimates: One of the founders of TJN, Richard Murphy, concedes that: a) TJN uses BIS data that does not differentiate between personal and business deposits; b) TJN does not recognize “that there may be commercial reasons for some of these deposits despite this with reference to the fact in the methodological note” and c) The detention abroad is not necessarily for the purpose of tax abuse.
  • Likewise, fragile premises: TJN’s “own measures for banking secrecy show that the Caymans are not a secret jurisdiction. Indeed, Cayman’s verified beneficial ownership register, combined with its tax information exchange agreements, strongly deters individuals from attempting to use the jurisdiction to engage in tax evasion.

Julian Morris, leading economist and author of the Cayman Finance report, further explains: “TJN uses flawed methods to calculate estimates of tax avoidance and evasion. TJN continues to use such flawed methods, the State Tax Justice cannot be relied on as a credible assessment of the Cayman Islands. “

Cayman Finance’s TJN State of Tax Justice: A Critical Review of Julian Morris, as well as analysis of other TJN reports, can be found at www.caymanfinance.ky.


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City publishes best sales tax report since pandemic began https://sound-effects-online.com/city-publishes-best-sales-tax-report-since-pandemic-began/ https://sound-effects-online.com/city-publishes-best-sales-tax-report-since-pandemic-began/#respond Sat, 13 Nov 2021 03:43:47 +0000 https://sound-effects-online.com/city-publishes-best-sales-tax-report-since-pandemic-began/ The City of Midland has released the best monthly sales tax report – by percentage – since the start of the pandemic / economic downturn. The city showed that $ 4.625 million in sales taxes were collected in November. This was 17.60% more than in November 2020. This percentage was also higher than in September, […]]]>

The City of Midland has released the best monthly sales tax report – by percentage – since the start of the pandemic / economic downturn.

The city showed that $ 4.625 million in sales taxes were collected in November. This was 17.60% more than in November 2020. This percentage was also higher than in September, when a 17.36% increase was reported.

Records from the city of Midland show that the total collection for November 2021 was lower than the same months in 2018 and 2019, but higher than the other months of November dating back to at least 2012.

Midland County raised $ 4.692 million, 48.5% more than in November 2020.


Sales tax revenue is generated by sales tax revenue two months prior to collection, that is, November collection is based on September sales.

November sales tax return

Town of Midland

November 2021: $ 4,625,416

November 2020: $ 3,933,038

Percent difference: 17.6

Year-to-date 2021: $ 8,510,791

Year-to-date 2020: $ 8,745,271

Percent difference: -2.68

The last five of November

2021: $ 4,625,416

2020: $ 3,933,038

2019: $ 5,065,428

2018: $ 5,261,274

2017: $ 4,044,234

Source: Town of Midland


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Latest sales tax report is brilliant for most Bay Area towns https://sound-effects-online.com/latest-sales-tax-report-is-brilliant-for-most-bay-area-towns/ https://sound-effects-online.com/latest-sales-tax-report-is-brilliant-for-most-bay-area-towns/#respond Tue, 12 Oct 2021 07:00:00 +0000 https://sound-effects-online.com/latest-sales-tax-report-is-brilliant-for-most-bay-area-towns/ Cities in the Bay Area saw cash registers increase sales at an accelerating pace in August, judging by the monthly sales tax report. Each month, the Texas Comptroller’s Office issues a sales tax report that details each city’s revenue in a given month. The reports are published approximately six weeks after the incident; the August […]]]>

Cities in the Bay Area saw cash registers increase sales at an accelerating pace in August, judging by the monthly sales tax report.

Each month, the Texas Comptroller’s Office issues a sales tax report that details each city’s revenue in a given month.

The reports are published approximately six weeks after the incident; the August report was therefore published on October 8. This report showed that virtually overall, cities in the Bay Area saw a double-digit year-over-year increase in sales tax revenue compared to August 2020.

League City’s total summer sales tax exceeds $ 8 million

Three cities in the region received more than $ 1 million in sales tax revenue in August – Dickinson, Webster and League City – with League City leading the pack with $ 2.505 million. This figure was 12.3% higher than the $ 2.231 million contributed in August 2019.

With June, July and August including the summer months, it has been a hot retail season for League City.

In total, the municipality collected $ 8.148 million this summer. As of the summer of 2020, that figure stood at $ 7.389 million.

In 2020, the US economy was darkened by the coronavirus pandemic. However, a comparison of League City’s summer 2021 to that of its 2019 counterpart indicates that the municipality has significantly increased its sales tax revenue.

That season, League City saw $ 5.721 million in tax revenue flow into city coffers, about $ 2.427 million less than what was reported for this summer.

Dickinson’s August total jumps from last year

The town of Dickinson also had an impressive show in August of this year, generating $ 1.892 million in sales tax revenue. That number was more than twice as high as the August 2020 $ 856,934.

The summer sun was also shining on Dickinson, as $ 5.435 million in sales tax funds were generated. Last year that amount totaled $ 3.107 million.

Webster topped the $ 1 million cities by producing $ 1.635 million in taxes in August. This is a 10.7 percent improvement from last August’s posting of $ 1.477 million.

The report detailing August’s revenue was a bit bright for the city as it represented the second consecutive month Webster saw a year-over-year increase in sales tax dollars.

But the summer of 2021 was definitely a good one for Webster, as the season saw $ 5.23 million, up from $ 4.731 million for the same season last year.

After surpassing the $ 1 million mark for sales tax revenue in June, the town of Friendswood continued to bubble below that bar in August, watching $ 851,919 come in. This was 26.43% above August 2020 revenue of $ 673,818.

Friendswood’s summer has also been quite good compared to 2020. This year the city took in $ 2.746 million, compared to a year ago that amounted to $ 2.394 million.

Kemah continued to make gains over last year’s monthly sales tax total. In 2020, August produced $ 289,043, while this year’s campaign grossed $ 350,485, an increase of $ 61,442.

Seabrook topped last August’s total by registering $ 246,261 in sales tax revenue, up from that mark of $ 217,661 last year.

Clear Lake Shores was an anomaly in the Bay Area as August revenue declined year over year. This year, August generated $ 178,711 in tax revenue, down 4.47% from $ 187,086 for the same month in 2020.

For the second month in a row, Nassau Bay saw its year-over-year tax revenue surpass last year’s levels. In August, the city produced $ 98,932 in tax revenue, which is a 15.24% increase from last August’s performance of $ 85,847.

El Lago and Taylor Lake Village both recorded sales tax revenues in August that were higher than this month’s total a year ago. El Lago raised $ 16,423 in August, down from a year ago that figure stood at $ 14,859.

Taylor Lake Village claimed $ 16,105 in August, while $ 13,735 was donated during last year’s monthly tour.

The September sales tax report will be released in mid-November.

John DeLapp is a freelance writer. He can be contacted at texdelapp@gmail.com.


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South Korean opposition party tries to make changes to crypto tax: report https://sound-effects-online.com/south-korean-opposition-party-tries-to-make-changes-to-crypto-tax-report/ https://sound-effects-online.com/south-korean-opposition-party-tries-to-make-changes-to-crypto-tax-report/#respond Mon, 11 Oct 2021 07:00:00 +0000 https://sound-effects-online.com/south-korean-opposition-party-tries-to-make-changes-to-crypto-tax-report/ The South Korean opposition People Power Party is preparing a proposal to delay the implementation of the country’s crypto tax laws, as well as adjust the level at which the taxes go into effect, according to a report from the Korea Herald. The bill would delay the entry into force of the January 1, 2022 […]]]>

The South Korean opposition People Power Party is preparing a proposal to delay the implementation of the country’s crypto tax laws, as well as adjust the level at which the taxes go into effect, according to a report from the Korea Herald.

  • The bill would delay the entry into force of the January 1, 2022 legislation currently scheduled for early 2023.

  • It would also change the law from a 20% tax on cryptocurrency capital gains over 2.5 million won (US $ 2,125) to a 20% tax on gains between 50 million and 300 million won ($ 42,000 to $ 251,000), and a 25% tax. for profits exceeding 300 million won.

  • “It is not fair to impose taxes first at a time when the legal definition of virtual currency is ambiguous,” the Korea Herald said, quoting People Power Party representative Cho Myung-hee. “The intention is to lighten the tax base in terms of tax on income from financial investments so that virtual currency investors do not suffer disadvantages.”

  • Lawmakers are expected to submit the bill as early as Tuesday, according to the report.

  • Last week, South Korea’s Finance Minister and Deputy Prime Minister Hong Nam-ki said the current legislation was ready for implementation on January 1 and that any further delay “would result in a loss of public confidence in government policy and undermine stability in the Legal System. “

  • Non-fungible tokens (NFT) appear for the moment to be exempt from crypto taxes. However, South Korea does not currently classify them as “virtual assets”.


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Trump sues niece, New York Times over 2018 tax report | Donald Trump News https://sound-effects-online.com/trump-sues-niece-new-york-times-over-2018-tax-report-donald-trump-news/ https://sound-effects-online.com/trump-sues-niece-new-york-times-over-2018-tax-report-donald-trump-news/#respond Wed, 22 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/trump-sues-niece-new-york-times-over-2018-tax-report-donald-trump-news/ The $ 100 million lawsuit accuses Mary Trump and the New York Times of “insidious conspiracy” to obtain tax records. Former United States President Donald Trump has filed a $ 100 million lawsuit against his ex-niece Mary Trump and The New York Times newspaper, alleging that they have engaged in “an insidious conspiracy” to get […]]]>

The $ 100 million lawsuit accuses Mary Trump and the New York Times of “insidious conspiracy” to obtain tax records.

Former United States President Donald Trump has filed a $ 100 million lawsuit against his ex-niece Mary Trump and The New York Times newspaper, alleging that they have engaged in “an insidious conspiracy” to get her tax returns for the Pulitzer Prize-winning financial investigation. .

The lawsuit, filed Tuesday in Dutchess County, New York, says New York Times reporters Susanne Craig, David Barstow and Russ Buettner waged “a massive crusade to obtain Donald J’s confidential tax records. Trump ”.

“The defendants engaged in an insidious plot to obtain confidential and highly sensitive documents which they exploited for their own benefit and used as a means of falsely legitimizing their high-profile works,” says the lawsuit, saying they were “motivated by a personal vendetta “.

The New York Times and the three journalists won the Pulitzer in 2019 for their investigation into the finances of the Trump family.

The newspaper reported that Trump received more than $ 400 million – in modern terms – from his father’s real estate empire, largely through tax fraud schemes.

Mary was the daughter of Trump’s older brother, Fred Trump Jr, who died in 1981 of complications from alcoholism.

In her 2020 unrestricted memoir, Too Much and Never Enough: How My Family Created the World’s Most Dangerous Man, she revealed that she was the primary source of the New York Times investigation.

Trump has repeatedly sought to protect his financial records from public view, even though the disclosure of tax returns has become routine for U.S. presidential candidates.

Tax documents have played a role in several investigations into Trump and his business connections. Most recently, the US Department of Justice ordered the Internal Revenue Service (IRS) to turn Trump’s statements over to a congressional committee.

Trump is also under investigation in New York for tax evasion and other alleged wrongdoing related to the financial activities of his Trump organization.

“I think he’s a loser”

Trump’s 27-page lawsuit claims New York Times reporters “relentlessly searched for her niece, Mary L Trump, and convinced her to take the files out of her attorney’s office and turn them over to the Times.”

Times reporter Craig tweeted early Wednesday: “I knocked on Mary Trump’s door. She opened it. I think they call it journalism.

The lawsuit alleges that by providing information, Mary Trump violated a non-disclosure agreement signed in 2001 after a settlement over the estate of Donald Trump’s father, Fred Trump Sr.

The former president is demanding $ 100 million in damages, as well as all profits from his niece’s book.

In a statement quoted by NBC, Mary Trump said of her uncle: “I think he’s a loser, and he’s going to throw everything against the wall he can.”

“It’s despair. The walls close and he throws everything against the wall he thinks to stick. As is always the case with Donald, he will try to change the subject, ”she said.

A spokeswoman for the New York Times said the newspaper’s coverage “helped educate citizens through meticulous reporting on a matter of major public interest.”

“This lawsuit is an attempt to silence independent news agencies and we plan to vigorously defend against it.”

The current lawsuit focuses only on the 2018 report. It does not address a report from The Times in 2020, which found that the former president had paid no federal income tax in 10 of the 15 years. previous ones.



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City Sales Tax Report Shows Big Rise in Spring and Summer Despite Rising COVID-19 Cases | New https://sound-effects-online.com/city-sales-tax-report-shows-big-rise-in-spring-and-summer-despite-rising-covid-19-cases-new/ Sat, 18 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/city-sales-tax-report-shows-big-rise-in-spring-and-summer-despite-rising-covid-19-cases-new/ Norman recorded significant tax revenue over the summer – what city officials say is in part due to a significant rebound in retail from last year’s COVID-19 restrictions. Norman’s tax revenue totaled $ 7.8 million in June, $ 8.05 million in July, nearly $ 8.14 million in August and over $ 8.4 million in August, […]]]>

Norman recorded significant tax revenue over the summer – what city officials say is in part due to a significant rebound in retail from last year’s COVID-19 restrictions.

Norman’s tax revenue totaled $ 7.8 million in June, $ 8.05 million in July, nearly $ 8.14 million in August and over $ 8.4 million in August, according to a monthly report. September. This equates to 42.34%, 20.75%, 16% and 31.13% increases over the same months in 2020.

The third and final round of US bailout stimulus checks first hit bank accounts on March 12. The impact of those payments and other sales tax returns is best reflected in the report two months after the companies submitted their tax numbers, said Anthony Francisco. , city finance director.

Francisco said the last four monthly reports showing a double-digit change from previous years were an encouraging sign for the economic recovery from the first months of the pandemic in 2020. He said the increase in yields could be due to a combination of pent-up demand, federal stimulus payments and reflecting when COVID-related restrictions negatively affected retail activity.

Dan Schemm, director of VisitNorman, expects Norman to have a solid year for sales tax revenue “unless there are horrific setbacks with the pandemic.” The city on Wednesday reported 559 new cases of COVID-19 in the previous week, bringing its then active cases to 919, according to records from the Oklahoma State Department of Health. Four deaths were reported during that time, bringing the city’s total to 212, according to records.

Schemm said he recently discussed the Delta variant of COVID-19 with Dale Bratzler, COVID manager at the University of Oklahoma, about the viral variants causing eight-week spikes before giving way to a downward trend in hospitalizations.

He said COVID-19 cases increased in the spring and summer along with promising sales tax reports.

“I think the people who are vaccinated are coming out, and the people who haven’t been vaccinated have made that decision, and I don’t think they have changed the way they live,” Schemm said. “The number of cases could certainly have an impact on these reports, but I hope this trend continues.”

Schemm said his team’s focus has shifted this spring to leisure travel. He said that “there was pent-up demand” in this industry, which led to his marketing decision.

“For him to continue with these increases that we’ve seen since the spring, with the exception of an issue in April, throughout September, has been great,” he said.

Schemm also said the return of OR football to games at full capacity is expected to generate hefty sales tax figures. Games for the 2020 season have been capped at 25%.

“I think people were excited to come back and then with OU Football I think the numbers are definitely up, so we’re looking forward to a fabulous Q4,” said Shelley Cox, owner of Cayman’s Clothing, who has also noted his store. has seen an increase in income since the spring months.

Finally, Schemm said his monthly hotel / motel industry report shows a rebound in key performance indicators. According to its most recent report for July, the occupancy rate was 61.3%, an increase of 21.1% from the same month in 2020. The average daily room rate in July was 90. $ 25, up from $ 71.69 in 2020.

The July 2019 report shows the average daily rate to be $ 83.51. As of July 2021, the average daily rate was $ 90.25.

“We can see that we are getting more visitors and that they are spending more money,” Schemm said. “I hope these efforts from VisitNorman have contributed a bit to these sales tax numbers that we are seeing.”

Jeff Elkins covers business, life, and community stories for The Transcript. Contact him at jelkins@normantranscript.com or @ JeffElkins12 on Twitter.


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Monthly sales tax report shows promising trend for Bay Area cities https://sound-effects-online.com/monthly-sales-tax-report-shows-promising-trend-for-bay-area-cities/ https://sound-effects-online.com/monthly-sales-tax-report-shows-promising-trend-for-bay-area-cities/#respond Wed, 15 Sep 2021 07:00:00 +0000 https://sound-effects-online.com/monthly-sales-tax-report-shows-promising-trend-for-bay-area-cities/ Monthly sales tax figures for Bay Area cities showed year-over-year increases across the board for July in the state’s latest report. Sales tax figures are released two months after the fact. The July report was released by the State Comptroller’s Office on September 10. Dickinson’s July numbers jump from 2020 League City saw a double-digit […]]]>

Monthly sales tax figures for Bay Area cities showed year-over-year increases across the board for July in the state’s latest report.

Sales tax figures are released two months after the fact. The July report was released by the State Comptroller’s Office on September 10.

Dickinson’s July numbers jump from 2020

League City saw a double-digit year-over-year increase in July.

That month, the city raked in $ 2.5 million, up from $ 2.3 million for that month in 2020. The difference of $ 214,455 between the two marks an increase of 9.2%.

The July 2021 sales tax figure was well ahead of the same month before the 2019 pandemic. That year, the city took in $ 1.9 million.

Webster and Dickinson were both close to hitting the $ 2 million mark in sales tax revenue, bringing in $ 1.8 million.

Dickinson’s total was a 74.6% improvement from the $ 1 million generated in July 2020. The 2021 sales tax figure was also well above the $ 1.06 million collected in July 2019.

At Webster, the $ 1.8 million in July was a 29.8% increase above the $ 1.4 million produced in July 2020.

In July 2019, Webster claimed $ 1.5 million in sales tax.

Friendswood saw an 11.6% year-over-year increase in sales tax revenue when it raised $ 812,236. In the same month last year, that figure was $ 727,644.

The July tax figure also exceeded the mark displayed the same month in 2019. In July, Friendswood generated $ 737,949 in sales tax.

Kemah continues to have a strong 2021 for sales tax. In July, the City of the Bay produced $ 430,474, up 42.7% from the $ 301,622 cashed in the same month last year.

Kemah’s sales tax figure for July 2019 was $ 506,135.

Across Clear Creek, Seabrook also had a good July, bringing in $ 245,837 compared to $ 211,272 in the same month last year. This difference of $ 34,565 came down to an increase of 16.4%.

Nassau Bay reversed a two-month trend by posting a year-over-year increase in tax revenue.

The city generated $ 88,934 in sales tax dollars in July, a 12.9% jump from the same month last year when it collected $ 78,807.

In May and June, Nassau Bay experienced an annual decline in sales tax revenue, averaging 8.4%.

El Lago collected $ 19,759 in sales tax revenue in July, some $ 4,800 more than the $ 14,959 generated a year ago.

Taylor Lake Village produced $ 15,596 in tax revenue in July, up from $ 13,491 in 2020 for that month.

The August sales tax report will be released in mid-October.

John DeLapp is a freelance writer. He can be contacted at texdelapp@gmail.com.


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HVS 2021 Accommodation Tax Report – United States https://sound-effects-online.com/hvs-2021-accommodation-tax-report-united-states/ https://sound-effects-online.com/hvs-2021-accommodation-tax-report-united-states/#respond Tue, 14 Sep 2021 16:33:48 +0000 https://sound-effects-online.com/hvs-2021-accommodation-tax-report-united-states/ As the impacts of the COVID-19 pandemic on the accommodation industry continue, this tenth annual study on the HVS accommodation tax quantifies the impact of the pandemic on revenues over the past year . An analysis of 25 major US markets shows losses totaling approximately $ 1.3 billion in 2020 from historic 2019 levels. HVS […]]]>

As the impacts of the COVID-19 pandemic on the accommodation industry continue, this tenth annual study on the HVS accommodation tax quantifies the impact of the pandemic on revenues over the past year . An analysis of 25 major US markets shows losses totaling approximately $ 1.3 billion in 2020 from historic 2019 levels. HVS projects a loss of $ 1.45 billion in room revenue in 2021 from a baseline scenario without pandemic.

Extract from HVS

As the impacts of the COVID-19 pandemic on the accommodation industry continue, this tenth annual study on the HVS accommodation tax quantifies the impact of the pandemic on revenues over the past year . An analysis of 25 major US markets shows losses totaling approximately $ 1.3 billion in 2020 from historic 2019 levels. HVS projects a loss of $ 1.45 billion in room revenue in 2021 from a baseline scenario without pandemic. HVS also provides historical data on tax rates as well as the collection and distribution of revenue from lodging taxes levied in the 50 states and 150 largest US cities.

introduction

Accommodation taxes are an essential source of support for the convention and tourism industries. Accommodation tax revenues fund debt service for the construction of convention centers, arenas and other public meeting facilities. This revenue stream provides a large portion of the funding for Destination Marketing Organizations (“DMOs”) and covers operating deficits at convention center sites. As of March 2020, the US hospitality industry has faced unprecedented challenges and losses resulting from the COVID-19 pandemic. The lack of business, leisure and business travel across the country during the early days of the pandemic drastically reduced accommodation tax revenues.

Despite the rapid deployment of a readily available vaccine, reluctance to vaccinate and more virulent strains of the SARS-CoV-2 coronavirus have created more uncertainty about the pace of the hospitality industry’s economic recovery. This report provides insight into how the COVID-19 pandemic reduced accommodation tax revenue by analyzing available historical data on accommodation tax collections. Using a year of historical data, the HVS quantified the impact of the virus and projected the extent of the pandemic’s ongoing economic fallout, which can last for years. Future editions of the HVS Accommodation Tax Study will follow developments.

Impact of COVID-19 on the hosting industry

The hospitality and tourism industries have proven to be the industries most vulnerable to the COVID-19 pandemic, with percentages of revenue losses far exceeding that of the overall economy. In January 2021, the US Travel Association and Tourism Economics reported approximately $ 500 billion in losses and $ 64 billion in federal, state and local tax losses by the end of 2020.

The hospitality industry has relied on direct relief offered throughout the COVID-19 pandemic, including the March 2020 CARES $ 2 trillion economic aid program, the $ 900 aid program million dollars of December 2020 and the $ 1.9 trillion US bailout of March 2021. The $ 3.5 trillion budget resolution currently underway in the congressional approval process promises further economic stimulus. Full recovery from the initial shock of the COVID-19 pandemic is not expected until 2024, according to the American Hotel & Lodging Association, with state and local tax revenues generated by hotels recovering sooner, albeit in 2023.

Accommodation tax loss forecast

HVS combined data on lodging tax collections with projections of the performance of hotel markets in 25 major US cities. Prior to the onset of the crisis, in fiscal 2019, 25 major US markets generated approximately $ 3.7 billion in tax revenue from accommodation, as shown in the figure below. In total, these markets experienced a decrease in their turnover of -34.66% from 2019 to 2020.

Hosting Tax Revenue in 25 U.S. Markets

Source: HVS

The performance of the 25 markets in past economic shocks provides an indication of how the recovery from the COVID-19 pandemic could play out. Urban markets that relied heavily on meetings and groups and individual business travel to generate demand for overnight stays have been more severely depressed by the pandemic than markets that depend on demand for leisure. Long-haul air access and international markets have also been more affected than transport markets.

Given the uncertainty surrounding the pandemic throughout 2020, economists and analysts have relied on the shape and magnitude of past economic shocks to estimate losses from COVID-19. These estimates ranged from less severe (V-shaped recessions similar to the recessions of the 1990s and early 2000s) to more severe (U-shaped recessions like the Great Recession or, at worst, an L-shaped scenario. – in the form of a recession as Japan experienced it in the 1990s). After nadir in 2020, the recovery in occupancy rate, average daily rate (“ADR”) and revenue per available room (“RevPAR”) show patterns of recovery resembling those of a V-shaped recession .

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Miller: Sales Tax Report Reflects Growth and Opportunity | New https://sound-effects-online.com/miller-sales-tax-report-reflects-growth-and-opportunity-new/ https://sound-effects-online.com/miller-sales-tax-report-reflects-growth-and-opportunity-new/#respond Fri, 20 Aug 2021 07:00:00 +0000 https://sound-effects-online.com/miller-sales-tax-report-reflects-growth-and-opportunity-new/ Muskogee continues to see growth in its share of sales tax revenue, reflecting what officials describe as “good opportunities” in a strong local retail industry. Data compiled by the Oklahoma Tax Commission shows the city’s share of sales tax revenue disbursed in August was $ 2.51 million. This is an increase of 5.93% from sales […]]]>

Muskogee continues to see growth in its share of sales tax revenue, reflecting what officials describe as “good opportunities” in a strong local retail industry.

Data compiled by the Oklahoma Tax Commission shows the city’s share of sales tax revenue disbursed in August was $ 2.51 million. This is an increase of 5.93% from sales tax filings recorded for the same period a year ago, up $ 148,972 from the $ 2.36 million filed in August 2020.

August disbursements represent local sales tax collected on June business activity. Totals include taxes collected on actual sales reported by businesses required to file electronically from June 16 to 30 and estimated sales from July 1 to 15.

The commission disbursed $ 183.42 million in sales tax revenue to state municipalities, an increase of over $ 15.29 million, or 8.34%, from the $ 168.12 million. dollars disbursed in August 2020. Counties that assess a sales tax have shared disbursements totaling over $ 29.98 million and use the tax. sales totaling nearly $ 5.48 million.

Muskogee County’s share of sales tax disbursements in August totaled $ 534,188, up 7.77% from the $ 492,694 it received for the same month in 2020. The disbursement in August usage tax in Muskogee County coffers totaled $ 84,846, up 13.48% from the $ 73,405 deposited a year ago. .

City Manager Mike Miller said Muskogee continues to see “strong – and hopefully sustainable – growth in our retail industry.” He said there appears to be “a lot of opportunity” in Muskogee for both business owners and consumers.

“Our employment numbers are high, and there are still a lot of jobs out there – a lot of opportunities here, and people are making money,” Miller said. “These are good trends for us, and we hope that this will translate into the development of housing and new opportunities for economic development.”

Muskogee’s sales tax receipts for the first two months of fiscal 2022, which began July 1, totaled nearly $ 4.91 million. This is a 4.69% increase from the $ 4.68 million deposited in city coffers in the same period a year ago, when federal pandemic aid boosted spending. of consumption.

Muskogee also saw a 2.64% increase in its user tax revenue from deposits reported in August 2020. User tax revenue paid to the city totaled $ 320,581, up $ 8,478 per year. compared to $ 312,103 deposited a year ago.

User tax revenue, which can vary wildly from month to month, is primarily generated from out-of-state purchases of goods consumed or used in Oklahoma. City councilors have ordered that up to $ 1.2 million of Muskogee’s annual use tax filings be used solely for purposes related to economic development.

Muskogee’s 4% municipal sales tax revenue, along with tobacco taxes and franchises, makes up just over half of the city’s general fund. City councilors approved a general fund budget for fiscal year 2022 totaling approximately $ 36.84 million.


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