UK employers, stung by new levies, call for overhaul of tax system

By William Schomberg

LONDON (Reuters) – British businesses demanded that finance minister Rishi Sunak stop raising their taxes and instead offer more help to meet the challenges of Brexit, COVID-19 and climate change when he makes major budget statements next month.

The Confederation of British Industry urged Sunak to “flip business taxation on its head” when he sets out new tax proposals and a three-year spending plan on Oct. 27.

“The lack of detail and pace from the government on some of the big economic choices we must make as a country are the biggest concerns for business,” CBI Director General Tony Danker said in excerpts of a speech to be delivered later on Monday.

Danker told Sunak to stop hitting companies that invest in making their premises less carbon-intensive with increased property tax payments, a quirk of the business rates system.

He also said more needed to be done

Read More

Align finance with tax to navigate the changing business world

Over the past year, businesses have made dramatic shifts to navigate the changing economic environment and overcome the challenges of the pandemic: moving employees to remote work overnight (and allowing them to stay that way long-term), shifting business models, and adjusting supply chains to keep up with demand. Each of these changes has major tax implications.

With today’s business environment forcing companies to always be in a state of flux, the tax landscape will only become more complex. And there are more potential issues on the horizon that will likely have far-reaching impacts on tax strategy, such as the recent agreement among 130 nations on a corporate minimum tax, the Biden administration’s announcement to increase investments in tax enforcement (e.g., increased IRS staffing), and the continual investment of revenue agencies around the world in digitization to make sure they get their share of corporate tax dollars. In short, the corporate

Read More

Suite Liv’n tax increment financing given the OK by the Willmar City Council

Jul. 24—WILLMAR — Suite Liv’n received the approval it was seeking from the Willmar City Council Monday night, when the tax increment financing district and agreement for a new apartment complex passed by a wide margin.

“TIF is a great incentive to get the development we seek,” said David Ramstad, city planning and development director.

In a tax increment financing district, the full amount of taxes on a new development are collected but then an agreed-upon portion is returned to the developer for development costs. In the Suite Liv’n TIF, the business will receive approximately $1.49 million total over 15 years.

“This doesn’t impact existing taxes whatsoever,” Ramstad said.

The new Suite Liv’n development will be four buildings with 72 units total on 24th Street Northwest, next to Ridgewater College. The total development will cost about $9.27 million. The buildings will be constructed on vacant land amongst other Suite Liv’n

Read More

MPs on finance committee to discuss timing for changes to small business tax rules

OTTAWA — A parliamentary committee will hold a rare summer meeting next week about when Ottawa plans to change tax rules on the sale of small businesses between family members.



a man wearing a suit and tie


© Provided by The Canadian Press


Conservative MP Larry Maguire’s private member’s bill passed amended the Income Tax Act so business owners could pass on companies to their children or relatives at the same tax rate as if they were selling to a stranger.

Maguire and others who backed the legislation said the change would no longer make it more expensive for someone to sell a family-owned small business to a relative.

The legislation received royal assent in late June just before the House of Commons broke for its summer recess, but didn’t include a specific date for when it would come into force.

As a result, the Finance Department announced the government would bring forward legislation to clarify

Read More