Posts belonging to Category taxation



BREXIT: Parliament seizes control

Hard Brexiteers dream is dying

As this phase of the Brexit process grinds towards its excruciating conclusion, mercifully, we might finally be about to learn what can command a majority among lawmakers in the House of Commons. And, in bad news for hard Brexiteers, it looks like their dream is dying.

On Monday night, Members of Parliament indicated to Theresa May that they want to wrestle Brexit out of the government’s hands and take control of the process.

This means indicative votes on Wednesday, in which the Commons will likely coalesce around a softer version of Brexit. If the diehard Brexiteers didn’t like May’s deal, they’re going to hate what could be about to come.

We already know that the majority of the Commons opposes a no-deal Brexit – something the Brexiteers see as a preferable alternative to May’s deal. These indicative votes will likely show us that a majority of MPs also favor closer ties to Europe as a way forward.

https://www.cnn.com/

Revoke Article 50 petition calling for Brexit to be cancelled hits 5 million signatures

One million people marched through London demanding a second referendum on Brexit.

An online petition calling on the government to revoke Article 50 and cancel Brexit has attracted more than 5 million signatures. The petition, started in late February, became the most popular petition ever submitted to the parliament website after it hit over 4 million signatures on Saturday. The record-breaking number came as an estimated one million people marched through London demanding a second referendum on Brexit.

The parliament website has crashed numerous time since the petition leapt in popularity on Wednesday following Theresa May’s appeal to the British people to support her as she demanded MPs back her deal. But Ms May rejected the message of the petition on Thursday, when a No 10 spokesperson said failing to deliver Brexit would cause “potentially irreparable damage to public trust”.

https://www.independant.co.uk/

Uber IPO Could Be One of Five Biggest NYSE Listings in History

Uber chooses the New York Stock Exchange

Uber Technologies has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details aren’t public.

The ride-hailing giant is expected to publicly file for its offering in April, kicking off a listing that could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.

https://www.fortune.com/

Solid majority against Brexit in UK

At least 6% difference  in favor of the ‘Remain’ choice according to different polls

The general public supports holding a second referendum on the decision to leave the European Union if the UK government attempts to Brexit without a deal, according to YouGov.

When the question is whether UK voters favour a referendum if the choice is between leaving with no deal or remaining in the EU, the split is:

  • Support: 50%
  • Oppose: 36%

https://www.businessinsider.com/

MPs overwhelmingly back Brexit delay

The short delay could last until June 30

British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain’s exit from the European Union, setting the stage for Prime Minister Theresa May to renew efforts to get her divorce deal approved by parliament next week. Lawmakers approved by 412 votes to 202 a motion setting out the option to ask the EU for a short delay if parliament can agree on a Brexit deal by March 20 — or a longer delay if no deal can be agreed in time.

The vote makes it likely that the March 29 departure date set down in law, which May has repeatedly emphasised, is likely to be missed, although it is unclear by how long.

The short delay envisaged in the motion could last until June 30, but the longer extension is not currently time-limited. Either would require unanimous approval from the other 27 EU members, whose leaders meet in a summit next Thursday.

http://www.reuters.com

No deal Brexit ruled out by MPs in all circumstances

Chaos deepens

Theresa May will attempt one final desperate roll of the dice on her Brexit deal, issuing a stark warning to mutinous Brexiters that they must approve her offer by next week or face a long article 50 extension.

The prime minister was humiliated yet again amid chaotic scenes on Wednesday night in parliament, as her cabinet ruptured three ways and MPs inflicted two more defeats on the government to demand no deal should be taken off the table permanently.

In an unprecedented night of Tory splits, four cabinet ministers, Amber Rudd, David Mundell, David Gauke and Greg Clark, defied their party’s last-minute whip and refused to vote against the government’s own motion, after it was amended to rule out any prospect of no-deal Brexit.

http://www.theguardian.com

No-Deal Brexit: the UK will scrap 87% of tariffs

UK will not set up Irish border checks under a no-deal Brexit

The UK would refuse to introduce any Irish border checks and scrap 87% of tariffs on imported goods to the UK if it leaves the EU without a deal, officials have confirmed.

Theresa May’s government published explosive details of the tariff cuts and its Irish border plans after Theresa May’s Brexit deal was defeated heavily in parliament on Tuesday, significantly increasing the likelihood of no deal.

Downing Street would take unilateral measures to maintain an open Irish border by not introducing any new checks or controls on goods moving from Ireland to Northern Ireland, including no customs declarations for normal goods.

http://www.businessinsider.com

Brexit could be stopped by the end of the week, warns Jeremy Hunt

Europhile MPs could be two thirds of the way to win

Europhile MPs could be two thirds of the way to stopping Brexit by the end of this week, Jeremy Hunt has warned. The Foreign Secretary said there was now “wind in the sails” of Remain-backing MPs as he issued a direct plea to Tory Eurosceptics to vote for Theresa May’s deal on Tuesday.

He said Leave voters would ultimately hold the Conservative Party responsible for failing to deliver on the 2016 EU referendum result and the electoral consequences would be “devastating”. Mr Hunt’s intervention came as the UK and EU remained locked in a Brexit stalemate with no immediate prospect of a solution being agreed on the crunch issue of the backstop.

http://www.telegraph.co.uk

China’s government sets growth target of at least 6%

China will slash taxes and boost lending

China will cut billions of dollars in taxes and fees, increase infrastructure investment, and step up lending to small firms, Premier Li Keqiang said Tuesday, as the world’s second-largest economy looks set to slow further this year.

The government aims to expand its economy by 6.0 to 6.5 percent in 2019, Li said at the opening of the annual meeting of China’s rubber-stamp parliament, less than the gross domestic product growth of 6.6 percent reported last year.

Sources said earlier this year that China would cut its 2019 growth target to 6.0 to 6.5 percent from the 2018 target of 6.5 percent amid growing economic headwinds.

https://www.japantimes.co.jp

U.S. and China said to appear close to deal to roll back tariffs

Formal trade deal could be sealed at a summit around March 27

The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday.acebook would have various options to go to after the currency has been launched.

U.S. President Donald Trump and Chinese President Xi Jinping could seal a formal trade deal at a summit around March 27 given progress in talks between the two countries, the Wall Street Journal reported on Sunday.

https://www.reuters.com/

Labour will back call for second Brexit referendum

Labour would also back an amendment that would compel Theresa May to delay Brexit

Campaigners for a second referendum on Brexit received a major boost on Monday night when Jeremy Corbyn said Labour will back another public vote on leaving the European Union.

Mr Corbyn told Labour MPs that the party would also back an amendment this week that would compel Theresa May to delay Brexit rather than leave the EU without a deal on March 29th.

https://www.irishtimes.com/

BREXIT: ‘Remain’ would win a second referendum by 9 points

20,000 people were questioned in a Survation poll

Remain would win a new Brexit poll by eight points with 54 per cent voting to stay in the EU and 46 per cent opting to leave, according to analysis of one of the largest surveys carried out on the issue. Some 20,000 people were questioned in a Survation poll for Channel 4 which estimated 105 local authority areas that voted Leave in 2016 would now be carried by the Remain side.

Channel 4 said a multi-level modelling technique, which successfully predicted the 2017 general election result, had been used in the exercise.

https://www.independent.co.uk/

UK: Cabinet ministers back new centre-ground movement, claim Tory defectors

Home secretary Amber Rudd has threatened to resign  in the event of a no-deal Brexit

The new centre-ground Independent Group made up of former Labour and Tory MPs enjoys backing within Theresa May’s cabinet, it was claimed today. Heidi Allen MP said the grouping have the support of “ministers at all levels” after she and two other Conservative colleagues quit their party to join up.

Ms Allen’s claim comes after home secretary Amber Rudd, who has threatened to resign in the event of a no-deal Brexit, made sympathetic statements about the MPs who had left her party. In comments likely to enrage other former Tory colleagues, Ms Allen also indicated the new group could not only bring down the government, but aimed to see the destruction of the Conservative Party.

http://www.independant.uk.co

Huawei founder says Huawei CFO arrest was politically motivated

Huawei equipment could be used to spy on Americans

The U.S. Justice Department denied the charges were politically motivated. “The Justice Department’s criminal case against Huawei CFO Meng Wanzhou is based solely on the evidence and the law. The Department pursues cases free of any political interference and follows the evidence and rule of law in pursuing criminal charges,” spokeswoman Nicole Navas said in an email to Reuters.
Huawei, along with another Chinese network equipment company, ZTE Corp, has been accused by the United States of working at the behest of the Chinese government. The United States has said their equipment could be used to spy on Americans. Huawei has repeatedly denied the claims.

http://www.reuters.com

Amazon Will Pay a Whopping $0 in Federal Taxes This Year

Amazon has registered $11.2 Billion Profits

Those wondering how many zeros Amazon, which is valued at nearly $800 billion, has to pay in federal taxes might be surprised to learn that its check to the IRS will read exactly $0.00. According to a report published by the Institute on Taxation and Economic (ITEP) policy Wednesday, the e-tail/retail/tech/entertainment/everything giant won’t have to pay a cent in federal taxes for the second year in a row.

This tax-free break comes even though Amazon almost doubled its U.S. profits from $5.6 billion to $11.2 billion between 2017 and 2018. To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate—making its tax rate -1%.

http://www.fortune.com