Business Insider – 1.5 million tech companies are expected to pay more in taxes this year than the federal government is projected to collect, according to an analysis of government data released Friday.
According to the Economic Policy Institute’s Taxes in the 21st Century project, about 1.4 million tech firms will get a $200 billion tax credit that will allow them to deduct up to $2,000 in business expenses.
That would raise revenue to the tune of $11.5 trillion.
The government expects to collect $1.6 trillion in revenue from the tax credits, and the tech industry is projected by the White House to generate $2.4 trillion in taxes, according a report by the Tax Foundation.
The Tax Policy Center estimates that the tax credit will increase revenues by $5 trillion and reduce deficits by $3.5 billion over the next 10 years.
Tech companies are already being hit hard by a wave of job cuts and the expiration of the corporate tax holiday, which ended in 2018.
The bill would extend the credit to those companies that make at least $200 million in revenues and that hire 10 or more full-time employees.
The bill would also extend the tax holiday to all companies that are 50 or more percent owned by a single family or LLC.
It would also give tax credits for up to four years for companies that hire 20 or more employees.
This article is based on a report from Business Insider.
A tax solution partner has been selected for the U.K.’s next government.
The Tax Justice Network, which was formed to provide free legal advice to businesses, has been invited to join the government as the Government’s chief tax justice advisor, The Sunday Times newspaper reported Friday.
The new adviser will be based in the Treasury Department, The Times said.
Theresa May has previously called the tax code “the biggest and most complex system in the world.”
A new adviser to the government, appointed by May, will help guide the government on a range of tax issues including the taxation of companies, a tax overhaul, and the role of the courts, according to the Sunday Times.
May’s cabinet has previously said it will introduce a tax reform bill in the summer.
The U.S. is also expected to introduce a bill, The Associated Press reported Friday, citing a source familiar with the discussions.
Partnering with some of the world’s biggest technology companies, Australia will offer customers a suite of solutions that could help them save money when purchasing a bat, from a bird feeder to a pet store.
A spokesperson for the Australian Competition and Consumer Commission (ACCC) said the initiative was part of its efforts to encourage competition in the market for bat feeders and bird feeders.
“As we continue to innovate and innovate with our supply chain, we need more partners in our supply chains to deliver better products to our customers,” said the spokesperson.
“Our customers want to buy bat feeder products and bat feedERs, so we’re making it easier for them to do so.”
The partnership comes after Australia was named as the world leader in bat feederies in 2016 by the Global Bat Feeder Association.
The industry group has been lobbying Australia to adopt a bat-friendly policy, with the industry body saying it is “time for Australia to act”.
The new initiative will be available in Australia, New Zealand and the US, with partner companies expected to be announced in the coming months.