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Goldman’s UK tax bill tops £2bn

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapp Sunday 23 January 2011 11:20 pm THE UK treasury made more than £2.29bn from Goldman Sachs last year, City A.M. can reveal.Goldman does not publish a break-down of tax costs by region, but it is understood that the amount represents a 14.5 per cent rise in its tax costs compared to 2009, despite a 35 per cent fall in global pre-tax profits.The sum equates to 4.3 per cent of the £53bn paid in total UK taxes by the entire financial services industry. The figure includes corporation tax, national insurance, VAT, income tax paid by employers on behalf of employees and the effect of the one-off bonus tax last year, which accounted for $465m (£290m) of the cost.The tax bill suggests pay of £382,000 per head for its 6,000 London-based staff – far more than its 2010 average pay per global employee of £286,000. However, Goldman partners reduced their donations to charity in 2010, giving $320m (£200m) globally versus $500m (£312m) in 2009.The revelation of the bank’s rising tax costs will raise further worries that the UK risks pricing itself out of the financial services market with increasingly punitive charges for banks that want to do business here.Conservative MEP for London Syed Kamall said: “While it is tempting for politicians to ask banks to pay higher taxes after some were bailed out with taxpayers money, we need to think through the consequences of tinkering with taxation too much.” Goldman’s UK tax bill tops £2bn KCS-content center_img Share Show Comments ▼ whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Irish gambling tax hike set for immediate review

first_img Irish gambling tax hike set for immediate review Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Finance Topics: Finance 23rd November 2018 | By contenteditorcenter_img Ireland’s government has committed to an immediate review of its gambling tax hike in a move that could lead to its repeal next year.Legislation doubling gambling tax from 1% to 2% of turnover was last night passed by the Dáil and is expected to proceed through the Upper House of the Irish legislature shortly, thereby bringing the measure into effect from January 1.However, in a dramatic 11th-hour concession to the gambling industry, Finance Minister Paschal Donohoe ordered a report on the tax rise’s impact to be presented to the Finance Committee by the end of the first quarter of 2019. The industry has warned that the increase will be massively damaging to the sector, with recent report commissioned by the Irish Bookmakers Association (IBA) claiming that the tax rise will lead to 400 betting shops closing and 1,500 job losses.In a debate in the Dáil, Donohoe said that a tax on gross profits – proposed by Independent Member of the Dáil Éireann Michael Healy-Rae and backed by the IBA – could be considered as a means of raising tax take while not decimating the nation’s retail gambling industry. Speaking to iGamingBusiness.com, a Department of Finance spokesperson said the door remained open to changes beyond January 1.“Minister Donohoe will continue to engage with the industry with the potential to look at the issue in the context of Budget 2020,” the spokesperson said.Healy-Rae’s amendment backed the IBA’s alternative proposal for a 10% tax on gross profits for shops, and a 20% rate for online operators. The IBA believes this change would raise the industry’s tax contribution by €25m while allowing businesses of all sizes to remain viable.IBA chair Sharon Byrne told iGamingBusiness.com today: “We are grateful the government have committed to doing a review early in 2019. This is critical as it will prove how a 100% increase is simply a tax on jobs and unsustainable. It cannot happen quick enough.”The government believes it can raise €50m through the rise in turnover tax, but this has been branded a “fantasy” by the assocaition, due to projected shop closures. The government plans to use the tax hike to increase funding for problem gambling treatment and the racing industry.Image: CraftyCaedus Regions: UK & Ireland Rise will be implemented as planned in January, but Finance Minister promises to look again Email Addresslast_img read more