Wednesday, the United Kingdom will publish its 2021 budget , after the fall budget was delayed due to the pandemic. In addition, the UK government will launch several consultations on the future of the country's tax strategy on March 23. Changes to the corporation tax—particularly an increase in the UK's 19 percent corporation tax rate—are reportedly among the reforms under consideration.
More specifically, accelerated depreciation—or full expensing—of capital assets would decrease the marginal effective tax rate on investment, making new investment less costly. This, in turn, could boost investment and thus economic growth. A number of OECD countries—including Australia and Germany —have already implemented accelerated depreciation for various assets in 2020 to spur investment.
In case you are keeping track:
Three ways Sunak could boost business in his tax-raising Budget
In short, if anyone who owns or runs a company hasn't already made plans for tomorrow, they should probably switch off their phone, get out of the home office and go for a long walk. The Budget is simply going to be one piece of bad news after another.
And yet, surely, amid all the tax rises, Chancellor Rishi Sunak should at least throw a few morsels in the direction of business. He is a Conservative after all. We can forget tax cuts, or widespread deregulation, as welcome as they might be. That simply isn't going to happen. But there are some more minor changes that would still be valuable.
Companies need an 'experimental' budget to get tech-savvy
Company chiefs should create an "experimental" budget to help accelerate the adoption of more advanced technologies, argues the local head of Adecco Group, a recruitment, education and consultancy business.
Preeti Bajaj, who also sits on the board of Guide Dogs Australia, said an advantage of an experimental budget was that it could afford to be small, because trialling and verifying new systems or services could be done cheaply.
"I haven't had a customer meeting in 20 years where if I've asked for feedback, I haven't received it," says Preeti Bajaj, CEO of Adecco in Australia and New Zealand. Dominic Lorrimer
We need a budget strategy focused on growth: Business Council of Canada CEO - Video - BNN
China's top financial regulator said all fintech platforms that offer banking services must comply with the same capital requirements as those imposed on traditional lenders to curb risks.
South African President Cyril Ramaphosa sought to identify a backup option in case Finance Minister Tito Mboweni left his post, but abandoned the search because he couldn't find a suitable alternative, according to four people familiar with the situation.
China's top banking regulator said he's worried about a slew of risks including the nation's property bubble, rapid inflow of foreign capital and elevated global markets.
Were you following this:
UK to extend coronavirus support, may raise tax in budget - Times of India
Publix Steps Up Capital Budget
Consumer buying changes influenced by the coronavirus pandemic delivered approximately $4.6 billion in sales over the fiscal year for Publix Super Markets, the Lakeland, Fla.-based retailer said in a financial filing this week.
For the 2020 fiscal year, which ended Dec. 26, Publix reported total sales of $44.9 billion—a 17.7% increase--and net profits of just under $4 billion. Gross margin as a percent of sales increased to 27.9% from 27.2% in fiscal 2019.
Myanmar's Military Deploys Digital Arsenal of Repression in Crackdown - The New York Times
During a half century of military rule , Myanmar's totalitarian tools were crude but effective. Men in sarongs shadowed democracy activists, neighbors informed on each other and thugs brandished lead pipes.
The generals, who staged a coup a month ago, are now back in charge with a far more sophisticated arsenal at their disposal: Israeli-made surveillance drones, European iPhone cracking devices and American software that can hack into computers and vacuum up their contents.
Stock market reform will be hailed in Budget to attract tech listings
Rishi Sunak is preparing to lay the groundwork for a once in a generation overhaul of the stock market, giving more power to company founders amid a race to attract bumper tech floats.
A review of Britain's stock market listing regime being carried out by former European Union finance commissioner Lord Hill is expected to recommend the launch of controversial dual class share listings when it is published alongside the Budget on Wednesday.
The proposals would allow tech founders to retail control even if they only have a minority stake in their business. They are likely to be strongly criticised by shareholder groups who fear this will diminish the influence of other investors.
Happening on Twitter
"We need a budget to improve people's purchasing power, reduce inequalities and give people hope." @premnsikka on… https://t.co/DYifbUXaf8 jeremycorbyn (from UK) Mon Mar 01 20:10:57 +0000 2021
"Government complacency is betraying a generation of unemployed" says former PM, Gordon Brown… https://t.co/f5OAb8SOlw OfficeGSBrown Mon Mar 01 07:55:20 +0000 2021
Global Britain: UK halving aid budget to Yemen condemning hundreds of thousands of children to starvation. Meanwhil… https://t.co/aS8nJ9aUKL AngusRobertson (from Edinburgh - Scotland - Europe) Mon Mar 01 18:48:33 +0000 2021
What's happening in @HouseofCommons this week? Read our briefings to find out more about the: 💬 Spring Budget 2021… https://t.co/QFGD7WVJeo commonslibrary (from United Kingdom) Mon Mar 01 09:48:42 +0000 2021
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