Latest news with #taxrevenue
Yahoo
19 hours ago
- Business
- Yahoo
National City votes to research more data before moving forward with short-term rental ordinance
NATIONAL CITY, CALIF. (FOX 5/KUSI) — After years of problems with illegal activity and the loss of tax revenue, National City is moving toward regulating short-term rentals. A new ordinance was considered at Tuesday night's city council meeting, but it isn't moving forward just yet. National City officials estimate around 200 short-term rentals have gone unregulated in the city. An ordinance was presented to require registration and permitting with the city, a 24/7 contact person for each property and several other rules consistent with other cities throughout San Diego County. However not all council members felt the rules were ready to move forward as presented, citing the need for more details and data. The city acknowledges the biggest issues with short-term rental properties have been noise, parties, parking issues and illegal activity ranging from prostitution to violence. There is also the loss of transient occupancy tax, which is currently 10% in National City, by letting these properties go unregulated. Several councilmembers were outspoken about the need for the ordinance, but ultimately it was decided to put the efforts on hold and required city staff to bring the ordinance back with more specific details. City staff said they will work on trying to bring the ordinance back by the next scheduled city council meeting on June 17, but acknowledged it would be a tight timeline. City council pauses meetings during the month of July, but there was also discussion about bringing the short-term rental ordinance to a community forum this summer. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Halt Sabah tax collection until revenue sharing sorted, says Yong
SAPP president Yong Teck Lee said the federal government should not delay making annual payments of at least RM2 billion to Sabah. (Facebook pic) PETALING JAYA : Tax collection should be suspended in Sabah until the state receives its full entitlement of net shared revenue, says Yong Teck Lee, a deputy chairman of the ruling GRS coalition. Yong, a former chief minister, said Sabah continues to miss out on its share of revenue to which it is entitled under the constitution. He said this year's RM600 million special grant from Putrajaya, though an increase from previous years, was 'a figure plucked out from nowhere'. 'We call on the federal government to honour the 40% net revenue entitlement without further delay,' Yong said in a statement. 'Until then, tax enforcement in Sabah should be re-evaluated, paused if necessary, and guided by consultation with the Sabah government and Sabah business organisations.' Yong, who is president of the Sabah Progressive Party, also questioned Kota Kinabalu City Hall's partnership with the Inland Revenue Board (LHDN) to identify inactive taxpayers in Sabah, arguing that these were mostly petty traders and not big-time tax evaders. He said enforcing tax compliance as petty traders battled rising costs and the people's declining purchasing power would only damage the local economy. 'DBKK should stop aligning with federal LHDN enforcement while the billions owed to this region remain unpaid. It should stop playing the role of federal tax collector to hunt down the so-called inactive tax payers.' Yong said LHDN recently announced it had collected RM5.7 billion in taxes from Sabah last year, and hoped to collect RM6.2 billion in 2025. He said the amount was equal to an average of RM6 billion in taxes collected in these two years, of which 40% would amount to RM2.4 billion. 'There is absolutely no reason for the federal government to delay making annual payments of at least RM2 billion to the Sabah government,' said Yong. The revenue sharing formula has been a contentious issue for decades. Sabah politicians have called for the federal government to honour Sabah's entitlement to 40% of the amount which exceeds the net revenue derived in 1963. Use of the formula has been suspended since 1974, with the federal government paying increased special grants to Sabah and Sarawak. The Sabah Law Society has been granted leave to pursue a judicial review of the state's revenue entitlement, with the case to be heard on July 7.
Yahoo
4 days ago
- Business
- Yahoo
Report: Airbnb brought $900M to Louisiana in 2024
BATON ROUGE, La. (Louisiana First) — A new report shows that Airbnb travel created over $90 billion in economic activity across the U.S. in 2024. Louisiana felt a big part of that impact. In the state alone, Airbnb helped generate approximately $900 million last year. The report said guest spending supported around 12,000 jobs, $495 million in wages and over $256 million in tax revenue. Airbnb also said that the average guest in Louisiana spent around $860 on restaurants, shopping, entertainment, and other local businesses on their trip. The report said that the spending benefited communities, especially those without major hotel infrastructure. According to a news release, Airbnb also backed House Bill 374 during the 2025 legislative session. The bill lets Airbnb and similar short-term rental sites collect and send taxes straight to state and local governments. Bill would create hotel tax district in St. Francisville to redevelop blighted property 'This bill will make it easier for communities across Louisiana to capture the full economic benefits of tourism from short-term rentals,' Airbnb said. Airbnb said guests contributed $25 billion to total tax revenue across the nation, which includes $2.4 billion from tourism-related taxes. Baton Rouge man accused of helping New Orleans inmate arrested on drug charges Air traffic controller says its 'safe to fly' but 'avoid Newark' Man sues Walt Disney World over Florida water slide's 'exhilarating speeds' Turmoil, worry swirl over cuts to key federal agencies as hurricane season begins Report: Airbnb brought $900M to Louisiana in 2024 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Fiscal deficit down due to ‘right moves', says economist
The government's fiscal deficit dropped to RM21.9 billion for the first quarter of 2025, representing a 17% reduction from the RM26.4 billion in the same period of last year. (Envato Elements pic) PETALING JAYA : An economist has attributed the reduced fiscal deficit recorded in the first quarter of 2025 to revised policies, disciplined government spending, and higher tax revenue. Aimi Zulhazmi Abdul Rashid of Universiti Kuala Lumpur said despite challenges such as economic uncertainty and geopolitical tensions, the decision to restructure finances, including rolling out targeted subsidies, had borne fruit. He praised Prime Minister Anwar Ibrahim's administration for implementing targeted subsidies, a policy which had been shunned by Anwar's predecessors despite its benefits for the federal government's coffers in the long run. Aimi Zulhazmi Abdul Rashid. 'Restructuring the government's finances is complex, but the Madani administration had the political will to do it,' he told FMT. It was reported last week that the government's fiscal deficit dropped to RM21.9 billion for the first quarter of 2025, representing a 17% reduction from the RM26.4 billion in the same period of last year. According to a report by the economy ministry, revenue registered by the government increased to RM72.1 billion from the RM70 billion previously recorded, driven by an increase in sales and service tax receipts and stronger individual income tax collection. Total federal expenditure decreased to RM94.2 billion, mainly due to lower subsidy spending after the removal of diesel subsidies and a drop in global oil prices. Aimi said according to the latest data, the country is not only on the right track, but government policies have had a positive impact. He also praised government agencies for their efficiency, which played a role in reducing the fiscal deficit. 'They reduced leakages and extended aid to the needy. Such an achievement isn't easy as it requires political stability and careful planning,' he said. Idham Md Razak. Idham Md Razak of Universiti Teknologi Mara said the lower fiscal deficit would help increase investor confidence, strengthen the ringgit, and provide some fiscal space to cushion any future economic shocks. He said fiscal space provides a government flexibility in making spending choices while maintaining financial stability and long-term debt sustainability. Idham said the country's recent performance would be the base for long-term economic transformation, especially in terms of increasing competitiveness through the green economy, among others. 'There is a need to focus on the hi-tech industry such as semiconductors and the digital economy, as well as value-added agriculture to increase productivity and exports,' he said. He also said there is a need to introduce progressive taxes which could strengthen the country's fiscal standing.
The Herald
23-05-2025
- Business
- The Herald
Government spending plans hinge on tax agency hitting target: Godongwana
South Africa will need to slash spending if its tax agency does not meet its revenue collection target this year, finance minister Enoch Godongwana says, as the government focuses on keeping rising debt under control. Godongwana was speaking after making only minor adjustments to the government's spending plans and deficit projections in a third budget presented to lawmakers on Wednesday. His two previous attempts were scuppered by disagreements within the ruling coalition, chiefly over since abandoned plans to raise value added tax, that had rattled investors' confidence. Speaking to Reuters in an online interview on Thursday, Godongwana said the government did not expect to overshoot on spending. He said if the SA Revenue Service raises more than its target of R1.9-trillion in the fiscal year that ends in March 2026, there will be no need for R20bn in additional taxes pencilled in for the 2026/27 fiscal year. However, if that target is not met, "we will have to cut expenditure substantially", he said.
