Excise | Jotup

Organigram Applauds the Standing Committee on Finance’s Recommendation on Excise Duty

Retrieved on:

Wednesday, February 28, 2024

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”) enthusiastically supports the Standing Committee on Finance’s recent recommendation on the Excise Duty framework.

Key Points:

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”) enthusiastically supports the Standing Committee on Finance’s recent recommendation on the Excise Duty framework.
In a recently released report, titled ‘Shaping our Economic Future: Canadian Priorities,’ the House of Commons Standing Committee on Finance has unanimously recommended adjusting the excise duty formula for cannabis so that it is limited to a 10% ad valorem rate, and modifying the duty's operation, including applying excise stamps on cannabis products.
“The pre-budget recommendation could not have come at a better time,” said Beena Goldenberg, CEO of Organigram.
“Excise reform is critical to the long-term viability of the Canadian cannabis industry.

HCM Acquisition Corp. Announces Increase in Contribution Amount in Connection with its Proposed Extension

Retrieved on:

Tuesday, January 16, 2024

Extension, Internet, Sponsor, Excise, Treasury, Proxy, HCM, Risk, Suite, Investment, Accounting, Inflation, Security (finance)

On January 16, 2024, the Company announced that it has filed a supplement (“Supplement”) to the Proxy Statement.

Key Points:

On January 16, 2024, the Company announced that it has filed a supplement (“Supplement”) to the Proxy Statement.
The Monthly Contributions will be placed in the Company’s trust account with J.P. Morgan Wealth Management.
The Meeting will be held in person at 10:00 a.m. Eastern time, at 100 First Stamford Place, Suite 330, Stamford, CT 06902.
The Company encourages its shareholders to vote in favor of the Extension Amendment Proposal and each other proposal described in the Proxy Statement.

IX Acquisition Corp. Announces Increase in Contribution Amount in Connection with its Proposed Extension

Retrieved on:

Tuesday, December 5, 2023

Excise, Risk, Inflation, Proxy, Accounting, Contribution, Avenue, Supplement, Investment, Morgan Stanley, Security (finance)

The Contributions will be placed in the Company's trust account with Morgan Stanley.

Key Points:

The Contributions will be placed in the Company's trust account with Morgan Stanley.
The Company encourages its shareholders to vote in favor of the Second Extension and each other proposal described in the Proxy Statement.
Every shareholder's vote is very important, regardless of the number of shares held, and the Company requests the prompt submission of votes.
Shareholders may vote online at https://www.cstproxy.com/ixacq/2023 by following the instructions on their provided proxy card.

IX Acquisition Corp. Files Definitive Proxy Statement for Shareholder Meeting Seeking Second Extension

Retrieved on:

Thursday, November 30, 2023

Excise, Risk, Inflation, Proxy, Accounting, Contribution, Avenue, Investment, Morgan Stanley, Security (finance)

For each month of the Second Extension, IX Acquisition Sponsor LLC, the Company's sponsor will deposit additional funds into the trust account in an amount equal to the lesser of (x) $50,000 or (y) $0.015 for each of the Company’s public shares that remains outstanding and is not redeemed in connection with the Second Extension (the “Contributions”).

Key Points:

For each month of the Second Extension, IX Acquisition Sponsor LLC, the Company's sponsor will deposit additional funds into the trust account in an amount equal to the lesser of (x) $50,000 or (y) $0.015 for each of the Company’s public shares that remains outstanding and is not redeemed in connection with the Second Extension (the “Contributions”).
The Contributions will be placed in the Company's trust account with Morgan Stanley.
The Company encourages its shareholders to vote in favor of the Second Extension and each other proposal described in the Proxy Statement.
Shareholders may vote online at https://www.cstproxy.com/ixacq/2023 by following the instructions on their provided proxy card.

Cannabis Council of Canada Marks Five-Year Legalization Anniversary, Calls on Governments to Make the Changes Needed to Save the Struggling Cannabis Sector

Retrieved on:

Tuesday, October 17, 2023

Investment, Government, Cannabis Act, THC, Government of Canada, Servus Credit Union, License, Excise, Tax, LP record, Growth, Public policy, Cannabis edible, C3, Cannabis, Tobacco, Drug

These changes would ensure that the diverse cannabis industry is sustainable and can compete with the illicit cannabis industry.

Key Points:

These changes would ensure that the diverse cannabis industry is sustainable and can compete with the illicit cannabis industry.
“Growing the pie means more revenue for the cannabis sector and governments and it means extending the protection of the regulated sector to more Canadian cannabis consumers,” concluded Smitherman.
Mike Schilling, President & CEO of Community Savings, stressed the economic benefits that a thriving cannabis sector can bring to Canada.
The cannabis sector stands at a crossroads, and the government's support is pivotal in ensuring its success.

Federal government should remove GST on residential energy

Retrieved on:

Thursday, September 28, 2023

Heating is a fundamental necessity in Canada.”

Key Points:

Heating is a fundamental necessity in Canada.”
The CPA has been recommending that the federal government make the GST zero-rated for residential energy since 2021.
Currently, residential energy is subject to the GST.
“We saw the hardships homeowners faced in paying residential energy bills last winter.
The federal government, working with the provinces, can take an important leadership role by eliminating the GST from residential energy bills.

Change to GST could save billions in energy costs for Canadians – propane industry

Retrieved on:

Monday, August 21, 2023

Excise, Life, Hospice, Fear, Tax, GST, Carbon, Propane, Government, Fish products, Heat, Federation, Parliamentary Budget Officer, Property management

“Given the past year of inflation and increased interest rates, the government can provide an immediate reduction on the cost of residential energy,” said Watt.

Key Points:

“Given the past year of inflation and increased interest rates, the government can provide an immediate reduction on the cost of residential energy,” said Watt.
Senior care facilities, hospices, school and university residential accommodation, monasteries, nunneries, and similar religious communities could also be included.
The change would see low emission propane and other heating fuels that are marketed exclusively to domestic consumers for residential purposes be zero-rated.
“Its time that the federal government recognizes that home energy is an essential part of everyday life and should be made as affordable as possible for Canadians.”

Integral Acquisition Corporation 1 Files Definitive Proxy Statement for Stockholder Meeting Seeking Extension

Retrieved on:

Thursday, April 20, 2023

NEW YORK, April 19, 2023 (GLOBE NEWSWIRE) -- Integral Acquisition Corporation 1 (“Integral 1”), a blank check company incorporated in Delaware, announced that it filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) to seek stockholder approval to, among other proposals, (1) extend the period of time the Company will have to consummate its initial business combination by up to 6 months from the current deadline of May 5, 2023 to November 3, 2023. For each month of Extension, the Sponsor, or its designees, will deposit additional funds into the Trust Account established in connection with the Company’s IPO in an amount equal to the lesser of (i) $0.035 per public share that is not redeemed and (ii) $105,000, up to a maximum aggregate contribution of $630,000 for the full 6-month Extension. Each contribution plus the amount remaining in the Trust Account is expected to be held in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended. In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company may, on or prior to the 24-month anniversary of the effective date of the registration statement relating to the IPO, hold all funds in the Trust Account in an interest-bearing bank deposit account, which is currently expected to yield interest of approximately 3.5% per annum.

Key Points:

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law.
The Excise Tax is imposed on the repurchasing corporation itself, not its stockholders from which shares are repurchased.
The special meeting of stockholders will be conducted via a live webcast available at https://www.cstproxy.com/integralacquisition1/2023 at 9:00 a.m. Eastern Time on May 3, 2023.
The Company encourages its stockholders to vote in favor of the Extension and each other proposal described in the definitive proxy statement.

Pyrophyte Acquisition Corp. Files Definitive Proxy Statement for Shareholder Meeting Seeking Extension

Retrieved on:

Tuesday, April 11, 2023

Houston, Texas, April 11, 2023 (GLOBE NEWSWIRE) -- Pyrophyte, a blank check company incorporated as a Cayman Islands exempted company, today announced that it filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) to seek shareholder approval to, among other proposals, (1) extend the period of time the Company will have to consummate its initial business combination by 12 months from the current deadline of April 29, 2023 until April 29, 2024. For each month of Extension, the Sponsor, or its designees, will deposit additional funds into the Trust Account established in connection with the Company’s IPO in an amount equal to the lesser of (i) $0.04 per public share multiplied by the number of public shares then outstanding and (ii) $160,000, up to a maximum aggregate contribution of $1,920,000. Each contribution plus the amount remaining in the Trust Account is expected to be held in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended. In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company will, on or prior to the 24-month anniversary of the effective date of the registration statement relating to the IPO, hold all funds in the Trust Account in an interest-bearing bank deposit account, which is currently expected to yield interest of approximately 4.0% per annum.

Key Points:

However, no assurances can be made that the Company and Target will successfully negotiate and enter into a definitive agreement regarding a business combination.
Any transaction would be subject to board and equity holder approval of both companies, regulatory approvals and other customary closing conditions.
The Company encourages its shareholders to vote in favor of the Extension and each other proposal described in the definitive proxy statement.
Shareholders may vote online at https://www.cstproxy.com/pyrophytespac/2023 by following the instructions on their provided proxy card.

Bannix Acquisition Corp. Announces Clarifies Position on Excise Tax and Rational for Extension Periods

Retrieved on:

Monday, March 6, 2023

Excise, Inflation Reduction Act of 2022, Business analyst, Extension, Language, Proxy statement, Proxy, Business, Sponsor, Disclosure, Federal telephone excise tax, BNIX, Interest on Lawyer Trust Accounts, Accounting, Inflation, Insurance, Management

WEST HOLLYWOOD, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that it is further clarifying its and Instant Fame, LLC (the “Sponsor”) intent with respect to the excise tax liabilities associated with any redemptions.

Key Points:

WEST HOLLYWOOD, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (NASDAQ: BNIX) (the “Company”) today announced that it is further clarifying its and Instant Fame, LLC (the “Sponsor”) intent with respect to the excise tax liabilities associated with any redemptions.
As such, the Company will not, under any circumstances, withdraw any amounts from the Trust Account, including interest earned on the Trust Account, to pay for the Excise Tax.
As previously stated, if the Extension is implemented, the Company plans to maintain the remaining amount in its trust account in an interest-bearing demand deposit account at a bank.
The Board will use its reasonable best efforts to take the initial steps in presenting a potential Business Combination within the next three (3) months.