Excise tax in the United States

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.

dMY Technology Group, Inc. VI Announces Extension of Expiration Date of Tender Offer and Release of dMY VI Audited Annual Financial Statements for 2022

Retrieved on:

Friday, March 3, 2023

As amended, the Tender Offer will now expire at 5:00 p.m. New York City time, on Friday, March 31, 2023, unless further extended or earlier terminated.

Key Points:

As amended, the Tender Offer will now expire at 5:00 p.m. New York City time, on Friday, March 31, 2023, unless further extended or earlier terminated.
dMY VI shareholders may withdraw shares they have previously tendered at any time prior to the extended expiration date of the Tender Offer.
Banks and brokers may call the information agent at +1 (203) 658-9400.
dMY VI today also announced that it has released its audited annual financial statements for 2022.
dMY VI’s audited annual financial statements for 2022 can be found in the Company’s current report on Form 8-K filed with the SEC on March 3, 2023, and available at www.sec.gov.

Aesther Healthcare Acquisition Corp (NASDAQ: AEHA) Announces Measures regarding Excise Tax

Retrieved on:

Wednesday, February 1, 2023

Bank account, Trust, Excise, Acquisition, Excise tax in the United States, Interest on Lawyer Trust Accounts, SPAC, Security (finance), Insurance

NEW YORK and PROVIDENCE, R.I., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Aesther Healthcare Acquisition Corp (NASDAQ: AEHA) (“Aesther”), a special purpose acquisition company (SPAC) and Ocean Biomedical, Inc. (“Ocean”), a next-generation biopharma company announced today that AEHA has filed with the U.S. Securities and Exchange Commission ("SEC") a definitive proxy statement (“Definitive Proxy Statement") in connection with its proposed business combination (the “Business Combination” or the “Transaction”) with Ocean and with respect to the special meeting of Aesther’s stockholders (“Special Meeting”) scheduled to be held on February 3, 2023.

Key Points:

NEW YORK and PROVIDENCE, R.I., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Aesther Healthcare Acquisition Corp (NASDAQ: AEHA) (“Aesther”), a special purpose acquisition company (SPAC) and Ocean Biomedical, Inc. (“Ocean”), a next-generation biopharma company announced today that AEHA has filed with the U.S. Securities and Exchange Commission ("SEC") a definitive proxy statement (“Definitive Proxy Statement") in connection with its proposed business combination (the “Business Combination” or the “Transaction”) with Ocean and with respect to the special meeting of Aesther’s stockholders (“Special Meeting”) scheduled to be held on February 3, 2023.
Aesther and Ocean are issuing this press release to notify all concerned parties regarding Aesther and Ocean’s commitment to retain sufficient funds in its Trust Account to pay for any Excise Tax liabilities that may arise.
As disclosed in the Definitive Proxy Statement, Aesther or the post-combination company may be liable to pay Excise Taxes.
Aesther, Ocean and the post-combination 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.

Taxation (Post-transition Period) Act 2020

Retrieved on:

Saturday, February 27, 2021

Value-added tax, Excise, Tax, Taxation in Indonesia, Excise tax in the United States, Acts of the 88th Minnesota Legislature

A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.

Key Points:

A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.

Your CARES Act Benefits Experts, Magellan Jets, Offers Tax Holiday Strategy Consulting on Private Jet Travel in 2021 & Beyond

Retrieved on:

Friday, October 9, 2020

Transportation, Finance, Travel, Consulting, Accounting, Professional services, Air, Transport, Taxation in the United States, Transport, CARES Act, Excise tax in the United States, Value-added tax, Escrow, Business jet, Tax, MS Magellan, Articles, Law

With companies across the country eager to get back to business again, the CARES Act incentivizes organizations to utilize the safety of private aviation by suspending certain excise taxes on private jet travel booked through December 31, 2020.

Key Points:

With companies across the country eager to get back to business again, the CARES Act incentivizes organizations to utilize the safety of private aviation by suspending certain excise taxes on private jet travel booked through December 31, 2020.
In response to the tax holiday, Magellan Jets is assisting travelers and organizations with securing their business continuity plans and making long-term tax savings strategies.
Additionally, Magellan Jets extends further benefits to guests with the waving of escrow admin fees through the rest of 2020.
To speak with a Private Aviation Consultant regarding the CARES Act tax holiday and its impact on private jet travel, please call 844-993-3280 or click here for more details.

Court Rules in Landmark Decision: Federal Tax on Crude Oil Exports Unconstitutional

Retrieved on:

Thursday, September 24, 2020

Professional services, Courts, Public policy, Government, Oil, Gas, Legal, Energy, Accounting, Trafigura, Oil Pollution Act, Natural environment, Nature, Petroleum industry, Excise tax in the United States

domestic crude oil .

Key Points:

domestic crude oil .
The taxes are one of the sources of funding of the Oil Spill Liability Trust Fund, enacted as part of the Oil Pollution Act of 1990.
For the tax periods in question, Trafigura paid over $4.2 million in taxes on its crude oil exports.
That was not the case in United States v. U.S. Shoe Corp., where, in 1998, the Court struck down a Harbor Maintenance Tax on commercial exports as unconstitutional under the Export Clause.

Excise duty: provisional agreement on modernised taxation rules for alcohol

Retrieved on:

Thursday, June 25, 2020

Excise, Tax, Indirect tax, Excises, Excise tax in the United States, HM Excise

The EU is modernising the way alcohol products are taxed to reduce existing distortions in the single market.

Key Points:

The EU is modernising the way alcohol products are taxed to reduce existing distortions in the single market.
Member states' ambassadors to the EU today provisionally endorsed, subject to further confirmation by the Council, to update excise duty rules on alcohol within the EU.
Essentially, the updated rules on structures of excise duty are in particular expected to improve the business environment and reduce costs for small alcohol producers, while taking into account considerations related to health and efficient tax collection.
Excise duties are indirect taxes on the sale or use of specific products, such as alcohol, tobacco and energy.

Taxation: Council approves conclusions on future administrative cooperation and excise duty on tobacco

Retrieved on:

Wednesday, June 3, 2020

Excise, Taxation in India, Tax, Economy, Excise tax in the United States, Articles, Ad valorem tax

Future evolution of administrative cooperation in the EU

Key Points:

Future evolution of administrative cooperation in the EU
Administrative cooperation helps national tax authorities collect and safeguard tax revenues.
The first directive on administrative cooperation (DAC) was adopted in 2011.
Excise duty on tobacco
Excise duties are indirect taxes on the sale or use of specific products, such as alcohol, tobacco and energy.
Since 2011, EU legislation sets out common rules for taxing manufactured tobacco, including categories of products, minimum rates and structures to be applied.

Beer Institute and Brewers Association Urge State Excise Tax Deferral

Retrieved on:

Tuesday, April 21, 2020

Taxation in the United States, Excise tax in the United States, Excise, Tax

Washington, April 21, 2020 (GLOBE NEWSWIRE) -- Today, Jim McGreevy, president and CEO of the Beer Institute, and Bob Pease, president and CEO of the Brewers Association, released the following statement after sending a letter urging state legislators to defer the collection of state excise taxes on beer:

Key Points:

Washington, April 21, 2020 (GLOBE NEWSWIRE) -- Today, Jim McGreevy, president and CEO of the Beer Institute, and Bob Pease, president and CEO of the Brewers Association, released the following statement after sending a letter urging state legislators to defer the collection of state excise taxes on beer:
Every year, our nations beer industry pays more than $1.5 billion in state and local excise taxes.
As they look at ways to help businesses, we hope governors and state legislators will align with the federal governments decision to postpone excise tax collection from brewers temporarily.
In addition to federal excise taxes, the beer industry pays business taxes and state excise taxes in all states where their beer is produced and sold.
By deferring excise tax payments, state legislators can provide much-needed tax relief and economic stability to the beer industry.