Tax

Mullen Files for Foreign Trade Zone Status in Tunica, Mississippi

Retrieved on: 
Monday, April 1, 2024
Mullen Technologies, EV, Commerce, Tax, Pressure, IBN, FTZ, Free-trade zone, Life insurance

BREA, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the Company has filed for Foreign Trade Zone (“FTZ”) status with the U.S. Department of Commerce at its commercial vehicle manufacturing and assembly center located in Tunica, Mississippi. Mullen filed its application on March 25, 2024, and expects final determination within 30 to 90 days. 

Key Points: 
  • Mullen filed its application on March 25, 2024, and expects final determination within 30 to 90 days.
  • Upon approval as a designated FTZ site, Mullen would qualify for a variety of benefits including deferment of payments on duties owed related to import fees.
  • Upon approval, Mullen estimates that resulting deferred working capital on domestic sales could result in deferred capital outlays of $10 million for the remainder of FY 2024.
  • “Achieving FTZ approval status is an important strategic initiative to further strengthen Mullen’s supply chain management and deliver significant cash flow savings,” said David Michery, CEO and chairman of Mullen Automotive.

Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2023

Retrieved on: 
Monday, April 1, 2024
SNFC, Tax, Growth, Environment, Mortality, Acquisition, Death

SALT LAKE CITY, April 01, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2023.

Key Points: 
  • SALT LAKE CITY, April 01, 2024 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2023.
  • For the twelve months ended December 31, 2023, SNFC’s after-tax earnings from operations decreased 44% from $25,690,000 in 2022 to $14,495,000 in 2023, on a 18% decrease in revenues to $318,497,000.
  • Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “2023 was a year where the financial balance of our company demonstrated itself.
  • The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2023, as compared to 2022, for each business segment:

Maui Land & Pineapple Company Reports Fiscal 2023 Results

Retrieved on: 
Thursday, March 28, 2024
Employment, Tax, Growth, Form, Sale, Security (finance), Adjustment, Investment, Fire, Depreciation, GAAP, MLP, Wildfire

“After more than a century in operation and a multi-year focus on financial stabilization, Maui Land and Pineapple Company entered 2024 debt-free, with a new leadership team and a renewed vision guiding the company’s next chapter,” said CEO Race Randle.

Key Points: 
  • “After more than a century in operation and a multi-year focus on financial stabilization, Maui Land and Pineapple Company entered 2024 debt-free, with a new leadership team and a renewed vision guiding the company’s next chapter,” said CEO Race Randle.
  • Land sale revenue of $1,626,000 in 2023 includes recognition of a land contribution to our first development joint venture in many years, on 31 acres in Hali‘imaile.
  • The Company presents Adjusted EBITDA to provide information that may assist investors in understanding its financial results.
  • More information about Maui Land & Pineapple Company’s fiscal year 2023 operating results are available in the Form 10-K filed with the Securities and Exchange Commission and posted at mauiland.com.

Canadian Propane Association Calls for Affordability and Fair Treatment in Face of Government Carbon Tax Increase

Retrieved on: 
Thursday, March 28, 2024
Federation, Propane, Carbon, Health, Shannon Watt, Climate change, Tax, Heat, Government, Policy, CPA, Renewable energy

OTTAWA, March 28, 2024 (GLOBE NEWSWIRE) -- As the carbon tax is slated to increase on April 1, 2024, the Canadian Propane Association (CPA) is joining numerous other calls in urging the government to take a practical and equitable approach to reducing emissions.

Key Points: 
  • OTTAWA, March 28, 2024 (GLOBE NEWSWIRE) -- As the carbon tax is slated to increase on April 1, 2024, the Canadian Propane Association (CPA) is joining numerous other calls in urging the government to take a practical and equitable approach to reducing emissions.
  • “We are urging the government to take a balanced approach to energy policy.
  • Last fall, the federal government provided a respite from the carbon tax by implementing a three-year pause specifically for heating oil.
  • Unlike heavier-emitting heating oil, propane was not exempt from the carbon tax, despite its lower emissions profile and its similar use as a rural fuel.

Fraser Institute News Release: Ottawa’s carbon tax—fix it or scrap it: duelling essays make the case for and against

Retrieved on: 
Thursday, March 28, 2024
Carbon, Bangladesh Technical Education Board, Fraser Institute, Federation, Tax, Sound, Essay, GHG, Public policy, Research, Entrepreneurship, Quality of life, Government, Renewable energy

Also, the carbon tax should be “revenue neutral”—that is, the tax should generate no new net revenue for the government.

Key Points: 
  • Also, the carbon tax should be “revenue neutral”—that is, the tax should generate no new net revenue for the government.
  • Currently, only 90 per cent of carbon tax revenue is rebated to taxpayers.
  • According to the second essay, Carbon Tax Is Beyond Redemption , the federal government should eliminate the carbon tax because real-world examples show that governments both in Canada and Europe have failed to implement sound, well-designed carbon taxes.
  • “The lessons from Canada and beyond are clear—carbon taxes may work in theory, but no government has successfully implemented a properly designed carbon tax,” said Kenneth Green, essay author and senior fellow at the Fraser Institute.

Majority of U.S. Opinion Leaders Feel the Country is on the Wrong Track

Retrieved on: 
Thursday, March 28, 2024
Automation, Climate change, Organization, Black Lives Matter, Trust, GWI, Tax, Ageing, Social media, Research, Roe v. Wade, News, Politics, Generation Z, Gen, Consultant, Journalism

CHICAGO, March 28, 2024 (GLOBE NEWSWIRE) -- Basis Technologies ( https://basis.com ), a global provider of programmatic advertising and media automation solutions, today announced survey results showing that 64% of U.S opinion leaders feel that the country is on the wrong track.

Key Points: 
  • CHICAGO, March 28, 2024 (GLOBE NEWSWIRE) -- Basis Technologies ( https://basis.com ), a global provider of programmatic advertising and media automation solutions, today announced survey results showing that 64% of U.S opinion leaders feel that the country is on the wrong track.
  • Additional findings from Basis Technologies’ custom research on the 2024 elections show that:
    60% of key opinion leaders are worried about the upcoming U.S. elections.
  • Top issues for opinion leaders are inflation, jobs, health care and climate change – all of which were chosen by 55% or more by respondents.
  • Key opinion leaders are senior business leaders, or those who work in media or journalism, or those aged 35+ with $100k+ annual household income.

Hammond Power Solutions Reports Fourth Quarter 2023 Financial Results

Retrieved on: 
Wednesday, March 27, 2024
Income tax, CFO, EV, HPS, Tax, OEM, Growth, Mining, Video game

GUELPH, Ontario, March 27, 2024 (GLOBE NEWSWIRE) -- Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type transformers, power quality products and related magnetics, today announced its financial results for the fourth quarter 2023.

Key Points: 
  • The Company’s December 31, 2023 backlog increased by 19.9% as compared to December 31, 2022 and has decreased 3.2% from Quarter 3, 2023.
  • On a percentage-of-sales basis, total selling and distribution expenses decreased to 10.7% of sales for 2023 from 11.1% in 2022.
  • 2023 earnings before income taxes were $83,994 as compared to earnings of $57,169 in 2022 – growing by $26,825 or 46.9%.
  • Basic earnings per share were $1.68 for Quarter 4, 2023 versus $1.55 in Quarter 4, 2022, an increase of $0.13.

STRATA Skin Sciences Reports Fourth Quarter and Full-Year 2023 Earnings

Retrieved on: 
Wednesday, March 27, 2024
Growth, Webcast, Tax, International, Bank statement, Dermatology, DTC, Acne, Direct, Annual report, Report, Interest, Safety, SSKN, ID, Marketing, STRATA, Video game

Global recurring revenues for the fourth quarter of 2023 were $5.6 million, as compared to global recurring revenues of $6.5 million for the fourth quarter of 2022.

Key Points: 
  • Global recurring revenues for the fourth quarter of 2023 were $5.6 million, as compared to global recurring revenues of $6.5 million for the fourth quarter of 2022.
  • Equipment revenues were $3.1 million for the fourth quarter of 2023, as compared to $4.1 million for the fourth quarter of 2022.
  • Selling and marketing costs for the fourth quarter of 2023 were $2.8 million, as compared to $3.8 million for the fourth quarter of 2022.
  • Other expenses for the fourth quarter of 2023 were $0.4 million, compared to $0.2 million for the fourth quarter of 2022.

NuCana Announces Plan to Implement ADS Ratio Change

Retrieved on: 
Wednesday, March 27, 2024
Tax, Sale, ADS, DTC, DRS, Depository Trust Company, NCNA, Effective date, Depositary, American depositary receipt, Security (finance)

EDINBURGH, United Kingdom, March 27, 2024 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) announced plans to change the ratio of its American Depository Shares (“ADSs”) to its ordinary shares from one (1) ADS, representing one (1) ordinary share, to one (1) ADS representing twenty-five (25) ordinary shares (the "ADS Ratio").

Key Points: 
  • EDINBURGH, United Kingdom, March 27, 2024 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) announced plans to change the ratio of its American Depository Shares (“ADSs”) to its ordinary shares from one (1) ADS, representing one (1) ordinary share, to one (1) ADS representing twenty-five (25) ordinary shares (the "ADS Ratio").
  • The change in the ADS Ratio is expected to become effective on or about April 16, 2024 (the "Effective Date").
  • For the Company's ADS holders, the change in the ADS Ratio has the same effect as a one-for-twenty-five reverse ADS split and will have no impact on an ADS holder’s proportional equity interest in the Company.
  • As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be proportionally equal to or greater than the previous ADS trading price prior to the change or that the change in the ADS Ratio will have any effect on the liquidity in the Company’s ADSs.

Cost of adding undue energy conservation measures reach tipping point: RESCON

Retrieved on: 
Wednesday, March 27, 2024
Electricity, Climate change, Tax, Country Homes, Washington, Policy, Housing, Analysis, Natural Resources Canada, Real estate

“Through regulatory mandates, there is a move to fully electrify all new buildings and homes to meet net-zero targets in order to combat climate change,” says RESCON president Richard Lyall.

Key Points: 
  • “Through regulatory mandates, there is a move to fully electrify all new buildings and homes to meet net-zero targets in order to combat climate change,” says RESCON president Richard Lyall.
  • Findings showed discrepancies between annual energy use simulation software and the homes’ actual performance, consuming more energy than predicted.
  • Given the ongoing housing affordability crisis, the limited energy savings homeowners realize from added conservation measures do not always justify the incremental construction costs imposed on new housing.
  • RESCON is the province’s leading association of residential builders committed to providing leadership and fostering innovation in the industry.