M&S and Sainsbury's bosses urge Reeves to slash tax on retailers [Yahoo! Finance]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
In an open letter published on Monday, more than 70 chief executives from Britain's biggest retailers urged Ms Reeves to “level the playing field” by reducing their business rates bills in her upcoming Budget. They said the industry pays a much larger portion of taxes than other sectors, calling for the Chancellor to announce a so-called “corrector” which would cut the business rates paid on all retail properties by 20pc. The executives, which include the heads of Morrisons and Currys, said this would “address the inequities in the system, the social and economic impact these create for communities, and share tax more fairly across the economy”. The call for change follows years of criticism over the business rates system, which has been branded a “tax on growth” and been accused of favouring online stores. Business rates are taxes calculated based on the value of a company's property, typically assessed every five years. The yearly calculation for rates is also based on infl
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