Lyft sues San Francisco for allegedly overcharging $100 million in taxes: report [Yahoo! Finance]
Lyft, Inc. - Class A (LYFT)
Last lyft, inc. - class a earnings: 2/11 04:05 pm
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Source: Yahoo! Finance
Business Insider said Lyft filed the lawsuit in the California Superior Court in San Francisco. From 2019 to 2023, Lyft, which is headquartered in SF, says the company was “unfairly charged” $100 million from San Francisco. The ride-share company said the tax calculation San Francisco used doesn't reflect Lyft's firm's business model. Business Insider claims in the lawsuit filing that Lyft said the formula SF uses is “distortive and will grossly overstate Lyft's gross receipts attributable to Lyft's business activities in the city.” Tamalpais School District ordered to pay $17.5 million in sexual abuse settlement According to Business Insider, the ride-share company says it profits from what drivers pay to Lyft, not what passengers pay to the drivers. Per Lyft's website, the company's drivers make at least 70% of what the passenger pays. Lyft also cited, in the filing, that the US Securities and Exchange Commission doesn't consider driver's fees as part of Lyft's revenue. The
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