AFP Wants Extension of Tax Moratorium on e-Sales

May 14, 2001 (PLANSPONSOR.com) - The Association for Financial Professionals (AFP) has called on Congress to extend the moratorium on new Internet sales taxes until 2005, arguing that the current method of collection places an unfair burden on businesses that sell in multiple states.

Although the AFP says it recognizes that sales tax is a critical source of revenue for state and local governments, and is supportive of the principle of tax equity, the association charges that the current method is complex, inconsistent and should be reformed.

In comment letters delivered to sponsors of Internet tax legislation, the AFP challenged Congress to:

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  • extend the current moratorium through October 21, 2005;
  • encourage state and local governments to simplify and unify their complex sales tax structures;
  • allow states that have simplified, uniform sales tax structures to impose sales taxes on purchases by their residents, regardless of the location of the seller or whether the purchase was made at a store, by telephone, by mail or by the Internet;
  • ensure that compliance with the simplified sales tax structure does not     increase the burden placed on merchants.

– Camilla Klein           editors@plansponsor.com

World Markets Stumble into 2002

February 4, 2002 (PLANSPONSOR.com) - World markets disappointed just about everyone in January.

The FTSE All World index fell by nearly 3% in US dollar terms, investors remaining concerned about corporate profits in the wake of the Enron debacle, and central banks’ decision to hold interest rates steady.

According to the index provider, the month’s worst performer was Argentina, which, after teetering on the brink of defaulting on its debt and eventually abandoning its currency peg, fell 27% in dollar terms.
 
At the other extreme, Pakistan was up 32%, boosted by lower interest rates, a stronger currency and supportive comments from the International Monetary fund. Indonesia increased by almost 24% on a more positive political outlook.

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Also in Asia, the Philippines’ market was up by 19% and Thailand by 18% buoyed by investors’ expectations that an export driven recovery is underway.

By sector, the world’s mining industry performed best, followed by tobacco stocks, resilient, thanks to its market’s inelastic demand, and aerospace and defense, boosted by the US’s current foreign policy.

Diversified Industrials lost 10.6% over the month, making it the worst performing industry sector, followed by the ever-volatile telecommunications sector, which lost 9.78%, as risk-appetite declined.

The month’s worst-performing stocks were Global Crossing and K-mart, which lost 100% and 72.71% following their Chapter 11 bankruptcy filings. UK telecom group Energis was the third worst performer, losing 69.84%.

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