Governments should do more to unlock the potential of technology to facilitate tax compliance, says PwC and World Bank report
BEIJING, Nov. 20, 2018 (GLOBE NEWSWIRE) — Tax authorities could do more to realise the full potential of new technology to reduce the tax compliance burdens on taxpayers, according to the 2019 edition of the annual Paying Taxes report, produced by PwC and The World Bank Group.
The report, released today in Beijing, has found that the global average results for the compliance burden for business taxation are almost unchanged across four key measures: time to comply (237 hours); number of payments (23.8); Total Tax and Contribution Rate, or TTCR (40.4%) and Post-Filing index (59.6 out of 100).
Paying Taxes 2019 draws upon a comparison of the taxation of business in 190 economies. The report models business taxation in each economy using a medium-sized domestic case study company.
Paying Taxes 2019 illustrates how developments in tax software, real time reporting systems and data analytics are transforming the capabilities of tax administration. Some advanced economies have continued to improve their systems to the benefit of both taxpayers and tax authorities, recording significant decreases in the time it takes to prepare, file and pay taxes and in the number of payments indicator.
Yet the report notes that the size of the gains in 2017 is relatively small in global terms. The fact that there has been little change to the global average, despite 113 economies introducing tax reforms over the same period, suggests reforms are limited in nature (the report does not include the US tax reforms introduced in 2018 due to data cut-off date for this edition of the Paying Taxes report). It also highlights that implementing new technologies for tax compliance can increase the administrative burden, at least in the short term, and that such implementation requires careful planning and consultation.
China, for example, has pursued a sustained series of reforms in recent years including better communication between tax authorities and taxpayers, new online systems for filing and paying taxes, improved training for tax authorities and taxpayers and integration of different tax systems.
While many economies have made considerable improvements in their tax systems in recent years, the findings also suggest that some economies are finding it difficult to implement online filing and payment due to the lack of IT infrastructure, cultural barriers and complex legislation.
Overall, the findings of Paying Taxes 2019 support trends that have been present since the survey began in 2004:
- The average time to comply has fallen by 84 hours and the average number of payments by 10.3 since 2004 – both driven by technology
- In 2017, profit tax TTCR fell in 58 economies and increased in 37, conversely labour tax TTCR fell in 17 economies and increased in 39. This trend of more economies with reductions in the profit tax component of TTCRs and increases in the labour tax component of TTCRs has been seen every year since 2005
- On average, a VAT refund takes 19.2 weeks in high income economies but over twice as long in low income ones (44 weeks).
The report also explores the impact of differing levels of regulation and skills on the enforcement of tax through tax audits. Audits can vary hugely in their duration and complexity – taxpayers can spend up to 128 hours gathering information for an audit, though for many it takes only a few hours. Improving tax officers’ skills is vital if a well-functioning tax system is to be sustained. 97% of economies offer training to tax officers, but, only 35% of economies provide regular training.
Paying Taxes also notes that governments will need to take account of how new technology affects the nature and patterns of employment and profit generation and the consequent impact on the income streams that are available to be taxed.
Rita Ramalho from the World Bank Group said:
“Technology is transforming the nature of jobs that are available and the skills needed to do them. This in turn is likely to require greater investment in human capital, especially in learning and development. It is therefore vital that governments are able to understand the challenges ahead and how they can build resilience for public finances in the long term. We hope that this report will be of value to all those interested in making tax systems more efficient, whether in government, business, academia or civil society.”
Andrew Packman, leader for Tax Transparency and Total Tax Contribution at PwC said:
“This report highlights the extent to which, when implemented strategically, new technology can drive considerable efficiencies for tax authorities and businesses alike. Yet it is also important to remember that improvements to tax systems do not come from technology alone. Simple, coherent, well understood and properly administered tax systems can help to lower the barriers for businesses to move from the informal to the formal sector. This can broaden the tax base and raise revenue without requiring new taxes. To do so, tax professionals and policy-makers need to have access to the correct skills and insight, which technology gains can help to support.”
Notes to editors:
Find the full report: at pwc.com/payingtaxes
Follow us on twitter: @PwC
About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2018 PwC. All rights reserved
Media contacts: Sharon O’Connor, PwC Tel: +16464712326 e:sharon.m.oconnor@pwc.com Indira Chand at World Bank Group Phone: +1 202 458 0434 E-mail: ichand@worldbank.org
Lantronix to Present at the 11th Annual LD Micro Main Event on December 5, 2018
IRVINE, Calif., Nov. 19, 2018 (GLOBE NEWSWIRE) — Lantronix, Inc. (the “Company”) (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today announced that President and CEO Jeff Benck, and CFO Jeremy Whitaker will present an overview of the Company’s business at the 11th Annual LD Micro Main Event on December 5, 2018 at 4 PM Pacific Time (7 PM Eastern Time) at the Luxe Hotel located at 11461 Sunset Boulevard in Los Angeles, California. A live webcast and copy of the Company’s slide presentation will be available on the investor relations section of the Company’s website at www.lantronix.com.
Investors attending the conference who wish to meet with Lantronix management should contact Shahram Mehraban at investors@lantronix.com.
About Lantronix
Lantronix, Inc. is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Our mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people.
With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Our connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental and government.
Lantronix is headquartered in Irvine, California. For more information, visit www.lantronix.com.
Learn more at the Lantronix blog, www.lantronix.com/blog, featuring industry discussion and updates. To follow Lantronix on Twitter, please visit www.twitter.com/Lantronix. View our video library on YouTube at www.youtube.com/user/
Lantronix Media, Analyst, and Investor Contact:
Shahram Mehraban
VP, Marketing
media@lantronix.com
investors@lantronix.com
949-453-7175
Liberty Star Releases Hay Mountain Technical Report
Large Multi-Metal Discovery
TUCSON, AZ, Nov. 19, 2018 (GLOBE NEWSWIRE) — Liberty Star Uranium & Metals Corp. (“Liberty Star”) (OTCPK: LBSR) is pleased to announce the release of the Hay Mountain Project Technical Report submitted by SRK Consulting and held in confidence due to exploration activity in the area. All critical land is acquired and the release is now made. The report is organized according to the format and style of Canadian NI 43-101, authored by Jan C. Rasmussen Ph.D., R.G. and reviewed by Corolla Hoag Registered Geologist and Tucson SRK Manager. An extract of that report is located on the Liberty Star website.
The Report recommended additional technical work including drilling Hay Mountain targets to determine if the indicated copper presence will lead to a bankable feasibility study and a commercially viable resource can be defined.
Key Points:
- Hay Mountain is a porphyry copper deposit related to a fracture system in an eroded caldera margin.
- LBSR exploration to date has been regional-scale airborne geophysical surveys, geochemical and biogeochemical surveys.
After the compilation of the SRK technical report, Liberty Star conducted the recommended detailed surface and subsurface studies including additional vegetation geochemical sampling, geophysical ZTEM surveys, and XRF geochemical analysis. These studies serve as confirmation of the SRK technical report recommendations and have led Liberty Star to plot and permit specific drilling targets to carry out additional technical report recommendations. Drilling will begin once appropriate resources are in place.
Key Indicators: The USGS publication of the map (USGS Publication Circular 1380, Chapter 7)
identifies historic production from at least 37 porphyry copper mines in SE Arizona and Northern Mexico in an area identified as the “Great Cluster.” This area has produced approximately 240 million metric tons (tonnes) of copper, divided among 37 deposits in the Great Cluster – Copper-Gold equating to an average past copper production of 6.5 million metric tons copper = 14.3 billion lbs. of copper at a projected future copper market price of $6/pound or $86 Billion dollars, which for illustrative purposes is distributed equally per deposit in the Great Cluster. This is a hypothetical average with some much larger and some much smaller deposits with past production. This also suggests there are yet to be discovered deposits of copper which will be in this range.
- With careful technical work LBSR believes that at least a square mile of alteration is present, and much more is probable. This can be compared to the recently stated $10 billion value placed on a very similar Rosemont camp deposit which covers about 1 square kilometer. Thus, Hay mountain may contain $10 billion x 2.6 kilometers/sq. mile or about $26 billion in copper. The Hay Mountain Property will generate copper in known sedimentary limestones and igneous layers, not necessarily flat but concentrated in contorted layers visible in geophysics which start at about 300 feet (also indicated by geophysics) from the surface and go to perhaps a geophysically indicated depth of 6,000 feet. If the deposit is larger, thicker or higher grade it could be substantially more. Conversely, lower grades and smaller volumes would result in smaller mineral resources and lower value. The size of the alteration zone at Hay Mountain is about 8 miles long and 6 miles wide. The zone contains multiple magnetic anomalies and electromagnetic anomalies interpreted as porphyry copper centers or hot spots (skarn) and may be very much larger than estimated above.
“This may be world class discovery in a historically proven mineral zone”- The Great Copper Cluster, remarked Jim Briscoe, Chief Executive Officer of Liberty Star. “Our geophysical and geochemical surveys have provided additional validation of a very large multi-mineral footprint at Hay Mountain.”
About Liberty Star
Based in Tucson, Arizona, Liberty Star, Inc. is a public company trading under the symbol LBSR. Liberty Star’s main project involves a large mineral footprint in a developing high-grade mineral region in southeast Arizona.
RISK FACTORS FOR OUR COMPANY ARE SET OUT IN OUR 10-K AND OTHER PERIODIC FILINGS WITH THE SEC ON EDGAR
Forward-Looking Statements
Some statements in this release may be “forward-looking statements” for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017, as updated from time to time in our filings with the Securities and Exchange Commission, most recently in the Company’s Quarterly Report for the period May 1, 2018 to July 31, 2018. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
Contact:
Tracy Myers, IR Representative
Liberty Star Uranium & Metals Corp.
520-425-1433
info@libertystaruranium.com
CP Kelco Announces Plans to Invest in Specialty Biogums Capabilities and Capacity Expansion
ATLANTA, Nov. 19, 2018 (GLOBE NEWSWIRE) — In response to the strong global demand for specialty Biogums products, CP Kelco announced today its plans to invest in building capabilities and expanding production capacity.
As a leading global producer and innovator of hydrocolloid solutions, CP Kelco is reinforcing its commitment to three Biogums product lines – gellan gum, specialty xanthan gum and diutan gum – through these key operational initiatives:
- Adding gellan gum production capabilities in the company’s Wulian, China facility to support growth in the Asia Pacific region;
- Expanding the overall capacity of the Wulian, China facility to support growth across all three specialty Biogums product lines; and
- Expanding the recently added gellan gum production capacity in the company’s Okmulgee, Oklahoma, USA facility.
In addition to the planned investments in new production capabilities and capacity, CP Kelco is equally committed to ensuring its Biogums products meet the high standards of quality and food safety established for all industry segments it serves. “As regulatory requirements related to our products increase, CP Kelco will continually invest in operational and innovative developments to help ensure we can meet or exceed our customers’ expectations,” said Didier Viala, president of CP Kelco.
CP Kelco’s fermentation-derived Biogums products provide stabilization, texture, suspension and viscosity in a wide variety of food, beverage, personal care, household care, pharmaceutical and industrial products and applications. Since introducing these Biogums products to the industry over the last three decades, CP Kelco continues to focus on enabling its customers’ success and addressing the evolving, dynamic needs of the global market.
About CP Kelco
Headquartered in Atlanta, Georgia, USA, CP Kelco is a leading producer of specialty hydrocolloids with offices and facilities across the globe. Featuring an extensive range of hydrocolloid solutions and serving over 100 countries, CP Kelco leverages its capabilities to bring concepts and ideas to real-world products in a broad range of applications. The company’s specialty ingredients touch a wide variety of consumer and household products and industrial applications, tailored to meet the needs of regional consumers. Key product lines are Gellan Gum, Pectin, Carrageenan, Xanthan Gum, Diutan Gum, Refined Locust Bean Gum, Carboxymethyl Cellulose and Microparticulated Whey Protein Concentrate, as well as other unique biopolymers. Visit www.cpkelco.com for more information.
CONTACT: Michele Cacdac-Jones Director of Global Communications Office: +1 678 247 7149 michele.cacdac-jones@cpkelco.com
Invivoscribe ส่ง LeukoStrat CDx FLT3 Mututation Assay เพื่อสนับสนุน Daiichi Sankyo ในการยื่นเสนอ Quizartinib ในประเทศญี่ปุ่น
แซนดิเอโก, Nov. 19, 2018 (GLOBE NEWSWIRE) — เพื่อสนับสนุนความร่วมมือกับ Daiichi Sankyo บริษัท Invivoscribe ยินดีที่จะประกาศการยื่นเสนอ LeukoStrat® CDx FLT3 Mutation Assay ต่อหน่วยงานดูแลด้านเภสั
Invivoscribe พัฒนา LeukoStrat CDx FLT3 Mutation Assay ร่วมกับ Daiichi Sankyo เพื่อเป็นวิธีการวินิจฉัย ซึ่งเชื่อมโยงถึงการทดลองทางคลิ
การยื่นเสนอครั้งนี้เป็นเสริ
ขั้นตอนนี้จะช่วยสร้าง LeukoStrat CDx FLT3 Mutation Assay เป็นมาตรฐานสากลสำหรับการประเมิ
ระยะเวลาการยื่นขอครั้งนี้ยั
“การยื่นขอการอนุมัติการเปลี่
เกี่ยวกับ LeukoStrat CDx FLT3 Mutation Assay ของ Invivoscribe
LeukoStrat CDx FLT3 Mutation Assay เป็นวิธีการวินิจฉัยแบบ in-vitro ที่ใช้ปฏิกิริยาของ polymerase (PCR) เพื่อตรวจจับการกลายพันธุ์ชนิด ITD (internal tandem duplications) และการกลายพันธุ์ชนิด tyrosine kinase (TKD) D835 และ I836 ในยีน FLT3 ในจีโนมดีเอ็นเอที่สกั
ขณะนี้วิธีการทดสอบ LeukoStrat มีให้ใช้บริการผ่านบริษัทย่อยต่
เกี่ยวกับ Invivoscribe
Invivoscribe เป็นบริษัทเทคโนโลยีชี
Invivoscribe ที่ support@invivoscribe.com หรือเยี่ยมชม www.invivoscribe.com
Invivoscribe Submits the LeukoStrat CDx FLT3 Mutation Assay to Support Daiichi Sankyo Submission for Quizartinib in Japan
SAN DIEGO, Nov. 19, 2018 (GLOBE NEWSWIRE) — In support of an ongoing partnership with Daiichi Sankyo, Invivoscribe is pleased to announce submission of the LeukoStrat® CDx FLT3 Mutation Assay to the PMDA (Pharmaceuticals and Medical Devices Agency) as the companion diagnostic for quizartinib, which follows Daiichi Sankyo’s PMDA application for quizartinib in Japan.
Invivoscribe developed the LeukoStrat CDx FLT3 Mutation Assay in partnership with Daiichi Sankyo as the companion diagnostic that bridges to the global phase 3 QuANTUM-R clinical trial (Europe, United States, Asia excluding Japan) in patients with relapsed/refractory FLT3 ITD AML. Together, QuANTUM-R clinical trial and open-label phase 2 study of quizartinib (Japan) support the Daiichi Sankyo New Drug Application (NDA) to Japan’s MHLW/PMDA for marketing approval of quizartinib for the treatment of adult patients with relapsed/refractory FLT3 ITD acute myeloid leukemia (AML).
This submission complements Invivoscribe’s prior regulatory approvals of this LeukoStrat CDx FLT3 Mutation Assay as an AML companion diagnostic in support of midostaurin for Novartis (United States and Europe), and gilteritinib fumarate for Astellas (Japan). Astellas and Invivoscribe have also submitted applications for the drug and device to the CDER and CDRH, respectively, in the United States.
This milestone helps to further establish the LeukoStrat CDx FLT3 Mutation Assay as the international standard for comprehensive FLT3 assessment for critically ill acute myeloid leukemia patients as this CDx is available worldwide and generates standardized signal ratios for both ITD and TKD mutations. These criteria are already resulting in more consistent stratification of patients which will help prescribing doctors identify personalized therapy options for their patients and accelerate new drug and therapy approvals by establishing more homogeneous patient populations for clinical trials.
Timing of this submission also reflects the efficiencies of Invivoscribe’s Streamlined CDx™ program, which provides pharmaceutical partners with integration of activities including CDx development, clinical trials support with rapid patient screening for enrollment, regulatory support and commercialization. Combining many of these activities can accelerate drug approvals as well as ensure rapid availability of the drugs to the appropriate patients following approvals.
“The LeukoStrat CDx FLT3 Mutation Assay Partial Change Approval Application submission and continuing Daiichi Sankyo partnership represent significant milestones for our company. We continue to welcome opportunities to partner with global pharmaceutical companies interested in developing and commercializing companion diagnostics, whether for hematologic disease or solid tumors,” said Jeffrey Miller, Invivoscribe’s CSO and CEO. “Invivoscribe remains focused on improving the quality of healthcare worldwide by providing high quality, standardized reagents, tests, and bioinformatics tools to advance the field of precision medicine.”
About the Invivoscribe LeukoStrat CDx FLT3 Mutation Assay
The LeukoStrat CDx FLT3 Mutation Assay is a PCR-based, in vitro diagnostic test designed to detect internal tandem duplication (ITD) mutations and tyrosine kinase domain (TKD) mutations D835 and I836 in the FLT3 gene in genomic DNA extracted from mononuclear cells obtained from peripheral blood or bone marrow aspirates of patients diagnosed with acute myelogenous leukemia. This globally standardized test includes software that interprets data, generates mutant/wildtype signal ratios for ITD and TKD mutations, and predicts response to both gilteritinib fumarate and midostaurin. This extensively validated assay helps standardize the detection of genetic mutations in the FLT3 gene as one of the most important driver mutations in Acute Myeloid Leukemia (AML). In serving as the companion diagnostic to the Daiichi Sankyo sponsored clinical trials, this test reports out FLT3 ITD mutations alone.
The LeukoStrat test is currently available as a test menu service through the Invivoscribe subsidiaries, LabPMM LLC (San Diego, CA, US), LabPMM GmbH (Martinsried, Germany) and LabPMM GK (Kawasaki City, Japan). LeukoStrat CDx FLT3 Mutation Assay kits are currently distributed in Europe. Distribution of kits in Japan, United States, and China are planned.
About Invivoscribe
Invivoscribe is a privately held biotechnology company dedicated to Improving Lives with Precision Diagnostics™. For nearly twenty-five years, Invivoscribe has improved the quality of healthcare worldwide by providing high quality, standardized reagents, tests, and bioinformatics tools to advance the field of precision medicine. Invivoscribe has a successful track record of partnerships with global pharmaceutical companies interested in developing and commercializing companion diagnostics, and provides expertise in both regulatory and laboratory services. Providing distributable kits, as well as clinical trial services through its globally located clinical lab subsidiaries (LabPMM), Invivoscribe is an ideal partner from diagnostic development through clinical trials and regulatory submissions. For additional information please contact Invivoscribe at support@invivoscribe.com or visit www.invivoscribe.com.
Algeco Announces Third Quarter 2018 Financial Results Conference Call
LONDON, Nov. 19, 2018 (GLOBE NEWSWIRE) — Algeco Investments B.V. (together with its subsidiaries, “Algeco”), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that it will hold its third quarter 2018 financial results conference call on Monday 26 November 2018 at 3:00pm GMT (10:00 a.m., Eastern Time).
To access the call, please dial:
| UK: +44 3333000804 or 08003589473 (UK toll free) |
| US: +1 6319131422 or +1 855 85 70686 (US toll free) |
and enter participant PIN code 84969282# approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to https://event.on24.com/wcc/r/
Prior to the call, the slide presentation and third quarter 2018 financial information will be available at https://www.algeco.com/
About Algeco
Algeco is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in London, Algeco has operations in 24 countries with approximately 241,000 modular space and portable storage units and 15,800 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, Algeco Chengdong in China and Target Lodgings in North America.
Investor Relations Contact
Phil Vellacott
Corporate Finance Director
Algeco Group
investor.relations@algeco.com
