thesis on revenue collection

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Municipal revenue collection function: A comparative study on the efficiency and effectiveness of Tshwane Metropolitan Municipality and the South African Revenue Service

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Effectiveness of Revenue Collection Strategies at Kenya Revenue Authority in Nairobi

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Press Release  March Revenue Collections Total $4.065 Billion

Media contact   for march revenue collections total $4.065 billion, nathalie dailida.

(Boston, MA) — Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that preliminary revenue collections for March totaled $4.065 billion, $182 million or 4.7% more than actual collections in March 2023, and $129 million or 3.3% above benchmark. 1

FY2024 year-to-date collections totaled approximately $27.531 billion, which is $4 million or 0.01% less than collections in the same period of FY2023, and $145 million or 0.5% less than the year-to-date benchmark.

"March collections increased in income tax withholding in comparison to March 2023,” said Commissioner Snyder. “The increase in withholding was partially offset by decreases in non-withheld income tax, sales and use tax, and ‘all other’ tax. The increase in withholding was due, in part, to current labor market conditions. The decrease in non-withheld income tax was driven by an unfavorable increase in income tax refunds and a decrease in income tax returns and bills. The decrease in sales tax was mainly due to typical timing factors in collections. The decrease in ‘all other’ tax is mostly attributable to a decrease in estate tax, a category that tends to fluctuate.”

Historically, March is a mid-size month for revenue collections, ranking sixth of the 12 months on average in the last 10 years. Many corporate and business taxpayers are required to make estimated payments during the month. The tax filing season is underway, and March is typically a significant month for refund payments (outflows), which reduce total net revenue.

• Income tax collections for March totaled $1.991 billion, $133 million or 7.2% above benchmark, and $232 million or 13.2% more than March 2023.
• Withholding tax collections for March totaled $1.946 billion, $207 million or 11.9% above benchmark, and $293 million or 17.7% more than March 2023.
• Income tax estimated payments for March totaled $96 million, $6 million or 5.6% below benchmark, and $0.2 million or 0.2% less than March 2023.
• Income tax returns and bills for March totaled $492 million, $69 million or 12.2% below benchmark, and $21 million or 4.0% less than March 2023.
• Income tax cash refunds for March totaled $543 million in outflows, $1 million or 0.2% below benchmark, but $39 million or 7.8% more than March 2023.
• Sales and use tax collections for March totaled $664 million, $5 million or 0.8% below benchmark, and $26 million or 3.8% less than March 2023.
• Corporate and business tax collections for March totaled $1.235 billion, $2 million or 0.1% below benchmark, and $5 million or 0.4% less than March 2023.
• “All other” tax collections for March totaled $175 million, $3 million or 1.9% above benchmark, but $19 million or 10.0% less than March 2023.

March 2024 Tax Collections Summary (in $ millions) Preliminary as of April 03, 2024

On January 12, 2024, the Secretary of Administration and Finance announced a revised tax revenue estimate of $39.834 billion for FY2024, which includes $1 billion for the 4% income surtax and a $576.8 million reduction in revenue resulting from the Tax Relief Bill. The revised FY2024 revenue benchmark represents July 2023 through December 2023 actual collections and forecasted collections for the months of January 2024 through June 2024.

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THE IMPACT OF TAX EVASION ON REVENUE COLLECTION PERFORMANCE IN TANZANIA: A CASE STUDY OF TANGA TAX REGION

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derartu defar

Benson James Lyimo

Governments worldwide need resources in form of revenues to perform various functions both social and economic activities. Tax is the main source of revenue for any government and taxes are compulsory payments to government without expecting direct benefit or return by the tax payer – not based on direct quid pro quo principle. Iringa Municipality council has been facing various challenges which make it not to attain the projected targets put. The general objective of the study was to assess challenges facing Local Government Authorities towards implementation of strategies to enhance revenue collection. Case study research design was used in this study. A sample size of 50 out of 90 respondents (i.e. tax payers and TRA employees) was involved. Questionnaires were used to get information from the respondents. Data collected were analyzed descriptively by using SPSS computer software. The findings show that 96% of the respondents reported the availability of taxpayer resistance and low tax morale on part of the citizenry which may result into the reduction of revenue collection. 82% of the respondents agreed that availability of corruption including embezzlement of revenue is one of the challenges which hinder revenue collection. However, 80% of the respondents agreed that by establishing more accessible and transparent payment facilities will enhance tax collection. Also respondents asserted that revenue collectors provide no confidence in tax payers. Thus the study recommends that further studies need to be done on the following issues; (i) what is the perception of taxpayers regarding the misuse of revenue collected by the authority in relation to revenue evasion? (ii) To what extent has Iringa municipality council been able to address revenue evasion?

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Este artigo regressa a uma teorização aprofundada sobre o conceito de participação, com o objetivo de refletir sobre a natureza da participação e demonstrar alguns dos problemas inerentes às publicações que distinguem entre formas de participação claras e escuras. O ponto de partida do artigo é uma discussão sobre três limites inscritos no conceito de participação. O primeiro limite leva-nos a uma discussão antiga sobre a natureza da participação, o foco no poder e o que é incluído e excluído nestas definições. O segundo limite do conceito de participação tem como tema uma série de distinções, nomeadamente aquelas entre participação, a sua condição de possibilidade (acesso e interação) e os seus resultados. O terceiro limite que (potencialmente) estrutura a participação é da imposição da cultura democrática. Em resposta a estes debates, o artigo apresenta uma abordagem mais positiva, focada no que foi ignorado por muito tempo, a saber, as razões pelas quais a participação é importan...

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AlphaSense, a Goldman Sachs–backed AI research startup valued at $2.5B, gears up for IPO as it crosses $200M in annual recurring revenue

Hedge fund manager Cynthia Paul started using the research platform AlphaSense more than 10 years ago while she was working at George Soros’s family office.

She had enlisted all the analysts on her team to track down a data point—and one of them came back so quickly, showing her an answer on his computer screen, that she almost didn’t believe him. The analyst had found the figure via AlphaSense’s AI-powered search engine, which uses machine learning to pull from a dataset of public documents and SEC filings, transcripts, and research.

“I was impressed enough to try the product myself,” says Paul, who would soon ask AlphaSense if Soros Fund Management could invest in the firm, and would later back the company again when she launched her own hedge fund. Research startup AlphaSense now boasts more than 4,000 corporate customers, including more than 80% of the S&P 100, who typically pay between $10,000 or $20,000 annually per seat to follow their competitors, track regulatory approvals, or research M&A targets. 

With the help of developments in generative AI, AlphaSense CEO Jack Kokko says he is seeing heightened interest in the platform—both from its users, and its swath of investors, ranging from Goldman Sachs , CapitalG, and Viking Global. AlphaSense hit $200 million in annual recurring revenue at the end of last year—doubling its ARR from summer 2022—and Kokko is now thinking about how to double that figure, while setting his sights on the right time to take the company public. “We’re suddenly a lot closer to that,” Kokko tells Fortune in an interview.

AlphaSense has increased its headcount by 20% since January 2023 and opened an office in Singapore. This month, AlphaSense hired a new chief marketing officer, Heather Zynczak—who was part of the executive team that took software company Pluralsight public—as it tries to lay the groundwork for an IPO.

“There’s still a lot to do, of course, when you actually decide to go and file,” Kokko says.

‘The poster child’

Twenty-five years ago—during the roaring dotcom boom—Kokko was working as an investment banking analyst for Morgan Stanley . He remembers the feeling of being a young analyst and walking into a client boardroom, his mind running over what data point he might have missed in his research—what overlooked item might end up “messing up that billion-dollar deal,” he says. 

“That’s what stuck with me,” Kokko says, and what would ultimately lead him and his Wharton School classmate, Raj Neervannan, to start working on a search engine that could marry the burgeoning technology of artificial intelligence with research about companies.

The key to the AlphaSense platform, which Kokko and Neervannan started building in 2011, would be its dataset. AlphaSense’s models pull from SEC filings, equity analyst research, industry journals, patent filings, earnings call transcripts, and other public documents and sources. Its two acquisitions over the years—financial analysis company Sentieo as well as expert interview transcription service Stream by Mosaic—have helped expand that dataset. Users can search for things like layoff events or patents, and AlphaSense’s AI models will spit out the relevant documents.

Kokko ascribes the recent growth at his company, in part, to generative AI. Over the past couple of years, AlphaSense has incorporated a variety of large language models, including Anthropic’s recently released Claude 3, into its own in-house AI systems, which it fine-tunes with open-source models like Llama 2 and Mistral, to power new features. Where previously AlphaSense would categorize information and surface data points, now AlphaSense can help users connect the dots—summarizing information, offering industrywide analysis on what companies are saying about things like price inflation, or suggesting specific companies or competitors in sectors a user is researching. 

“We’re constantly pushing what we’re able to automate for users and make them more effective at their work, and generative AI has been one of those things that really enabled big leaps in that,” Kokko says. “That has created a lot of demand—extra demand, perhaps—and a lot of attention to the use cases that we serve.”

That, plus the company’s focus on expansion into new markets like Singapore, were major contributors to AlphaSense doubling its ARR and helped attract attention from new investors. Last calendar year, amid a drought in venture capital funding to startups in sectors outside of AI, AlphaSense raised approximately $250 million in equity funding over two separate funding rounds. One of those rounds was in September, when the company raised $150 million at a $2.5 billion valuation in a deal led by BOND Capital and joined by previous investors CapitalG (one of Alphabet’s independent investing arms) and Goldman Sachs. 

Darren Cohen, the CIO of Goldman Sachs’ growth equity team, sees AlphaSense as the perfect fit for their broader investment thesis: combining the infrastructure layer of AI (large language models built by companies like OpenAI or Anthropic) with a rich dataset and a specific workflow. “AlphaSense is, by far, the poster child,” Cohen tells Fortune. “It’s one of the largest positions in our fund.”

But AlphaSense still has a bit of work to do before it goes public. For one: diversifying its leadership team. There is only one woman—its new CMO—across AlphaSense’s eight-person executive team and five-person board of directors. 

AlphaSense says it is currently interviewing female board candidates, and Goldman’s Cohen told Fortune that diversifying both the leadership team and board is one “of many things” AlphaSense is focused on pre-IPO. “We actually are in conversations and showing them potential candidates, some of [whom] I work closely with, which would be amazing additions. Stay tuned,” Cohen said.

The company is also updating its financial systems to handle the precise reporting necessary in the public markets and to ensure that investors can adequately compare it to other public SaaS companies, Kokko says. He anticipates that CMO Zynczak’s experience on public and private boards, in particular, will be able to guide AlphaSense on what pre- and post-IPO investors look for.

Of course, it remains to be seen exactly when the IPO markets will be deemed “open” again. While a few notable startups like Instacart and Reddit have made their debuts in recent months, listings overall have been few and far between.

Kokko won’t share an exact timeline for AlphaSense’s public listing other than to say it will depend on when the IPO market appears truly open. And given that the company raised some $250 million in equity funding just last year, Kokko says he has the capital to wait: “We’re not in a rush.”

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Treasury, IRS issue guidance on the credit for the production of clean hydrogen and the election to treat clean hydrogen production facilities as energy property

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IR-2024-102, April 10, 2024

WASHINGTON — The Treasury Department and Internal Revenue Service today issued guidance for the collection of information for taxpayers to request an emissions value from the Department of Energy (DOE) to petition the Secretary of the Treasury for a determination of a provisional emissions rate (PER).

On Dec. 26, 2023, the Department of the Treasury and the IRS issued proposed regulations relating to the credit for production of clean hydrogen and the election to treat clean hydrogen production facilities as energy property.

The proposed regulations provide procedures for taxpayers to petition for a PER determination and refer to the process for taxpayers to request an emissions value from the DOE to file a petition.

This guidance issued today contains supplemental information relating to the DOE’s emissions value request process and invites comments on that process.

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The Canada Revenue Agency has options for you if you owe us money or have a debt that we collect for another government department

April 9, 2024

Ottawa, Ontario

Canada Revenue Agency

Receiving a letter from the Canada Revenue Agency (CRA) telling you that you owe money can be stressful. Take time to read the letter fully to understand your payment options. We are here to help you understand how you can resolve your debt.

Here is what you need to know:

How to pay: People who receive a collection letter should follow the payment directions provided in the letter, or visit the CRA webpages for more options.

The CRA has a number of payment options for you to pay income tax, COVID-19 benefits or subsidies, or other CRA overpayments. Visit Make a payment and choose the payment option that works best for you.

The CRA collects Employment Insurance (EI), Canada Pension Plan (CPP), Old Age Security (OAS), overdue student loans, and other overpayments on behalf of Employment and Social Development Canada (ESDC), as well as amounts on behalf of Canada Border Services Agency (CBSA).

Click on the link to make your payment to:

What to do if you can’t pay: We understand that everyone’s personal situation is different and we will take that into consideration. Even if you can’t afford to pay your debt in full when it’s due, contact us to discuss your situation. We have payment options to give you more time and flexibility to repay your debt.

Schedule a series of payments: In some circumstances, you can authorize the CRA to withdraw a certain amount directly from your bank account, on dates of your choice, by scheduling a series of payments . To use this service, you will need to register for  My Account .

Please note: it takes five business days when a pre-authorized debit is first set up, to when the funds will be processed. Also, the debit agreement cannot be cancelled less than five days before the payment is due.

What if you do nothing: Ignoring your debt does not make it go away. If you don’t pay , the CRA can take steps to recover the amount you owe. For example, we can withhold your benefit and credit payments or tax refunds , and apply them to your outstanding debt. Acting quickly will help you avoid other financial or legal consequences.

When to contact the CRA: Contact us if you want to:

• Discuss your personal situation or set up a payment arrangement if you can’t pay in full. A payment arrangement is an agreement to pay the balance you owe with regular scheduled payments over a period of time;
• Confirm where to send your payment if you’re not sure;
• Confirm your payment is received if you made it and it’s still not showing on your account;
• Confirm that the call or correspondence you’ve received is from the CRA.

Need More Information? Visit Debt collection at the CRA to learn more about the options available to help you pay your debt.

Media Relations Canada Revenue Agency 613-948-8366 [email protected]

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Axios Sees A.I. Coming, and Shifts Its Strategy

“The premium for people who can tell you things you do not know will only grow in importance, and no machine will do that,” says Jim VandeHei, C.E.O. of Axios.

By Katie Robertson

In the view of Jim VandeHei, the chief executive of Axios, artificial intelligence will “eviscerate the weak, the ordinary, the unprepared in media.”

The rapid rise of generative A.I. — and its implications for how people will discover and consume news — has unsettled many media executives. Like them, Mr. VandeHei has spent the past year or so pondering how to respond.

Now he’s becoming one of the first news executives to adjust their company’s strategy because of A.I.

Mr. VandeHei says the only way for media companies to survive is to focus on delivering journalistic expertise, trusted content and in-person human connection. For Axios, that translates into more live events, a membership program centered on its star journalists and an expansion of its high-end subscription newsletters.

“We’re in the middle of a very fundamental shift in how people relate to news and information,” he said, “as profound, if not more profound, than moving from print to digital.”

“Fast forward five to 10 years from now and we’re living in this A.I.-dominated virtual world — who are the couple of players in the media space offering smart, sane content who are thriving?” he added. “It damn well better be us.”

Axios is pouring investment into holding more events, both around the world and in the United States. Mr. VandeHei said the events portion of his business grew 60 percent year over year in 2023.

The company has also introduced a $1,000-a-year membership program around some of its journalists that will offer exclusive reporting, events and networking. The first one, announced last month, is focused on Eleanor Hawkins, who writes a weekly newsletter for communications professionals. Her newsletter will remain free, but paying subscribers will have access to additional news and data, as well as quarterly calls with Ms. Hawkins.

Membership programs will next be built around Sara Fischer, a media reporter, and the business editor Dan Primack, who writes the daily Pro Rata newsletter, according to a person familiar with the company’s plans.

“I’m trying to align the company with the people who have a ton of talent: They thrive, we thrive,” Mr. VandeHei said.

Axios will expand Axios Pro, its collection of eight high-end subscription newsletters focused on specific niches in the deals and policy world. The subscriptions start at $599 a year each, and Axios is looking to add one on defense policy. The company just hired an executive, Danica Stanciu, to oversee the expansion into more policy areas. Ms. Stanciu was instrumental in growing Politico Pro, Politico’s premium subscription offering, into a thriving business.

“The premium for people who can tell you things you do not know will only grow in importance, and no machine will do that,” Mr. VandeHei said.

Part of the pivot entails a restructuring of Axios’s leadership team. Sara Kehaulani Goo, the editor in chief of the Axios newsroom, will head up the editorial side of events and running new platforms. Aja Whitaker-Moore, the executive editor of the newsroom, will be promoted to editor in chief and will oversee all published content.

“I hope the next leg of this journey can really be focused on how we take the subject matter expertise to the next level,” she said.

Axios was started in 2017 by Mr. VandeHei, a co-founder of Politico, along with Mike Allen and Roy Schwartz. In August 2022, Cox Enterprises acquired Axios in a deal that valued the company at $525 million, with its founders staying on as minority shareholders.

Mr. VandeHei said Axios was not currently profitable because of the investment in the new businesses. The company has continued to hire journalists even as many other news organizations have cut back. An Axios spokeswoman said that Axios Local now had nearly two million subscribers across 30 newsletters, and that Axios’s national newsletters had about 1.5 million.

In addition to figuring out how A.I. could change news consumption by the public, many media companies are racing to figure out how to address the ingestion of their content by A.I. chatbots. The New York Times, for example, sued Microsoft and OpenAI in December for copyright infringement, arguing that millions of articles were used, without authorization, to train the tech companies’ chatbots.

Mr. VandeHei said that while he thought publications should be compensated for original intellectual property, “that’s not a make-or-break topic.” He said Axios had talked to several A.I. companies about potential deals, but “nothing that’s imminent.”

“One of the big mistakes a lot of media companies made over the last 15 years was worrying too much about how do we get paid by other platforms that are eating our lunch as opposed to figuring out how do we eat people’s lunch by having a superior product,” he said.

Katie Robertson covers the media industry for The Times. Email:  [email protected]   More about Katie Robertson