![]() ![]() In greater detail, receipts from euro area residents rose by 63.3% to 5,874.3 million, while receipts from residents of non-euro area EU27 countries increased by 70.6% to 1,571.7 million. This development was due to increases in receipts from residents of the EU27 by 64.8% to 7,446.0 million and in receipts from residents outside the EU27 by 147.7% to 5,055.1 million. In the eight-month period from January to August, travel receipts totalled 12,749.0 million, up by 92.1% relative to the same period of 2021. Receipts from Russia decreased by 83.4% to 3.5 million. ![]() Turning to non-EU27 countries, receipts from the United Kingdom rose by 59.5% to 800.3 million and receipts from the United States increased by 17.2% to 154.8 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 5.6% to 644.6 million, whereas receipts from France decreased by 2.3% to 369.3 million. In more detail, receipts from residents of EU27 countries increased by 14.0% to 2,457.0 million, while receipts from outside the EU27 rose by 58.9% (August 2022: 1,523.8 million, August 2021 959.1 million). ![]() In August 2022, travel receipts rose by 28.1% year-on-year. Net travel receipts offset 46.9% of the goods deficit and contributed 80.6% to total net receipts from services. The rise in travel receipts stemmed from a 121.8% increase in inbound traveller flows, as average expenditure per trip fell by 14.1%. Travel receipts rose by 6,110.9 million, or 92.1%, to 12,749.0 million, while travel payments increased by 698.2 million, or 117.9%, to 1,290.3 million. In the January-August period, the balance of travel services showed a surplus of 11,458.7 million, up from a surplus of 6,046.1 million, in the same period of 2021. Net receipts from travel services accounted for 91.0% of total net receipts from services and more than offset (127.3%) the goods deficit. The rise in travel receipts was due to a 44.0% increase in inbound traveller flows, as average expenditure per trip declined by 11.2%. Treasury and the IRS continue to closely monitor pending legislation related to the ERC and will provide additional information as needed.More specifically, travel receipts in August 2022 rose by 28.1% to 4,042.9 million, from 3,156.2 million in August 2021, while travel payments also increased by 56.0% (August 2022: 214.6 million, August 2021: 137.6 million). Revenue Procedure 2021-33, updates and amplifies guidance provided in Notice 2021-20 PDF, which addressed the ERC as it applies to qualified wages paid after March 12, 2020, and before January 1, 2021, Notice 2021-23 PDF, which addressed the ERC as it applies to qualified wages paid after Decemand before July 1, 2021, and Notice 2021-49 PDF, which addressed the ERC as it applies to qualified wages paid after Jand before January 1, 2022. The employer claiming the credit must also apply the safe harbor to all employers treated as a single employer under the aggregation rules.Īn employer is not required to apply this safe harbor, and the safe harbor does not permit the exclusion of these amounts from gross receipts for any other federal tax purpose.Įmployers claim the ERC on their employment tax return, generally Form 941, Employers Quarterly Federal Tax Return PDF, or adjusted employment tax return, generally Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund PDF. The employer must exclude the amounts from their gross receipts for each calendar quarter in which gross receipts are relevant to determining eligibility to claim the ERC. Revenue Procedure 2021-33 requires employers to apply the safe harbor consistently for determining eligibility for the ERC. Restaurant Revitalization Grants under the American Rescue Plan Act of 2021.Īn employer elects to apply the safe harbor by excluding these amounts solely for determining whether it is an eligible employer for a calendar quarter for purposes of claiming the ERC on its employment tax return.Shuttered Venue Operators Grants under the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act and.The amount of the forgiveness of a Paycheck Protection Program (PPP) Loan.Revenue Procedure 2021-33 PDF provides a safe harbor permitting employers to exclude certain amounts from gross receipts solely for determining eligibility for the ERC. WASHINGTON - The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). ![]()
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