Tesco supermarket has warned retailers face the burden of tax and costs at a time of slumping profits.
This includes an estimated 35{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} increase in business during the last five years.
Increased costs come at a time of deflating food prices, significantly impacting supermarket retailers’ profits.
Councils collect the tax and send the funds to the Treasury, which then redistributes them so that areas with fewer businesses do not lose out. Since 2013 local councils have been able to keep up to 50{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}.
Councils in England will be able to retains funds collected from business rates raised in their jurisdiction under plans unveiled by Chancellor George Osborne.
Source. BBC Business News
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