Agreement with Hikma, the US’ third largest supplier of generic injectable medications by volume1, will see AFT benefit from upfront, regulatory and commercial milestone payments worth up to US$18.8 million and a profit share from in-market product sales.
AFT Pharmaceuticals (NZX.AFT, ASX.AFP) today announces it has signed an exclusive License and Distribution Agreement with Hikma Pharmaceuticals USA (“Hikma”) for the commercialisation of its Maxigesic IV, an intravenous, opioid free post-operative pain relief medicine, in the United States. The agreement represents the first out license of the Maxigesic family of medicines into the US market. AFT, over the longer-term, is also targeting the US market for the tablet and liquid forms of the medication. Under the terms of the license agreement, Hikma will have exclusive rights for the sales, marketing, and distribution of Maxigesic IV in the US. In return AFT will be entitled to upfront, regulatory and commercial milestone payments of up to US$18.8 million as well as a profit share from in market product sales. The milestone payments comprise US$7.5 million of payments due upon certain agreed milestones leading up to and including registration and the first commercial sale of Maxigesic IV in the US. Of these, US$3.6 million will be earned following the signing of the agreement and filing of Maxigesic IV for approval with the FDA. The further milestone payments are payable upon certain sales targets for Maxigesic IV in the US being reached.
AFT Managing Director Dr Hartley Atkinson said: “We are excited to be entering into the US market with Hikma, which has a strong and respected US hospital market presence and, in line with AFT’s core values, is focused on providing cost-effective therapies which improve patient care.
“The US market for post-operative pain management medication, according to independent research, was worth US$745 million in 2019 and is set to grow to US$1.7 billion by 2028.2 “It is satisfying to be offering a pain management medicine that gives clinicians a real alternative to opioids in the US, where addiction to these drugs has become an epidemic. We believe, with Hikma, we can capture a significant share of this revenue.”
Hikma is a global pharmaceutical company focused on complex and differentiated branded generics and generic pharmaceuticals across a broad range of indications, including respiratory, oncology and pain management.
It is the third largest US supplier of generic injectable medicines by volume, with a growing portfolio of over 100 products. Today one in every six injectable generic medicines used in US hospitals is a Hikma product.1
Dr Atkinson said AFT had expected to announce the agreement with Hikma in March this year and held that view right up to the last day of the 2021 financial year. However, as signalled at the start of this month the company had been hindered in achieving this goal due to unexpected delays in the negotiations.
“Had we achieved our plans to conclude the agreement with Hikma before 31 March 2021, we would have delivered FY21 earnings in the range of guidance affirmed in November 2020 for an operating profit of $14 million to $18 million. Sadly, the delays forced us to lower our guidance.
“AFT understands the importance of delivering on market expectations. We are pleased we can now provide further colour to our last earnings update and its timing, given the good faith efforts that we made to close out the commercially sensitive negotiations with Hikma before the end of our financial year, and then as soon as possible thereafter.”
Maxigesic IV offers clinicians and healthcare providers a strong proposition. It is an effective alternative for the treatment of post-operative pain. It also avoids the side effects of traditional opioid-based analgesics that have fuelled an unprecedented cycle of addiction and abuse around the world.
The US agreement adds to existing Maxigesic IV agreements in Europe: Everpharm [Germany, Austria, France, and Italy]; Aguettant [Nordics, Netherlands, Portugal, and Spain]; Medochemie [Bulgaria, Cyprus, Czech Republic, Hungary, Romania, and Slovakia], Jed Pharma [Ireland] and Edge [United Kingdom], Vianex [Greece]. Outside Europe, AFT has also negotiated licensing agreements for Maxigesic IV in Ecuador [Acino], Hong Kong [DKSH] and Thailand [Alliance Pharma]. All of the agreements have been negotiated over the past year in spite of COVID-19 travel bans and are among the many steps AFT has taken to set itself up for continued growth, Meanwhile, AFT is working to complete US FDA approval for the tablet form of the medication. In November last year, the FDA said a Good Manufacturing Practice inspection of the tablet production facilities for Maxigesic was the “only deficiency” with AFT’s application for regulatory approval. The inspection is still pending due to COVID-19 related travel disruptions.
“We look forward to providing more detail when we release our audited financial results in May.”
Released for and on behalf of AFT Pharmaceuticals by Chief Financial Officer Malcolm Tubby.
AFT is a growing multinational pharmaceutical company that develops, markets, and distributes a broad portfolio of pharmaceutical products across a wide range of therapeutic categories which are distributed across all major pharmaceutical distribution channels: over the counter (OTC), prescription and hospital. Our product portfolio comprises both proprietary and in-licensed products, and includes patented, branded, and generic drugs. Our business model is to develop and in-license products for sale by our own dedicated sales teams in our home markets of Australia and New Zealand and in certain Southeast Asian markets, and to out-license our products to local licensees and distributors to over 125 countries around the world.
About Hikma: Hikma helps put better health within reach every day for millions of people in more than 50 countries around the world. For more than 40 years, we’ve been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people’s lives. We’re committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,600 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com
About Ferghana Partners (New York, London, Boston) initiated the Hikma transaction and provided strategic/financial advisory services to AFT Pharma.
For more information: Investors Dr Hartley Atkinson – Managing Director AFT Pharmaceuticals Tel: +64 9488 0232
SUZANNE CLARK President and CEO, U.S. Chamber of Commerce
There’s a rising sense of optimism in our country today. A growing belief that the long, dark stretch of the pandemic is nearly behind us, and brighter days lie ahead. Our country is finally getting back to health and back to strength.
President Biden is sure to highlight how his administration has contributed to these positive developments as he marks his first 100 days in office later this week. It’s a good opportunity to celebrate how much our nation has achieved in the 400+ days since the WHO declared the global pandemic.
At the U.S. Chamber of Commerce, we are proud of how the private and public sectors have worked together during the crisis to help communities and stabilize the economy. Led by businesses and aided by government, effective vaccines were developed and deployed in less than a year. The pharmaceutical companies who led these efforts held 1,224 clinical trials in all 50 states—making their approval and deployment a truly nationwide achievement. Today, 27.2% of our population is fully vaccinated. Shots are widely available to those who want them.
This unprecedented achievement may have happened within a year, but it was built on many years of advocating for a policy framework that rewards investment and innovation. When our nation needed the ingenuity and industriousness of the private sector more than ever, American businesses were ready to answer the call.
Moreover, thanks to the resilience, adaptability, and innovation of American businesses and their employees throughout the pandemic, our economy is poised to come roaring back—as high as 8.2% GDP!—in the second quarter. As more restrictions are lifted and in-person gatherings continue to become safer, more displaced workers from industries on the bottom of the K-Shape recovery will feel the effects of a stronger economy.
Keeping up the Momentum
We can expect President Biden to hit on many of these positive macro-trends when he addresses the nation on Wednesday night. What business will be most interested in hearing is how he will work with partners in government and business to usher in a new era of economic growth.
The U.S. Chamber has worked closely with the administration to advance shared priorities on a bipartisan basis, while also forcefully opposing policies that would undermine a widespread recovery and future growth. As the president charts the next 100 days of his presidency, we urge his administration to focus on these three priorities to keep up the momentum:
1. Lead bipartisan progress on infrastructure.
The current debate over an infrastructure package gives President Biden the opportunity for a big achievement that will help our economy today and into future—if it’s done on a bipartisan basis.
As someone who spent more than 35 years in the Senate, President Biden knows that bipartisanship and consensus is the only way to get big, important, difficult things done in a meaningful and durable way. If you don’t get the buy-in of the other party, any change in power puts the policy at risk of reversal or repeal.
Perhaps that’s why not a single significant infrastructure package has been passed along party lines since 1991. In fact, six major pieces of legislation were enacted with the strong support of both parties.
Republicans and Democrats alike are eager to engage in today’s infrastructure debate and have put forward proposals. The only way to turn talk into action is to begin serious-minded bipartisan negotiations. There is common ground to be found.
The perennial stumbling block for progress on infrastructure is how to pay for it. Lawmakers must be realistic that investing in infrastructure requires revenue. But not all revenue is created equal. The Chamber believes in maintaining America’s traditional user-financed model of funding infrastructure and paying for new investment over time. We strongly oppose the general tax increases proposed by the administration, which make American employers uncompetitive and cost America jobs.
We must seize this opportunity for bipartisan progress and set a tone for progress with other priorities.
2. Reject job-killing tax hikes that would undermine the recovery.
A major reason our economy is poised for such a quick and vigorous recovery is that it was in a place of strength before the shock of the pandemic — thanks in no small part to the historic tax reform of 2017. Now, the administration is pursuing the biggest tax hike in 30 years to fund an ambitious agenda to massively expand the role and reach of government paid for by American job creators.
Raising taxes on corporations would sap growth and stall job creation just as it’s picking up speed. And it’s important to note that many small businesses would find themselves in the crosshairs of a higher corporate tax rate. Under the federal tax code, 1.4 million small businesses that together employ 13 million Americans file their taxes as C-Corps. Raising their taxes would put them at a competitive disadvantage, suppress wage growth, and undo the progress of lowering the rate to 21%.
On top of that, raising the tax code would harm America’s competitiveness in a global economy and make it a less attractive place to invest profits, locate corporate headquarters, and create American jobs. And, no, we should not expect other nations to hold back their economies because the U.S. has chosen to disadvantage its own.
Lower taxes and smarter regulations remain key building blocks of a growing economy.
3. Prioritize workforce in order to keep the economic momentum going.
I hear every day, from leaders of businesses large and small, that they struggle to find qualified workers for open jobs. It was the number-one challenge they cited before the pandemic, and it remains a critical concern heading into this recovery. And the recovery will actually stall if we don’t have the workers to drive it.
The most immediate way to address our current challenge is to reopen schools and daycares. This is not only an education issue, it’s a workforce issue. Parents are struggling to hold jobs without childcare or while working from home while directing remote learning. The end of the pandemic may be in sight, but uncertainty still looms over countless American families and employers.
We also must begin to phase out the unprecedented financial assistance that was necessary to support displaced workers at the height of the pandemic. Particularly for the hardest hit industries, as mandates continue to be lifted and businesses are able to resume pre-pandemic operations and capacity, workers will be able to return to their steady paychecks so they can rebuild their lives.
Finally, we need immigration policies that provide employers the skilled talent they need to fill open jobs. We appreciate the administration’s early steps to raise caps for H1-B visas, but more needs to be done to reform our system. Fortunately, there are lawmakers on both sides of the aisle eager to help get this done. Earlier this month, the Chamber’s Common Grounds series convened a bipartisan conversation with two members of Congress to discuss how we can move our nation forward after years of gridlock. Like us, they are determined to seize the opportunity and update our immigration policies to meet the needs of our modern economy. The answer should be legislation that addresses immigration reform and border security.
Working Together for a Bright Future
The Chamber is committed to creating a brighter future for our country through a widespread recovery and inclusive growth driven by American business. To achieve that, we will work with the administration—and when needed, we will stand up to the administration. We urge President Biden to work with both parties and the business community to take the right steps to advance our economy—and to exercise the prudence to reject proposals that will hold it back, such as excessive tax hikes, the PRO Act, anti-arbitration efforts, and more.
Ahead of us lies a period of growth, opportunity, prosperity, and innovation that will improve everyone’s lives. Let’s seize it.
April 19, 2021
Earlier today, Secretary of the Treasury Janet L. Yellen spoke with New Zealand Deputy Prime Minister and Minister of Finance, Grant Robertson. Secretary Yellen conveyed her intention to work with Deputy Prime Minister Robertson on tackling priority issues both the United States and New Zealand face including ending the pandemic, supporting the global economic recovery, fighting growing income inequality, and forcefully addressing the threat of climate change. The Deputy Prime Minister and Secretary Yellen reviewed ongoing efforts to support a global minimum corporate tax. Secretary Yellen thanked Deputy Prime Minister Robertson for ongoing efforts hosting the APEC forum this year, and noted her interest in working closely with New Zealand across multilateral forums to advance shared interests.
New Zealand-based zero-waste packaging manufacturer Compostic has introduced its product line in the US.
The company, which manufactures fully home-compostable cling wrap and resealable bags as an alternative to kitchen plastics, will sell its products via its website and Amazon.
The vegan-friendly products and packaging can break down in home compost after 12 to 24 weeks.
Compostic founder and CEO Jon Reed said: “My inspiration behind Compostic began with my realisation of the massive threat that plastic has become to our environment.
“It soon became my life’s mission to find a sustainable solution to the convenience that plastics have within our lives, but that won’t stick around polluting our environment for hundreds of years.
“We are thrilled to launch Compostic in the US as we continue our mission to eliminate single-use plastics on a global scale. We believe that with Compostic’s alternatives, there is no longer an excuse to use toxic plastics anymore.”
Reed founded Compostic in 2018 with the aim of eliminating single-use plastics from the home while maintaining the convenience of traditional plastics.
The cling wrap and resealable bags are approved by the US Food and Drug Administration (FDA), free from bisphenol A and genetically modified organisms, and non-toxic.
The cling wrap is available in 150ft² and 250ft² lengths and includes pre-perforated markings for seamless use.
Its packaging features soy-based inks and a recyclable and compostable box, which contains no metal or plastic cutters.
The resealable bags feature an easy-to-use zip and are available in snack, sandwich and gallon sizes. Compostic claims the bags are more resistant than regular plastics.
Last year, US-based biodegradable materials company Danimer Scientific partnered with custom plastic bag manufacturer Columbia Packaging Group to develop home-compostable produce bags for the flexible packaging market.
Confirmation of a long-term partnership between the New Zealand Government and Amazon Studios - The Lord of the Rings Summary:
Today’s confirmation of a long-term partnership between the New Zealand Government and Amazon Studios around its streaming series based on The Lord of the Rings is more great news for Auckland’s booming screen industry.
The agreement was confirmed today by Minister for Economic and Regional Development, Stuart Nash.
Auckland Mayor Phil Goff welcomed the news.
“This production is injecting hundreds of millions into the economy, and is already directly and indirectly employing more than a thousand Kiwis in skilled jobs – most of them from Auckland strong screen talent base. It is supporting the many Auckland businesses that directly and indirectly supply services to the screen industry,” he says.
“The agreement provides an excellent framework for Auckland to develop long-term partnerships, and leverage programmes to keep growing the local industry and help the region’s economic recovery.
“The long-term production has its main base right here in Auckland, is the largest to ever come here, and the biggest underway in the world at the moment.
“Auckland’s wider screen sector already contributes $1.14 billion to the city’s GDP and nearly 4000 people are employed in production and post-production jobs alone, with Auckland Unlimited playing a key role in the sector’s recent growth by expanding its dedicated unit focused on attracting a number of major screen productions to the region.
“Amazon’s partnership with the Government will help us further grow our region’s skilled screen workforce, accelerate innovation within our cutting edge tech-led firms, and the branding activities component will help us to promote Auckland – including our amazing locations used by the production – to the next generation of global Rings fans.”
The agreement also includes a talent development focus, with a range of deliverables – such as internships and other on-set placements – across the series’ multiple seasons.
“This is a great opportunity for our region’s best young talent to strive for,” says Mayor Goff. “The production will provide valuable career pathway opportunities for our next generation of screen talent.”
Pam Ford, General Manager Economic Development at Auckland Unlimited says: “When Amazon chose in 2019 to base its production in our region, it made the world’s screen industry sit up and take notice. This is a vast project that will be more transformative for our region’s industry than anything that’s gone before.
“We are determined to help Amazon Studios feel as welcome as possible in our region, as it films in various studios and on location, and it’s important that we support its team in any way we can – as a Council group and as a city,” says Pam Ford.
New Zealand’s screen industry was one of the few in the world where productions were able to re-start in relative normality under COVID-19 conditions, thanks to the Government’s strong action against the coronavirus and national industry specific protocols which Screen Auckland helped to develop.
“Thousands of people and businesses are being kept busy in this COVID-19 world by Auckland’s thriving screen industry, and Amazon’s production is a vital contributor to that – alongside a range of other domestic and international productions,” says Pam Ford.
Shares in Pacific Edge spiked sharply higher after the company said its "Cxbladder" cancer diagnostic tests are now covered by United Healthcare, America's biggest healthcare insurer.
The NZX-listed cancer diagnostics company said Cxbladder is now being covered as a "medically necessary bladder tumour marker test", under United Healthcare's Molecular Pathology/Molecular Diagnostics/Genetic Testing (Medicare Advantage) - Medical Policy.
The stock last traded at $1.30, up 31c or 31.3 per cent on Thursday's close.
United Healthcare has over 50 million members with more than 5.7 million Medicare Advantage members.
In 2019, United Health Group had a 14.1 per cent share of the US health insurance market, with direct premiums written amounting to about US$107 billion.
The organisation partners with 6500 hospitals and care facilities nationwide, and more than 1.3 million physicians and other providers.
Including the positive coverage decision issued by the Centres for Medicare and Medicaid Services (CMS) in 2020, more than 110 million Americans now have coverage of Cxbladder non-invasive, highly accurate tests for the detection and management of urothelial and bladder cancer, Pacific Edge said.
Chief executive David Darling said gaining coverage with the insurer was a significant achievement for Pacific Edge.
"This positive coverage decision reflects the validation that comes from independent published clinical evidence, inclusion in guidelines and coverage with other providers such as the CMS. It adds further validation of Cxbladder and a point of inflexion for other healthcare insurers."
PEDUSA, Pacific Edge's US business, has been expanding its US sales team to deliver on the growth opportunities available to Cxbladder.
These specialist salespeople will now be working closely with urologists associated with United Healthcare to encourage and support them in their use of our Cxbladder products, the company said.
Pacific Edge was one of the market's strongest performers in 2020 - with its share price climbing by 780 per cent.
By: Jamie Gray Business reporter, NZ Herald
If fully leveraged, digital technologies could add $46.6 billion to New Zealand’s economy by 2030. This could have a significant material impact on society as it is equivalent to 14% of New Zealand’s GDP today, or the combined GDP supported by Canterbury and Hawke’s Bay. Of this value, NZ$17.1 billion could come from technologies that help mitigate the economic impacts of the COVID-19 pandemic.
The report talks to eight transformative technologies and the strong economic potential they bring to New Zealand industries including, but not limited to, Artificial Intelligence (AI) which can be used to drive data-based public health interventions, Mobile Internet to help digitise retail distribution channels, and the Internet of Things (IoT) for use in supply chain tracking.
Caroline Rainsford, New Zealand Country Director of Google, says, “Overall New Zealand has weathered the storm of the COVID-19 crisis well, and we are starting to see the economy rebound on the back of policies that have protected businesses and kept unemployment relatively low. However, the COVID-19 crisis has exposed the over-reliance of our economy on low-productivity, low-value exports.
“As we rebuild for the post-pandemic future, digital transformation has become an imperative, as it lifts prosperity, and prosperity lifts well-being. We need to unlock this potential in order to drive a significant difference by 2030.”
In order to fully leverage the opportunities presented by digital transformation, the report has identified three main pillars of action New Zealand could take including:
Google’s Contribution Rainsford says, while there is huge potential for New Zealand, a lot of positive work has already been done in this area within the last year. She says, “Through this report we’ve also been able to demonstrate some of the ways that Google’s tools and services are already benefiting New Zealand’s digital economy. We’re humbled that Kiwi businesses and wider society derive over NZD$6 billion in annual benefits, through increased revenues and millions of connections online.”
The report also shares stories of local businesses that have successfully adapted to the challenges of COVID-19 by proactively embracing the opportunities provided by digital adoption. Kiwi-founded eco-friendly beauty company Ethique was borne out of a desire to do things differently. With ambition to create better products for the bathroom and to save plastic from landfill, online advertising enabled them to easily reach a global audience - validating its global potential.
Key findings:
Kia ora,
As always, I hope you and your whānau are well as we head into April. A lot has happened since my last newsletter: the first Senior Officials’ Meetings (SOM1) and Finance and Central Bank Deputies Meetings (FCBDM) have now concluded. Over 3,300 officials registered to attend these meetings from around the APEC region – a fantastic level of engagement.
We’re now looking forward to the second Senior Officials’ Meeting (SOM2) and Ministers Responsible for Trade (MRT) Meeting in May and June. The MRT meeting in particular is usually a space for important statements, like 2020’s statement to mitigate the economic impact of COVID-19, which can tangibly show APEC’s progress for the year.
The first Senior Officials’ Meeting (SOM1) SOM1 brought together thousands of government officials from each of the 21 APEC economies, along with their support teams in March.
Talks focused on how to fast-track the regional response to COVID-19, in a bid to boost the recovery process. There was also intensive discussion about how APEC will carry forward commitments leaders made in 2020 and the development of a 20-year implementation plan, taking into consideration the challenges and risks exposed by the pandemic.
SOM Chair, Vangelis Vitalis said “as a region, we need to work together to ensure APEC effectively responds, not just to the immediate crisis, but also to the longer-term need to build a sustainable and resilient regional economy that benefits everyone.”
Watch Vangelis, APEC Secretariat Executive Director Dr Rebecca Fatima Sta Maria and reporter Jehan Casinader discuss the work of SOM1 here.
Policy Dialogue: Valuing Indigenous Economies This meeting was the first of its kind in APEC, bringing together Indigenous voices from Canada, Malaysia, New Zealand and Peru.
Minister of Foreign Affairs, Nanaia Mahuta, described the dialogue as “pioneering work”, asking participants to “nurture the seed so that it may grow and flourish as we continue to work together on Indigenous issues. This work is important in improving the lives and well-being of all Indigenous Peoples across the Asia-Pacific region”.
One of the areas discussed at the dialogue, was the importance of data to understand the impact of the COVID-19 crisis on Indigenous businesses and communities. This data could inform policy, and support the delivery of business support, building resilience for future challenges.
Measuring Indigenous economies is critical to illustrating the economic contribution of these businesses and communities to national economies to ensure the development of targeted and tailored policy responses.
Read more about the Dialogue here.
Finance and Central Bank Deputies Meeting (FCBDM) APEC’s Finance and central bank deputies came together on March 17 & 18 to discuss the groundwork for sustainable fiscal management to boost recovery from the COVID-19 crisis. They also debated the costs and benefits of stimulus measures that finance ministries and central banks have put in place around the Asia-Pacific.
Dr Caralee McLiesh, Secretary and Chief Executive of the Treasury and Chair of APEC’s Finance and Central Bank Deputies’ Meeting said: “As member economies have worked to respond to the economic, social and health impacts of the pandemic, finance ministries around the region have been at the heart of government decision-making.”
The discussion from the FCBDM will continue towards the APEC Senior Finance Officials’ Meeting in June and their recommendations will be provided to APEC Finance Ministers in October this year.
Read more about the FCBDM here.
Looking ahead, we have a month of ad-hoc meetings in the lead up to SOM2 and the Ministers’ Responsible for Trade meeting. I look forward to updating you next month on our further progress.
If you’d like to read more about APEC 2021, here are three recent pieces:
A reminder of some key work coming up this year:
Ngā mihi nui,
Andrea Smith Deputy Secretary, APEC New Zealand Ministry of Foreign Affairs and Trade.
Following the launch of the business on 1 February, WayBeyond is announcing the first five global partnerships as part of a push to create AgTech collaborations and accelerate new offerings to customers.
“These five partners are just the beginning. We have another 30 we are in discussions with, allowing us to have a presence in every corner of the planet,” says Head of Global Channels Lotte Bayly.
“We are delighted with the positive reception we’ve had in relation to our offerings and how we will be able to present partners with leading edge innovations they can then roll out to their customers.”
The five partners all cover a variety of global regions and include:
• Cultivatd (headquartered in Canada) • Novefa (headquartered in Denmark) • Better Grow Hydro (headquartered in U.S.) • UpGrown Farming (headquartered in Singapore) • Autogrow (headquartered in NZ).
Another two partners to be confirmed in the next few weeks.
“The expertise at WayBeyond is second to none and they have developed tools that can help any indoor farmer track and manage their critical data in an effective way," says Eric Bergeron, co-founder of Cultivatd, an indoor farm technology broker.
One of the first WayBeyond products the partners will be introducing to their customer base is the Folium Network Sensor. The solution comes with a dedicated wrap-around partner program including a comprehensive sales toolbox and rewarding incentives.
Lionel Wong, Managing Director for Upgrown Farming notes the technology will play a pivotal role in emerging yet challenging markets in Singapore and Asia.
“Regardless of one's level of farming experience, Folium accelerates the learning curve and empowers decision making in what is a dynamic environment and market," says Mr. Wong.
The partnerships are part of push by WayBeyond to increase the level and connectivity of cloud-based solutions in market and comes after the successful launch of farm management platform FarmRoad and its subsequent products Data Studio, Yield Prediction and Crop Registration.
Source: https://www.waybeyond.io/
The Senate Finance Committee held a hearing on Thursday, March 25th on the subject of US international tax policy, “How US International Tax Policy Impacts American Workers, Jobs and Investment.” ACA submitted testimony for this hearing highlighting the need for the tax-writing committees to be educated on how tax policy affects international taxpayers - Americans living and working overseas.
ACA believes that tax legislation will be taken up in the 117th Congress and the Senate Finance Committee hearing is a clear indication of this and a signal that more hearings on domestic and international taxation will be held. ACA’s recent meetings with Congressional and Administrative offices, tax writing committees and the US Treasury Department, indicate that there is interest in addressing the problems of international taxpayers. Congressional and Administrative offices are well aware of the problems overseas taxpayers have reported, banking lockout, excessive cost of compliance, double taxation, thanks to ACA’s advocacy work and the work of other organizations and individuals who are raising the alarm.
“The COVID-19 pandemic has not stopped ACA’s advocacy on tax reform and our push for holding hearings on the tax and compliance issues for Americans overseas,” said Marylouise Serrato, ACA Executive Director, “ACA continues to meet virtually with the key offices involved in tax legislation. There is increased awareness and interest in international tax policy. This is a good sign.”
As ACA continues to advocate for the adoption of residence-based taxation (RBT), the organization stresses that the important next step is to hold hearings so that a full airing of the problems of the 5 to 6 million American living overseas are heard by the committees responsible for driving tax legislation. Community participation in the ACA write-in campaign calling for hearings is supporting ACA’s efforts. ACA is also updating its data and research and continues to add to its extensive body of work on the subject of RBT and tax reform.
“ACA has a wealth of knowledge and hard data on the tax and compliance issues of American taxpayers overseas and this information needs to be put on official record with the tax committees. We are confident that this will happen,” said Jonathan Lachowitz, ACA Chairman.
“ACA also pays close attention to what’s happening with corporate tax changes, as these signal Congressional thinking on aspects of the RBT issue, such as, zero-tax income and tax havens”, added Charles Bruce, Chairman, American Citizens Abroad Global Foundation.
Contact: Marylouise.serrato@americansabroad.org +1 202 322 8441
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