We believe the proposed withdrawal of the CTGs are necessary to provide regulatory certainty to one of the largest sectors of the American economy, and avoid unnecessary compliance costs
to both covered entities and the states, said Wehrum.
Aggregate compliance costs
appear to have risen over time, from $150 billion in 1984 to $200 billion in 2006 (both figures in 2016 dollars).
To obtain the necessary data needed for estimating the compliance costs
of taxation we used a questionnaire (see annex for a simplified version), distributed by electronic post and accessible also on line.
The bureau said it wanted to increase public understanding of compliance costs
DeLoach said compliance costs
were driven by "the proliferation of regulations," ranging from anti-corruption laws to the post-financial-crisis emphasis on consumer protection and the IT security and privacy issues affecting all industries these days.
Typically, agencies would rather skip the exercise altogether if possible or, failing that, find the lowest wage rate it can justify and use that to low-ball the true compliance cost
Heavily regulated industries such as financial services, pharmaceuticals, communications and healthcare were susceptible to the highest compliance costs
, incurring an average of $2.
While overall SOX compliance costs
have "plateaued" Foley said the out-of-pocket costs facing public companies increased between FY 2005 and FY 2006, driven by increased audit fees, board compensation, and legal fees.
For payment card reimbursements, compliance costs
would include (1) merging separately stored taxpayer and merchant identification numbers, especially in the case of multiple locations or franchises; and (2) more generally, new systems and added service requirements.
The survey concludes that changing tax rates and rules and expensive manual processes are key drivers of compliance costs
Powerine II opens the door for policyholders to potentially recover compliance costs
of administrative orders under umbrella liability policies--without forcing the government to sue.
Complicated accounting rules, tax requirements, and workplace regulations may eat up billions a year in compliance costs
, but the alternative, it's assumed, is giant companies with unchecked power.