May 19, 2020

Government shutdown day 10: National parks

government shutdown
tourism
national parks
Bizclik Editor
4 min
Government shutdown day 10: National parks

The October edition of the Business Review USA is now live!

As the 10th day of the government shutdown looms, more than seven million Americans have been kept out of national parks and $750 million in visitor spending has been lost, with huge repercussions for the economies of gateway communities and entire states that depend on national park tourism, according to the Coalition of National Park Service Retirees (CNPSR).

CNPSR-gathered figures show that the shutdown is resulting in:

  • 715,000 visitors lost daily (based on October 2012 national park attendance numbers).
  • $76 million in lost visitor spending per day.
  • $450,000 in lost revenue each day that would go directly to the National Park Service ($300,000 in entrance fees and $150,000 in other in-park expenditures, such as campground fees, boat rentals, etc.)

CNPSR Chair Maureen Finnerty, former superintendent of Everglades and Olympic National Parks, said: “These figures are mind boggling and they only begin to capture the full economic shock of locking up the crown jewels of America – our national parks. Towns, cities, and even whole states that depend on park tourism are feeling an increasingly strong pinch. And if Congress continues to hold our national parks hostage, these communities will soon be reeling from what is in many cases the main driver of their economies.”

Finnerty added: “The only thing that would be crazier than shutting down America’s national parks would be for Congress to allow wide open access to the parks without NPS’s dedicated and hardworking employees in place to protect the sites. By essentially enabling looting, poaching, and vandalism, Congress would be taking what is already a dark episode in the history of our national parks and making it worse, including the theft or destruction of national treasures of incalculable value.”

The following is CNPSR-gathered data for the lost visitors, visitor spending, and jobs at risk for 12 leading national parks across the U.S.:

  • Acadia National Park (Maine) – 68,493 lost visitors in first 10 days, $5,263,013 lost visitor dollars in first 10 days, and 3331 total jobs at stake, including 3147 local/non-NPS jobs.
  • Badlands National Park (South Dakota) – 26,767 lost visitors in first 10 days, $656,986 lost visitor dollars in first 10 days, and 475 total jobs at stake, including 375 local/non-NPS jobs.
  • Boston National Historic Park (Massachusetts) – 54,794 lost visitors in first 10 days, $2,032,876 lost visitor dollars in first 10 days, and 1019 total jobs at stake, including 904 non-NPS jobs.
  • Cuyahoga Valley National Park (Ohio) – 68,219 lost visitors in first 10 days, $1,545,205 lost visitor dollars in first 10 days, and 819 total jobs at stake, including 599 local/non-NPS jobs.
  • Everglades National Park (Florida) – 25,083 lost visitors in first 10 days, $3,857,534 lost visitor dollars in first 10 days, and 2364 total jobs at stake, including 1951 local/non-NPS jobs.
  • Gettysburg National Military Park (Pennsylvania) – 27,397 lost visitors in first 10 days, $1,796,712 lost visitor dollars in first 10 days, and 1141 total jobs at stake, including 1051 local/non-NPS jobs.
  • Glacier National Park (Montana) – 60,273 lost visitors in first 10 days, $3,076,712 lost visitor dollars in first 10 days, and 1994 total jobs at stake, including 1632 local/non-NPS jobs.
  • Grand Canyon National Park (Arizona) – 120,000 lost visitors in first 10 days, $11,750,684 lost visitor dollars in first 10 days, and 6825 total jobs at stake, including 6167 local/non-NPS jobs.
  • Great Smoky Mountains National Park (North Carolina and Tennessee) – 257,534 lost visitors in first 10 days, $23,123,287 lost visitor dollars in first 10 days, and 11,766 total jobs at stake, including 11,367 local/non-NPS jobs.
  • Olympic National Park (Washington) – 77,808 lost visitors in first 10 days, $2,912,328 lost visitor dollars in first 10 days, and 1673 total jobs at stake, including 1395 local/non-NPS jobs.
  • Rocky Mountain National Park (Colorado) – 80,821 lost visitors in first 10 days, $4,821,917 lost visitor dollars in first 10 days, and 3033 total jobs at stake, including 2641 local/non-NPS jobs.
  • Yellowstone National Park (Wyoming, Montana, and Idaho) – 98,630 lost visitors in first 10 days, $9,452,054 lost visitor dollars in first 10 days, and 5572 total jobs at stake, including 4481 local/non-NPS jobs.
  • Yosemite National Park (California) – 106,849 lost visitors in first 10 days, $10,021,917 lost visitor dollars in first 10 days, and 5607 total jobs at stake, including 4602 local/non-NPS jobs.
  • Zion National Park (Utah) – 72,876 lost visitors in first 10 days, $3,495,890 lost visitor dollars in first 10 days, and 2401 total jobs at stake, including 2136 local/non-NPS jobs.

A note on data: Visitation, economic impacts, and job numbers for the 12 parks are drawn from Headwaters Economics, “Land and Communities, National Parks Service Units, Economic Impacts of Visitation and Expenditures” at http://headwaterseconomics.org/apps-public/nps/impacts/. Topline numbers for NPS daily visitation provided by Coalition of National Park Service Retirees using National Park Service data.

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Jun 8, 2021

Six issues at the top of tax and finance leaders’ agenda

Tax
Compliance
financeleaders
Deloitte
Kate Birch
4 min
As businesses accelerate their transformation journeys, tax leaders are under increasing pressure to add strategic value. Deloitte reveals six tax trends

New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.

According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.

And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.

Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.

Trend 1: Businesses seek more strategic counsel from tax

Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.

According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”

Trend 2: Tipping point for resourcing models

Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.

Trend 3: Digital tax administration is moving faster than expected

in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.

"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."

Trend 4: Data simplification and lower-cost resourcing are top priorities

Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.

At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”

Trend 5: Skillsets are shifting

Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.

Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact 

Trend 6: 2020 brought productivity improvements

Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.

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