May 19, 2020

SIGA Reports $81.6M Profit in Saskatchewan Indian Gaming

First nations of Saskatchewan
SIGA
Saskatchewan Indian Gaming Authority
Saskatchewan gambling
Bizclik Editor
3 min
SIGA Reports $81.6M Profit in Saskatchewan Indian Gaming

 

The Saskatchewan Indian Gaming Authority (SIGA) announced yesterday its annual fiscal revenues for 2011/2012 which totaled $267.2 million reching a profit of $81.6 million. These figures show successful growth for the SIGA, up 27 per cent in earnings from the previous year.

Mild weather and favourable market conditions directly resulted in such a strong revenue year says the SIGA. Saskatchewans increased visits to casinos and a strong provincial economy led to such a successful time in Indian gaming as well. Other attributes that contributed to the year was the SIGA’s focus on improving efficiency in operations and facilities as well as its significant capital re-investments led to an increase in consumer spending in the gaming industry.

“The improvements to our facilities and our focus on a number of operational enhancements have improved the entertainment experience for our customers and will provide long-term sustainable returns for our beneficiaries” said Zane Hansen, SIGA President and CEO.  “I am pleased to say this resulted in net earnings of $81.6M for 2011-2012, making this the fifth straight year of net earnings above $60M.  I want to thank our customers for their continued patronage and thank our employees who do us proud by offering traditional First Nations hospitality which is second to none.”

The SIGA, as a non-profit organization, distributes 100 per cent of its profits to designated beneficiaries in Saskatchewan. Owned by the First Nations of Saskatchewan, the SIGA reports all financial and operational performances publically. This increased profit of $81.6 million will be distributed in the following ways: 50 per cent will be shared with the First Nations Trust—a fund distributed to Saskatchewan First Nation communities, 25 per cent is shared with regional Community Development Corporations (CDCs) and 25 per cent is shared with the Provincial Government’s general revenue fund.

 

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“Throughout the year, SIGA and its casinos support hundreds of organizations and events.  By embracing and implementing the teachings of our Elders, we foster our philanthropic commitment by giving back to our communities. This important guiding principle is inherent in who we are as a First Nations organization. Through "Sharing Success" initiatives, and the staff’s commitment to volunteerism - SIGA will continue to build and enrich communities in Saskatchewan and as a result, everyone will benefit,” said Chief Edward Henderson, SIGA Acting Board Chair. “As one of the largest First Nations organizations in the country, with over 1900 people SIGA provides employment for over 1300 First Nations people. Since opening its doors 16 years ago, SIGA has generated over $600 million dollars in revenue for our beneficiaries.”

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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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