Tesco urges government to waive inflationary increase in business rates

According to reports in the Financial Times, Tesco is urging the government to waive the annual inflationary increase in business rates for 2009 and save retailers GBP300 million (USD540.6 million) in additional taxes. The retailer told the FT that the increase scheduled for April and calculated according to the inflation data for September would be too heavy for the troubled industry as it tries to resist the weak markets. Tesco is also urging for the omission or at least postponement of the revaluation of business rates due in 2010.

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