Lyft (NASDAQ:LYFT) Battles San Francisco Over $100M Tax Dispute

TipRanksDec 25 07:30 ET

Lyft Sues San Francisco for Allegedly Overcharging $100M in Taxes

Seeking AlphaDec 25 04:30 ET

USA Online Car-hailing giant Lyft has sued the city of San Francisco for overcharging it by 0.1 billion USD in taxes.

The USA's Online Car-hailing giant Lyft filed a lawsuit against the city of San Francisco on Tuesday, accusing the city of overcharging it $0.1 billion in taxes from 2019 to 2023. Lyft argues that the city's authorities incorrectly classified the amounts paid by passengers to drivers as company revenue, which is not how Lyft operates. The company stated that Lyft's revenue comes from fees paid by drivers, not from amounts paid by passengers, which is consistent with the handling of driver compensation by the USA Securities and Exchange Commission (SEC). Lyft is seeking a refund for these overcollected taxes, including penalties and interest.

Global Market ReportDec 25 03:02 ET

Lyft Sues San Francisco Over $100 Million Tax Bill, Says Payments To Drivers By Passengers Misclassified

BenzingaDec 25 01:09 ET

Lyft Accuses San Francisco of Overcharging $100 Million in Taxes

BNN BloombergDec 24 13:04 ET

Autonomous Vehicle Watch: The Robotaxi Pure Play That Analysts Love

Seeking AlphaDec 23 08:11 ET