Larnaca port and marina must be concluded , “at all cost”
Projects worth €100 million are planned in Larnaca in the coming years.
chairman
Aston Martin losses balloon ahead of new model ramp up
Aston Martin posted a bigger-than-expected first-quarter pretax loss as the company made fewer cars and burned more cash than analysts had anticipated.
Moneyval praises Cyprus progress on AML, crypto regulation
Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, according to the latest Moneyval report. The Securities and Exchange Commission (CySEC) sees this as a ‘vote of confidence’ in financial regulation, especially for cryptos. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations, particularly in relation to Crypto-Asset Services Providers. Moneyval also noted progress towards improving compliance with non-profit organizations. Cyprus has made progress in addressing technical compliance shortcomings and is expected to report back to Moneyval in May 2025 on further progress. The country has achieved compliance or large compliance on 37 out of the 40 FATF Recommendations. CySEC has implemented significant measures to assess and reduce risks in the field of crypto-assets and improve compliance among providers. The publication of the report follows legislative changes to align AML/CFT laws with Moneyval and FATF standards.
CySEC welcomes report on money laundering progress
The Cyprus Securities and Exchange Commission (CySEC) welcomed the findings of a Moneyval report regarding progress made in addressing money laundering and terrorism financing. Moneyval is the Council of Europe’s committee of experts on evaluating anti-money laundering measures and the financing of terrorism. The report recognized Cyprus’s improved compliance with the Financial Action Task Force’s (FATF) regulations on new technologies and noted progress in enhancing compliance with non-profit organizations. Since November 2022, Cyprus has bolstered its regime for virtual asset service providers, with only a few minor deficiencies remaining, according to the report.
2025 and the Tax Cuts and Jobs Act: Building your tax story
– Extending all TCJA individual provisions at every income level would cost .5 trillion over the next 10 years.
– President Joe Biden’s proposal to maintain TCJA individual tax provisions for incomes below 0,000 would cost between trillion to .25 trillion.
– Business extenders cost approximately trillion.
– The corporate tax rate may be reconsidered by Congress due to deficit concerns and political pressures.
– Multinational companies may face a higher overall tax rate under the new global minimum tax regime created by Pillar Two.
– Only 27% of tax leaders are actively engaging with lawmakers on US or global tax policy.
– Companies rank the current 21% federal corporate tax, FDII incentive, and other TCJA reforms as top priorities.
– U.S. House Ways and Means Committee Chairman Jason Smith has said everything is on the table regarding individual provisions.
– The current combined US corporate tax rate is 25.8%, higher than the average combined corporate rate of other OECD countries.
Consumers , ‘waiting until last minute’ for Easter shopping
Fact: Cypriot consumers are waiting until the last minute to do their Easter shopping.
Mavridis takes over as Cablenet, ’s new CEO
Ioannis Mavridis is being promoted to CEO of Cablenet, replacing Yiannos Michaelides who is stepping down after four years.
Fed expected to refrain from further rate hikes
The EURUSD pair is gaining ground due to positive market sentiment and dovish remarks from Federal Reserve Chairman Jerome Powell. Powell dismissed the likelihood of a further interest rate hike and mentioned that progress on inflation has stalled. Traders are awaiting US economic data releases, while the Eurozone may struggle due to a more dovish stance from the European Central Bank. Eurozone inflation held steady in April, with bets for a potential interest rate cut by the ECB in June.
Biden Tax Increases Won’t Hit Middle Class, Yellen Says
Republicans pressed Treasury Secretary Janet Yellen on President Biden’s tax proposals and the fate of the Trump tax cuts that will expire in 2025.
Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class
Tax policy has an impact on the economy, with Utah Rep. Blake Moore and Treasury Secretary Janet Yellen disagreeing on whether former President Donald Trump’s tax framework or President Joe Biden’s proposed one is more beneficial. Moore argues that the Tax Cuts and Jobs Act of 2017 helped strengthen the economy, while Yellen believes the Trump-era tax cuts disproportionately benefited the wealthy. Biden has proposed raising the corporate tax rate to 28%, with the administration aiming to increase taxes for billionaires and corporations to reduce the national debt. Yellen assures that families earning less than 0,000 will not face a tax hike under Biden’s plan.