chairman

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

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Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.

Russia’s war in Ukraine boosts EU case for further expansion, chairman says

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Russia’s war in Ukraine boosts EU case for further expansion, chairman says

Russia’s 2022 invasion of Ukraine has spurred the European Union to aim for more countries to join by 2030. The EU’s chairman highlighted the success of the 2004 enlargement, which saw an increase in GDP per capita for new members. Current applicants include Ukraine, with 40 million people and a large farming sector. The EU sees expansion as a way to increase its international influence, despite concerns about resources and potential conflicts with nationalist governments. Ukraine would require special arrangements due to the war, and the EU would need to consider the impact of its population and food exports.

Malaysia, OCI’s base to beat Chinese polysilicon rivals – KED Global

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Malaysia, OCI’s base to beat Chinese polysilicon rivals - KED Global

OCI Group is expanding its polysilicon facility in Malaysia to compete with Chinese rivals, taking advantage of low utility bills, labor costs, and taxes in the country. The company plans to increase its manufacturing capacity of solar-grade polysilicon to 56,000 tons a year by 2027. Malaysia offers benefits such as lower electricity costs, corporate taxes, and labor costs compared to South Korea. OCIM has also benefited from US sanctions on Chinese polysilicon.

10 arrested after scuffle with police released

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10 arrested after scuffle with police released

Ten people arrested after scuffle with police during protest in Limassol were released on Monday. One police officer was injured with injuries to his pelvis and knee. The protesters were demonstrating over the death of 24-year-old Bangladeshi national Anisur Rahman, who died after jumping from a fifth-floor apartment during a police raid. Police accused the protesters of various offenses, including assaulting a police officer. Police do not require a warrant to enter residential properties for certain purposes.

INSIGHT-As solar capacity grows, some of America’s most productive farmland is at risk

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INSIGHT-As solar capacity grows, some of America’s most productive farmland is at risk

Dave Duttlinger leased 445 acres of his Indiana farm to Dunns Bridge Solar LLC for a solar development project, despite concerns about damage to his land. The solar panels were installed on some of the most productive cropland classified by the USDA, impacting future crop potential. Solar energy firms argue that the industry’s use of farmland is minimal compared to the need for renewable energy to combat climate change. Indiana farmer Norm Welker found leasing his land for a solar project more profitable than growing corn due to low prices.

FACTBOX-Who are the mega-rich donors backing Trump?

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FACTBOX-Who are the mega-rich donors backing Trump?

Mega-rich donors have emerged as key backers of Republican presidential candidate Donald Trump, collectively donating more than million to support his candidacy against Democratic incumbent Joe Biden.

Trial over hotel collapse which killed 35 Cypriots resumes

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Trial over hotel collapse which killed 35 Cypriots resumes

The trial of 11 people responsible for the deaths of 24 Cypriot children and 11 teachers and coaches in a hotel collapse in Turkey is set to resume on Friday. If found guilty, each defendant could face a maximum of 22 and a half years in prison.

Families of Cypriot earthquake dead fly to Turkey for trial

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Families of Cypriot earthquake dead fly to Turkey for trial

Fact: The families of the 24 Cypriot children who were killed in the Isias hotel collapse traveled to Turkey ahead of the trial of those held responsible for the collapse.

K-Battery Companies Worried about OECD’s New Global Minimum Tax Policy

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K-Battery Companies Worried about OECD's New Global Minimum Tax Policy

The global minimum tax policy imposes a minimum corporate tax of 15 percent on multinational companies with annual global revenue exceeding 1 trillion won.

Local elections: a focus on Larnaca upgrade

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Local elections: a focus on Larnaca upgrade

The submission process for candidate nominations in district administrations and municipalities in Larnaca was completed on Wednesday. People in Larnaca are voting in June to elect district governors, mayors, deputy mayors, municipal councillors, and members of school boards. Angelos Hadjicharalambous and Evangelos Evangelides submitted their candidacies for the role of district governor.