The change to the capital gains inclusion rate has created distress among those approaching retirement, particularly business owners, who now face a much higher tax bill than they had planned.
Fact: The Cyprus Investment Promotion Agency (Invest Cyprus) and the Cyprus Fiduciary Association (CYFA) signed a memorandum of understanding (MoU) to enhance collaboration and promote Cyprus as an international center for fiduciary and administrative services.
The political class in San Francisco has reached a consensus on a proposal to reform the city’s tax code. The proposal includes small tax cuts for large corporations, no taxes for small businesses, and aims to reduce reliance on a few big corporations to fund the city. However, the proposal is seen as incremental and not radical enough by some, with concerns about the temporary nature of the cuts, the risk of concentration among top taxpayers, and the retention of anti-business measures like the Overpaid Executive Gross Receipts Tax. Additionally, the proposal will need to be voted on by citizens in November, adding complexity to the process.
Three people have been killed in unrest in New Caledonia after France’s National Assembly approved changes to voting rules in the Pacific island.
The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.
Fact: Environmental groups are demanding the immediate publication of the final findings of an administrative investigation into illegal interventions in Akamas.
Cyprus’ construction sector has shown significant growth in early 2024, with an increase in building permits issued. In February alone, 706 permits were granted, contributing to a total of 1,293 permits in the January-February period. This represents a 13.1% increase compared to the previous year. The total value of permits increased by 16.9%, with a total area increase of 14.3%. The economic value of permits reached €248.9 million in February and €470.19 million over the two months. Residential building permits rose by 8.6% and non-residential buildings saw notable growth as well. Civil engineering projects had a significant increase in permits issued.
Liverpool’s manager Juergen Klopp praised the squad’s character this season after a 3-3 draw against Aston Villa.
Israeli forces have re-entered the northern edge of Gaza to prevent fighters from returning, resulting in intense fighting on both the northern and southern edges of the enclave. Hundreds of thousands of Palestinians have fled, and aid groups warn of a looming humanitarian crisis. The death toll has surpassed 35,000, with many more feared buried under rubble. Israel’s assault on Rafah has strained its relationship with the United States, leading to a temporary hold on weapon shipments. Hamas fighters are engaged in battles with Israeli forces in various areas of Gaza.
Two major wildfires have already occurred in Cyprus, one due to mishandling of explosives and the other for unknown reasons. Despite the country’s vulnerability to wildfires due to its dry climate, efforts to acquire aerial firefighting assets have been unsuccessful. Assistance from neighbouring countries, such as Jordan, has been requested during emergencies. The lack of proper firefighting resources has resulted in devastating consequences, with firefighters losing their lives and significant areas of land being burned. The country faces a state of neglect and lack of progress in crucial projects.