government

Tax Day Injustice

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Tax Day Injustice

– A new report titled “More for Them, Less for Us: Corporations That Pay Their Executives More Than Uncle Sam” highlights how large corporate CEO pay packages rival corporate taxes.
– The report examined the five-year period of 2018 to 2022 and identified 35 companies that paid their top executives more than they paid the federal government.
– This situation was made possible by deep cuts to corporate tax rates implemented in the Republican-led 2017 American Tax Cuts and Jobs Act.

Apr-Feb fiscal deficit at 86.5% of FY24 aim, net tax revenue falls in Feb

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Apr-Feb fiscal deficit at 86.5% of FY24 aim, net tax revenue falls in Feb

– India’s fiscal deficit during April-February was Rs 15.01 lakh crore, 86.5% of the full-year revised target of Rs 17.34 lakh crore.
– Net tax revenue turned negative in February due to a contraction in corporate tax revenue and transfer of tax devolution instalments to states.
– Gross tax revenue of the union government grew at 13.4% YoY during 11 months of FY24, with income tax growing at 25.8% YoY and corporate taxes at 17.3% YoY.
– Centre’s net tax collections grew at 6.8% YoY during 11 months of FY24, the lowest in four years, due to higher growth in transfers to states.
– The centre spent 84.8% of the Rs 9.5 lakh crore capital expenditure target during the first 11 months of FY24.
– There is a shortfall in spending for some sectors, which may result in savings for the government if the amounts do not get spent by March end.

Ideology should not determine choice of leader

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Ideology should not determine choice of leader

The European People’s Party (EPP) nominated Ursula von der Leyen for another term as European Commission President at their congress in Bucharest. Mario Draghi, former Italian Prime Minister and President of the European Central Bank, is considered the favorite for the position of Commission President based on his leadership during the world economic crisis and transformation of Italy.

Our View: , ‘Human-centred’ measures merely a distraction from bad news

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Our View: , ‘Human-centred’ measures merely a distraction from bad news

The fact described in the text is that the government of Christodoulides in Cyprus introduced offsetting measures to counter the increase in the price of fuel, including extending the electricity bill subsidy and zero VAT on basic household items.

‘, Oppenheimer’ director Christopher Nolan to be given knighthood

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‘, Oppenheimer’ director Christopher Nolan to be given knighthood

Fact: Christopher Nolan, the British-American filmmaker, will receive a knighthood from Britain for his services to film.

Cyprus , ‘must develop adaptation strategies’ against climate change

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Cyprus , ‘must develop adaptation strategies’ against climate change

Cyprus is “particularly vulnerable” to the effects of climate change, including rising temperatures, rising sea levels, and shifting weather patterns. The government has implemented measures to address climate change and improve resilience, focusing on strengthening scientific research, developing national adaptation strategies, and raising public awareness. Prioritizing climate resilience within natural ecosystems and community participation are also highlighted as important factors in managing climate risks and improving quality of life for citizens.

Nigeria to free 313 suspected Boko Haram insurgents for lack of evidence

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Nigeria to free 313 suspected Boko Haram insurgents for lack of evidence

Nigeria’s military will release more than 300 people suspected of being part of the Boko Haram insurgency after a court ruled there was no evidence they committed any crimes.

Global corporate tax competition challenges climate change mitigation – Nature Climate Change

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Global corporate tax competition challenges climate change mitigation - Nature Climate Change

Countries have cut their corporate tax rates to attract foreign investment, leading to global changes in corporate tax rates. In 2021, OECD countries approved a global minimum tax policy to prevent tax competition. Implementing a global minimum tax rate of 15% could reduce global carbon emissions and decrease emissions in developing economies.