Sterling bows to dollar strength after UK GDP data
The pound eased after data confirmed the UK economy entered recession in the second half of last year.
government
Cabinet to meet to discuss cost of living measures
The Cabinet is set to hold an extraordinary meeting to discuss and approve a new package of measures to alleviate the cost-of-living crisis. One of the measures being considered is extending the electricity subsidy until the end of June, which currently provides an average consumer with around a €14 reduction on their bill. Additionally, the government is looking into extending the scrapping of VAT on basic products until the end of June, which has had significant benefits for consumers. They are also considering extending various social welfare measures that were implemented in February.
Dividend Tax Rates in Europe
The text provides information about dividend tax rates in Europe for the year 2023. The fact described in the text is that Ireland has the highest top dividend tax rate in Europe at 51 percent, followed by Denmark and the UK.
Missouri House again votes to cut corporate income taxes • Missouri Independent
The Missouri House sent a bill repealing the corporate income tax to the Senate. The bill would gradually reduce the tax rate from 4% to 0% by 2028. The bill passed on a party-line vote, with Republicans in favor and Democrats opposed. The bill is estimated to reduce state revenues by at least 4 million when fully implemented. Last year, a similar bill to cut the corporate tax rate in half was not approved by the Senate. The state currently has a surplus of .4 billion but revenues are lagging behind. The bill also bars corporations from claiming state tax credits against corporate tax liability once the rate is reduced to zero.
TIMELINE-History of Japan’s intervention in currency markets
The Bank of Japan has intervened in foreign exchange markets multiple times over the years to influence the value of the yen.
Turkey opposition aims to hit back at Erdogan in local elections
The content discusses the upcoming local elections in Turkey, with a focus on the close race between Istanbul Mayor Ekrem Imamoglu and the AKP candidate, former minister Murat Kurum. The outcome of the elections could reinforce President Erdogan’s control or signal change in Turkey’s political landscape. The economy, Kurdish and Islamist voters, and Erdogan’s rhetoric against Israel are factors influencing the voters’ decisions. Imamoglu’s victory could revitalize the opposition, while Erdogan aims to extend his power to local administrations.
EXPLAINER-Turkey’s local vote a test for Erdogan and his main rival Imamoglu
Turkey is holding municipal elections across 81 provinces on Sunday, March 31. President Tayyip Erdogan’s AK Party is aiming to reclaim cities it lost in 2019, including Istanbul and Ankara. Polling stations will be open from 7 a.m. to 4 p.m. in eastern provinces and from 8 a.m. to 5 p.m. in the rest of the country. Initial results are expected by 10 p.m. Analysts see the vote as a gauge of Erdogan’s support and the opposition’s durability, especially in Istanbul. The budget of Istanbul metropolitan municipality is significantly larger than other cities in the country. Controlling big cities can give parties influence over financing and job creation. Istanbul holds special importance for Erdogan as he rose to the national political stage during his time as mayor. Imamoglu, the incumbent CHP Mayor of Istanbul, is facing a tight race against AKP’s Murat Kurum. The outcome of the elections could impact Erdogan’s pursuit of a new constitution that could potentially extend his rule beyond 2028.
Japan makes strongest intervention warning as yen hits 34-year low
Japan’s finance minister issued a warning about yen weakness as it fell to a 34-year low against the dollar, indicating that authorities could take decisive steps, similar to language used before intervention in the market in the past.
EU to support establishment of asset management office in Cyprus
The EU will support a series of reform projects in Cyprus, including the establishment of an asset management office, the structural review of the Cypriot Presidency, and the improvement of the Cypriot deposit guarantee scheme.
OPINION: Alaska has a revenue problem, and expanding corporate tax credits won’t help
Tax credits are popular and allow businesses or individuals to make donations or investments in projects to reduce their taxes. Governor Mike Dunleavy introduced legislation to expand corporate donations eligible for tax credits, potentially costing the state a quarter-million dollars in lost revenue. The bill lacks research and may not benefit communities without large corporations. The use of tax credits adds complexity to the tax code and can lead to increased demand for subsidies.