The government may reduce the corporate tax rate in fiscal 2024-25 to encourage compliance and boost collection, with the National Board of Revenue likely proposing a 2.5 percentage point reduction for both listed and non-listed companies.
Direct tax collections for the financial year 2023-24 have ended up higher than Budget Estimates and Revised Estimates, primarily driven by a better-than-expected performance in personal income tax (PIT). This is the first time PIT collections will be larger than corporate taxes.
Singapore has been declared the world’s premier shipping center in the sixth Leading Maritime Cities survey. Cyprus, specifically Limassol, needs to improve its shipping infrastructure to be included among the top 50 cities in the future. Cyprus has made progress in improving its shipping sector, but more efforts are needed in areas such as research, technology, green transformation, and competitiveness to become a leading maritime center.
Former Cyprus Airways CEO Paul Sies has joined travel-tech company Journey Mentor as president and chief executive officer.
Fact: The Covid 19 pandemic has led to increased awareness in self-care, with people realizing the importance of taking care of their health and wellness as a constant condition.
US regional banks are expected to set aside more money to cover potential commercial real estate (CRE) losses and sell more property loans as the sector remains under pressure a year after the collapse of Silicon Valley Bank and Signature Bank.
Fact: Unemployment in Turkish Cyprus fell to 5.1 per cent in 2023, the lowest level since 2004, and the economy experienced a growth of 13.3 per cent in 2022, the fastest pace since the post-Annan Plan referendum period.
Prison populations are getting older worldwide for various reasons, including general population aging and trends towards people entering prison at an older age or staying in for longer.
Take-Two Interactive Software will lay off about 5% of its workforce, or around 600 employees, as part of a cost-reduction plan expected to result in total charges of up to 0 million.
Fashion needs stronger storytelling that is more inclusive, relevant, and responsible.