government

SB 546 would end two business subsidies, cut corporate tax rate – The Sentinel

by
SB 546 would end two business subsidies, cut corporate tax rate - The Sentinel

Under Senate Bill 546, corporate income taxes in Kansas would be reduced to 5.75%, and two business subsidies – PEAK and H-PIP – would be discontinued. Recipients of PEAK may retain or be refunded 95% of the payroll withholding tax of qualified employees for new jobs created in Kansas. Businesses participating in H-PIP receive a 10% tax credit for capital investment. The state’s current corporate tax rate of 6.5% would be gradually reduced under the legislation. Testifying in support of the bill was Dave Trabert, CEO of the Kansas Policy Institute, who argued that tax subsidies do not work for the economy or taxpayers. Jonathan Leuth of Americans for Prosperity – Kansas supported the bill, emphasizing the need for tax reform to remain competitive. Tim Henry, CFO of Great Plains Manufacturing and Kubota North America, opposed the bill, stating it would be detrimental to investment. Sam Sackett with Sprint AeroSystems saw merit in both lowering the corporate tax rate and preserving incentive programs. Mitch Robinson with the Kansas Economic Development Alliance also opposed the bill, highlighting disparities in H-PIP participation across counties.

Editorial. Interesting shift in tax contribution

by
Editorial. Interesting shift in tax contribution

Direct tax revenue is growing at a healthy rate, with net direct tax collection at ₹18.9-lakh crore, a 20% increase compared to the previous year. Personal income tax is driving this growth, with a 23% increase, while corporate tax collections have only grown by 12%. The tax base is not increasing at the same rate as tax collections, with the number of individuals filing tax returns growing at a slower pace. Since FY21, revenue from personal income tax has been higher than that from corporate tax.

Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

by
Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

Morningstar DBRS has confirmed Cyprus’ sovereign ratings at BBB (high) due to strong economic growth, but warned of exposure to geopolitical shocks and constraints from a small services sector. The stable trend balances favorable economic and fiscal developments against downside risks. Economic growth is driven by tourism, ICT relocations, and investment projects, with the Central Bank forecasting GDP growth to strengthen. Public debt has decreased, with further declines projected, and interest burden offset by favorable debt profile. Challenges include non-performing loans in the banking sector and low labor productivity. The ratings are supported by a stable political environment, sound fiscal policies, and EU membership.

‘, Aim to conclude Vasiliko works by the end of 2024’

by
‘, Aim to conclude Vasiliko works by the end of 2024’

Cyprus aims to conclude construction works for the LNG terminal in Vasiliko by the end of 2024 to reduce electricity generation costs.

President says cabinet is planning measures to combat inflation

by
President says cabinet is planning measures to combat inflation

President Nikos Christodoulides announced that the Cypriot government is planning and discussing new measures or the extension of existing measures to address inflation. These decisions will be made by the cabinet, with a focus on the needs of Cypriot society.

Russia casts doubt on Islamic State responsibility for concert attack

by
Russia casts doubt on Islamic State responsibility for concert attack

Russia expressed skepticism about the United States’ claims that the Islamic State was behind a gun attack on a concert hall outside Moscow, which resulted in 137 deaths and 182 injuries. The attack, occurring just before a performance by the rock group Picnic, was the deadliest in Russia in two decades. Four men, including at least one Tajik, were detained on terrorism charges. Despite the Islamic State claiming responsibility and the U.S. believing this claim, Russian President Vladimir Putin has not linked the group to the attack, instead suggesting the attackers were trying to flee to Ukraine. The U.S. had warned Russia about an imminent attack earlier in the month. Russia questioned the U.S.’s assertion of Islamic State’s involvement, hinting at a potential diversion to cover for Kyiv. The U.S. maintains intelligence confirming Islamic State’s responsibility. Putin mentioned the detention of 11 individuals, including the suspected gunmen. Videos of the suspects’ interrogations appeared on social media, showing signs of mistreatment. Following the attack, France raised its terror alert to the highest level.

FACTBOX-What’s Trump worth? A look at his assets and income

by
FACTBOX-What’s Trump worth? A look at his assets and income

Former U.S. President Donald Trump is required to post a bond covering a 4 million civil judgment against him in a New York state case by a Monday deadline, following a judge’s ruling that he overstated the value of his assets. Trump’s lawyers have stated it is impossible for him to raise that amount. Trump claims he has done nothing wrong. Failure to post the bond could lead to the seizure of his assets by New York Attorney General Letitia James. Trump has declared he has “almost five hundred million dollars in cash” and reported at least 7 million in revenues from golf courses and hotels in 2022, among other sources of income. His financial statement from June 2021 listed his properties’ worth at .3 billion and his net worth at .5 billion. The judge in the New York case found Trump had overstated the value of several properties. Truth Social, Trump’s social media platform, is valued at about billion, with Trump’s shares in the combined company worth about .6 billion.

North Korea says Japan, ’s Kishida wants to meet Kim Jong Un

by
North Korea says Japan, ’s Kishida wants to meet Kim Jong Un

Kim Yo Jong, sister of North Korean leader Kim Jong Un, stated that Japanese Prime Minister Fumio Kishida expressed his intention to meet with the North Korean leader through state media. She mentioned that the improvement of relations between Japan and North Korea depends on Japan’s ability to make practical political decisions, referencing Japan’s occupation of the Korean peninsula from 1910-45. Kim Yo Jong highlighted that Japan’s actions that antagonize North Korea or violate its sovereign rights would lead to Japan being considered an enemy. Relations between Japan and North Korea have been strained due to historical disputes, including issues related to wartime brothels and forced labor during Japan’s occupation. In response to media reports on Kim Yo Jong’s comments, Kishida emphasized the importance of a summit to address issues like the abduction of Japanese citizens by North Korea. North Korea admitted in 2002 to kidnapping 13 Japanese citizens in the past, with five returning to Japan. Tokyo believes 17 Japanese were abducted and continues to investigate. Japan’s top government spokesperson, Yoshimasa Hayashi, stated that North Korea’s claim that the abduction issue has been resolved is “totally unacceptable.” Kishida has expressed his desire to hold talks with Kim Jong Un without preconditions and is overseeing efforts for the first summit in 20 years. South Korea’s foreign ministry stated that Seoul, the U.S., and Japan are closely cooperating on issues related to North Korea, including denuclearization. North Korea has been subject to U.N. sanctions since 2006 due to its nuclear tests and ballistic missile launches. Kim Yo Jong suggested that Japan could open a new future with North Korea if it makes a political decision to improve ties based on mutual respect.

Macron: it would be cynical, counterproductive for Russia to pin Moscow attack on Ukraine

by
Macron: it would be cynical, counterproductive for Russia to pin Moscow attack on Ukraine

French President Emmanuel Macron stated that the attack on a concert hall near Moscow, which resulted in 137 deaths, was carried out by Islamic State. Macron advised against Russia blaming Ukraine for the attack, emphasizing it would be cynical and counterproductive. Despite the Islamic State group claiming responsibility for the attack, Russia disputed claims from the United States and other countries about the group’s involvement, suggesting a cover-up for Ukraine. President Vladimir Putin did not attribute the attack to the Islamist militant group but mentioned that the attackers had attempted to escape to Ukraine, with some assistance from the Ukrainian side. Ukraine denied any involvement in the attack, and President Volodymyr Zelenskiy accused Putin of trying to divert blame towards Ukraine. Russia’s foreign ministry spokeswoman, Maria Zakharova, questioned U.S. claims about Islamic State’s involvement. Macron highlighted that the Islamic State group had also attempted attacks in France and mentioned that France had raised its terror alert to the highest level following the Moscow attack. Macron offered to increase cooperation with Russian intelligence services and partners in the region to find the culprits and combat such groups targeting multiple countries.

Cyprus honours Greek Independence Day at parades across the island

by
Cyprus honours Greek Independence Day at parades across the island

Cyprus will celebrate Greek Independence Day on Monday with parades, events, and church services. A church service will be held at 10am at the Panayia Faneromeni church in Nicosia’s old town, led by Archbishop Georgios and attended by President Nikos Christodoulides, Education Minister Athena Michaelidou, House Speaker Annita Demetriou, and the ambassador of Greece Ioannis Papameletiou. After the church service, they will attend a student parade outside the Greek embassy. President Christodoulides will make a speech at 12.30pm at the ambassador’s residence in Nicosia. Church services and parades will also occur in other cities, with various government officials attending events in Limassol, Larnaca, Paphos, Paralimni, and Polis Chrysochou.