Akel accused President Nikos Christodoulides of “only caring about his public image” and criticized the government for not having a comprehensive plan to deal with the cost-of-living crisis.
The government announced a €35 million package, including an extension to the electricity subsidy until the end of June, aimed at easing the burden of the cost-of-living crisis on Cypriot households.
Fact: Finance Minister Makis Keravnos stated that Cyprus’ economy is performing better than most countries in the European Union.
Russia vetoed the renewal of the panel of experts monitoring UN sanctions against North Korea, signaling a grim future for sanctions enforcement. Russia and China have denied breaking sanctions and have blocked new measures at the UN Security Council. Russia’s veto highlights its deepening ties with North Korea and its violation of sanctions by buying conventional arms. The end of the panel could lead to more evidence of sanctions violations being released to the public. Russia’s veto suggests it does not want its illegal procurement of North Korean weapons to be reported. The US and South Korea have launched a task force to prevent North Korea from procuring illicit oil, particularly from Russia.
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.
The government is targeting the corporate jet industry to ensure that the rich pay the taxes they owe.
The electricity subsidy is being extended until the end of June and will cover more than 400,000 households and 100,000 businesses.
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.
Total sales of petroleum products in Cyprus reached 115,421 tons in February, marking a 7.1 per cent increase compared to February 2023.
The Biden Administration has proposed corporate tax increases, including raising the corporate tax rate to 28% and imposing a minimum tax on high-income individual taxpayers. They also plan to increase taxes on offshore earnings and corporate aircraft, with a focus on cracking down on corporate jet loopholes. The IRS is conducting audits on corporate aircraft expenses to ensure proper allocation of expenses and income inclusion for personal use.