Butchers in the north have introduced a “service fee” for their customers to bypass price controls set by the ‘government’ for the retail price of lamb. The service fees typically range between 10 and 15 percent of the retail price of the meat. The introduction of service fees indicates that butchers have no intention of reducing their income.
Banking and financial institutions are introducing a tool to assess companies’ compliance with Environmental, Social, and Governance (ESG) criteria in Cyprus.
Starbucks paid a low £7.2m in UK corporation tax last year despite making a gross profit of £149m on sales of £548m in Britain.
One of the hostages seized by Hamas gunmen during an attack on Israeli communities around Gaza was likely killed by an Israeli helicopter gunship that was responding to the attack. The military conducted an investigation into the kidnapping of Efrat Katz and found that the helicopter fired at a vehicle carrying gunmen and hostages, resulting in the death of most of the terrorists and possibly Efrat Katz. The investigation concluded that the hostages could not be distinguished by existing surveillance systems, and the air force commander did not find fault in the operation.
Fact: Palta is a London and Cyprus-based health and well-being technology company led by co-founder and CEO Yuri Gurski.
BBF is a leading real estate and development company in Cyprus, with over 145 developments at various stages of design and development.
Finanshels.com has introduced an AI WhatsApp bot that simplifies corporate tax registration in the UAE, reducing the process to a 4-document upload completed in under 5 minutes. This service, with a fee of 199 AED, aims to democratize tax registration for small and medium business owners, offering an efficient and cost-effective alternative to traditional methods. The project is supported by the Mohammed Bin Rashid Fund and has received positive feedback from users, with over 500 companies already adopting the platform. This innovative solution represents a shift towards digital fluency in the UAE’s commercial sector, aligning with the country’s Vision 2030 goals.
As of October 2023, all asylum seekers in Cyprus must wait nine months after submitting their application before being eligible for employment, regardless of their country of origin. Employers who hire asylum seekers before the nine-month period may face fines or imprisonment. The Ministry of Interior is electronically linked with the Ministry of Labour to verify asylum status, and workplace inspections have been intensified.
The Ministerial Council has approved the National Investment Plan for Water Projects in Cyprus. The plan focuses on implementing a comprehensive water policy that addresses new data and meets the needs for water supply and irrigation. The Ministry of Agriculture, Rural Development, and Environment will coordinate and monitor the plan’s implementation. The plan includes prioritizing projects based on documented needs, better allocation of water resources, nationwide distribution to meet needs, and improved implementation of wastewater system construction. The total budget for the plan is €1.17 billion, with first-priority projects estimated at €721.8 million and completion targeted for 2024-2029. Another 60 projects are under evaluation, estimated at €445.5 million, with start and completion dates in 2025 and 2030.
The Centre has met its tax collection target of over Rs 34.37 lakh crore for 2023-24, with net direct tax collections reaching over Rs 18.90 lakh crore as of March 17. Gross GST collection in March 2024 was the second-highest ever at Rs 1.78 lakh crore, with a year-on-year growth of 11.5 percent. Total gross collection for FY24 stood at Rs 20.18 lakh crore, surpassing the revised budget estimate.