euro

Cyprus: weak tax administration and prolific tax evasion

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Cyprus: weak tax administration and prolific tax evasion

– Tax evasion in Cyprus is defined as the deliberate non or underpayment of taxes and is illegal, while tax avoidance involves using legal methods to minimize tax owed.
– Weak and ineffective tax administration in Cyprus contributes to large-scale tax evasion.
– The Tax Department’s primary goal is to collect taxes and enforce payment in accordance with tax laws.
– Tax collections in Cyprus are below potential, with a significant shortfall attributed to widespread tax evasion.
– It is difficult to quantify tax evasion levels, but as of end-September 2023, taxes owed to the state amounted to €3.4 billion, with nearly €900 million deemed uncollectible.
– Self-employed persons in Cyprus paid on average €1,080 in personal income taxes in 2022, compared to employees who paid on average €1,920.
– Tax evasion and avoidance deprive the government of revenue, limit the scope for reducing tax rates, and hurt honest taxpayers.
– Cyprus’s reputation for weak law enforcement and corruption attracts corrupt politicians and criminals from abroad.
– The inefficiency of Cyprus’s tax administration contributes to tax evasion, with personal income tax returns taking about five years to process.
– The government has been promised €24.2 million from the EU’s Recovery and Resilience fund to improve tax administration efficiency.
– Increased digitalization and coordination between tax units could help curtail tax evasion and avoidance.
– Simplifying the tax registration and filing process could encourage greater tax compliance.
– Government policies that delay the submission of tax returns and payments foster tax evasion and avoidance.
– Enhanced digitalization of public services and harsh penalties for late tax payments are suggested to enforce timely tax payment and compliance.

Bitcoin (BTC) hits new ATH against British pound and Euro; Rebel Satoshi ($RBLZ) is poised for dominance in 2024

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Bitcoin (BTC) hits new ATH against British pound and Euro; Rebel Satoshi ($RBLZ) is poised for dominance in 2024

– BTC bulls expect rallies above the ,000 range.
– $RBLZ is set to increase dramatically over the upcoming term.
– Bitcoin (BTC) set a new historic high against the euro and the British pound at the beginning of March.
– BTC reached a record high against the euro of €62,067 and against the British pound of £51,736 on Coinbase on March 4.
– BTC set a new record high of ,170 on March 5.
– Bitcoin’s price is predicted to rise over ,000 by the end of 2024.
– BTC traded at around ,000 during the first week of March.
– Rebel Satoshi ($RBLZ) is a meme coin project focused on community building, offering exclusive benefits, access to rare collectibles, NFTs, and staking rewards.
– $RBLZ raised more than .5 million during the presale and has completed its Smart Contract Audit.
– $RBLZ was available on the Uniswap DEX and the Coinbase Tier 1 CEX on March 4, starting at [openai_gpt model=”gpt-4-turbo-preview” prompt=”Summarize the content and extract only the fact described in the text:

TLDR

  • BTC bulls expect rallies above the $80,000 range.
  • $RBLZ is set to increase dramatically over the upcoming term.

Bitcoin (BTC) set a new historic high against the euro and the British pound at the beginning of March. While experts claim that BTC is bound to resume its bullish trend, many experienced traders have recognized Rebel Satoshi ($RBLZ) as the best new crypto to invest in 2024 due to its fantastic growth potential.

Can Bitcoin sustain its impressive bullish momentum?

As Bitcoin announced in an X post on March 4, BTC had reached a record high against the euro with an astonishing figure of €62,067. In addition, Bitcoin managed to surpass its all-time high against the British pound, as on March 4, BTC reached as high as £51,736 on Coinbase.On top of that, BTC set a new record high of $69,170 on March 5. Thus, Bitcoin bulls praise BTC as the best cryptocurrency to invest in today, as the asset has been unable to exceed the $69,000 level since November 2021.Experts point to Bitcoin’s upcoming halving and the continued success of the recently launched spot Bitcoin ETFs as some of the main factors behind this historic price rally. According to a recent price forecast, BTC is poised to continue its positive trend and rise over $80,000 by the end of 2024. BTC traded at around $63,000 during the first week of March, which means that investors could obtain over 26.98% gains.Despite this bullish BTC price prediction, bears warn of a possible negative trend on Bitcoin’s horizon due to the heightened selling pressure. In the worst-case scenario, BTC could decrease beneath the $50,000 mark by the end of the year.rebel satoshi

Rebel Satoshi is set to dominate the Crypto scene in 2024

Rebel Satoshi is a revolutionary meme coin project that brings various exclusive benefits through its focus on community building. In addition, Rebel Satoshi’s game-changing approach enables $RBLZ holders to play a significant role in the vibrant Rebel Satoshi ecosystem and influence the platform’s overall direction.Furthermore, adopters of the valuable $RBLZ ERC-20 token gain exclusive access to a large selection of rare collectibles and NFTs and enormous staking rewards. On the other hand, $RBLZ holders obtain additional rewards by playing the addictive games in the Rebel Satoshi Arcade and engaging in other entertaining activities such as interactive quests.Experienced traders point to $RBLZ as the best crypto investment in the current market due to Rebel Satoshi’s potential to become the leader of the new decentralized revolution. On top of that, $RBLZ raised more than $2.5 million during the presale and has completed its Smart Contract Audit.$RBLZ arrived on the Uniswap DEX and the Coinbase Tier 1 CEX on March 4. Investors expect continued surges from the starting price of $0.025, as experts claim that $RBLZ is poised to challenge Bitcoin’s market supremacy. Don’t miss this chance to become an early Rebel Satoshi supporter, and be sure to join the decentralized uprising straight away!For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram

DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more

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ECB takes small step towards rate cut as inflation falls

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ECB takes small step towards rate cut as inflation falls

The European Central Bank (ECB) maintained borrowing costs at record highs but indicated a move towards reducing them, noting that inflation is decreasing faster than expected. The ECB’s main interest rate remains at 4.0 percent, reflecting a continued decrease in inflation over the past 1.5 years and revised, lower economic projections. Despite this, domestic price pressures, including wages, are still high. The ECB plans to base future decisions on the path of underlying inflation. It is unlikely to lower borrowing costs before its June 6 meeting, with crucial wage data expected in May. The ECB has revised its inflation forecast for this year from 2.7 percent to 2.3 percent, suggesting it might achieve its 2 percent inflation target earlier than the previously expected 2025. However, core inflation, excluding food and fuel, remains at 3.1 percent. Economic growth in the eurozone is projected to be 0.6 percent, down from a previous estimate of 0.8 percent.

Spanish police crack counterfeit 100-euro note operation

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Spanish police crack counterfeit 100-euro note operation

Spanish police arrested 14 individuals for producing and distributing counterfeit 100 euro bank notes valued at one million euros, which were undetectable by ATMs and other devices. The counterfeit notes, described as very high quality due to the use of special inks, watermarks, and other elements, were distributed by a gang of Pakistani origin based in Naples, Rome, and Barcelona across Italy, France, Greece, and Spain. Arrests included individuals carrying 70,000 euros in counterfeit notes at Barcelona airport and the city bus station. The operation, involving forces from Spain, Italy, and Greece, began in November after the discovery of a large number of counterfeit notes in Barcelona.

Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe

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Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe

Stellantis, a Franco-Italian automaker, has entered into a frame agreement with Ayvens, a leasing and fleet management company, to sell up to 500,000 vehicles in Europe over the next three years. The vehicles will be purchased by Ayvens’ affiliates for its long-term leasing fleet, with initial deliveries starting in the first half of 2024. The deal includes flexibility in order quantities, compositions, and delivery dates based on fleet requirements and demand. Ayvens’ customers will have access to brands such as Alfa Romeo, DS Automobiles, Fiat, Opel, Peugeot, and Vauxhall, with the possibility of extending to Stellantis’ full portfolio in the future. This agreement is aimed at supporting the transition to more sustainable mobility options. Ayvens was formed through the acquisition of LeasePlan by ALD Automotive, a subsidiary of Societe Generale.

Junior & Senior School summit spotlights voting, elections

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Junior & Senior School summit spotlights voting, elections

SENCON 2024, the first student-organised conference by the Junior and Senior School (J&SS), themed “Empowering the Voters of Tomorrow”, was held at the School’s Latsia campus on February 24, 2024. The conference, focused on voting and elections, aimed to raise awareness and encourage discussion among young people in anticipation of the upcoming euro parliamentary and municipal elections. It addressed the issues of misinformation and low awareness about electoral processes, which contribute to increasing abstention rates. Participants included students from J&SS and several other schools such as the American Academy Nicosia, the Franco-Cypriot school, Lyceum Dasoupolis, and others. The event featured speeches and presentations by various dignitaries including MP Savia Orphanidou, Dr Niyazi Kızılyürek, Nektarios Nicolaides, Andri Christofides, and Chrysostomos Kridiotis. The SENCON Secretariat was managed by students Emily Kyriakides, Andriana Dombo, Stephanos Artemis, and Fatima Sanjakdar, under the guidance of teacher Nicholas Shiaxiate.

Eurozone bonds dance to the beat of US markets

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Eurozone bonds dance to the beat of US markets

Eurozone bonds are trading in sync with US bonds, with correlations between the markets reaching a record high. The 52-week correlation between German and US two-year bond yields has hit a record, with longer bonds also showing high correlations. The US economy has grown more than Europe’s, with US GDP rising 2.5% and Eurozone GDP growing 0.5% in 2023. Inflation, which surged in both regions in 2021, has become a key focus for markets. The Federal Reserve raised rates in March 2022, followed by the European Central Bank in July. Inflation peaked at 9.1% in the US in June 2022 and at 10.6% in the eurozone before falling to around 3% in both regions. The US bond market, with .9 trillion of government securities outstanding, influences global borrowing costs. Investors expect the correlation between Eurozone and US bonds to decrease as macro and policy outcomes diverge. The European Central Bank is anticipated to cut interest rates in April, ahead of the Federal Reserve in June.

President comments on Cyprus Problem, Tatar’s statements

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President comments on Cyprus Problem, Tatar’s statements

President Christodoulides made statements regarding the Cyprus issue, sending messages to various parties including N. Papadopoulos, Ersin Tatar, and others involved in the Cyprus issue. He emphasized that any ideas processed by the Republic of Cyprus, especially concerning Euro-Turkish relations, cannot include sovereignty equality, which he stated is not up for discussion. Christodoulides mentioned that everyone will be judged by the outcome of their actions and highlighted the Greek Cypriot side’s clear goals and expectations from the mission of Maria Angela Holguín Cuéllar, the UN Secretary-General’s personal envoy. He announced an upcoming meeting on March 11 following Holguín’s visits to London, Turkey, and possibly Brussels. Christodoulides also expressed a desire for more active involvement from Turkey in resolving the Cyprus issue and noted the importance of the international community’s role. He denied any new developments related to the energy issue following the Turkish President’s visit to Egypt, stating that resolving the Cyprus problem would strengthen prospects but there is nothing specific at the moment.

On This Day: For the first time, two black film stars won the awards for Best Actor and Actress in 2002

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On This Day: For the first time, two black film stars won the awards for Best Actor and Actress in 2002

– 1935: Grand Prix took place in Pau.
– 1946: Juan Peron was elected as president of Argentina.
– 2000: Mayon Volcano in the Philippines erupted, causing thousands to flee their homes around Legazpi.
– 2002: Denzel Washington and Halle Berry won the Oscars for Best Actor and Best Actress, respectively, marking the first time two black film stars won these awards in the same year.
– 2002: The Salt Lake Winter Olympics’ closing ceremony was held in the United States.
– 2004: An earthquake in Morocco resulted in at least 220 fatalities.
– 2006: Philippine President Gloria Macapagal Arroyo declared a state of emergency.
– 2007: A Virgin train crashed at high speed in northern Britain.
– 2008: Raul Castro was named president of Cuba, succeeding his brother Fidel Castro.
– 2010: Anti-government protests occurred in Athens.
– 2015: A Metrolink train in California derailed after colliding with a tractor-trailer on the tracks during the morning rush hour.

Mercedes-Benz warns geopolitics, trade tensions to weigh in 2024

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Mercedes-Benz warns geopolitics, trade tensions to weigh in 2024

Mercedes-Benz has revised its electric vehicle (EV) demand expectations, now anticipating that electrified vehicles, including hybrids, will make up to 50% of its sales by 2030. This adjustment marks a significant shift from its earlier goal of preparing for all-electric sales by the same year, contingent on favorable market conditions. CEO Ola Kaellenius highlighted challenges such as inadequate charging infrastructure and a lack of appealing electric models as reasons for the slower transition to EVs. Consequently, Mercedes-Benz plans to continue producing combustion engine cars and update its technology into the next decade, with a refreshed lineup expected in 2027. Following this announcement, the company’s shares increased by 5.9%, further buoyed by a 3 billion euro share buyback program. Despite the automotive industry’s investment in EVs, actual demand has not met expectations, leading to increased cost-cutting pressures. Mercedes-Benz also cited slower economic growth, supply chain issues, and geopolitical tensions as factors affecting its 2024 outlook, predicting lower sales returns. For 2023, the company reported an adjusted return on sales of 12.6% in its car division, meeting its forecast despite inflation and supply chain challenges. However, it anticipates a lower adjusted return of 10-12% for cars and 12-14% for vans in 2024. Additionally, Mercedes-Benz raised its average vehicle price to 74,200 euros and increased its research and development spending, particularly on its MB.OS platform. Group earnings before interest and taxes decreased to 19.7 billion euros from 20.5 billion euros the previous year, even as revenue rose by 2%.