Canada is one of the wealthiest countries in the world. For generations, this has meant Canada is a place where everyone could secure a better future for themselves and their children. This is in no small part is due to our commitment to progressive taxation, investments in Canada’s strong social safety net, and an effective, … Read more
Fact: Christodoulos Patsalides was sworn in as Central Bank governor by President Nikos Christodoulides.
Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate, inspired by the Administration’s Fiscal Year 2025 Budget which includes its own version of a wealth tax. The tax proposals are part of the upcoming contest for the White House and focus on tax avoidance by the wealthy. Business owners should familiarize themselves with the proposed changes to federal income tax and develop plans in response as there is a possibility that the Democrats may have another opportunity to turn their income tax agenda into law.
Morningstar DBRS rated Cyprus at a BBB (high) long-term credit rating with a stable trend, highlighting the balance between favourable economic prospects and downside risks. Cyprus recorded a real GDP growth rate of 2.5% in 2023, above the Euro area’s average of 0.4%, and reduced its debt-to-GDP ratio to 77.4% by the end of 2023. The rating is supported by a stable political environment, sound fiscal and economic policies, and a favourable government debt profile. The economic outlook for Cyprus is positive, with expectations of growth in private consumption, employment, and investment activity, partly due to Next Generation EU funds and major projects in tourism and real estate. The Central Bank of Cyprus projects real GDP growth to reach 2.6% in 2024 and 3.1% in 2025. However, risks include potential escalations in the Ukraine conflict and trade disruptions in the Red Sea.