Proposed changes to the capital gains inclusion rate in Canada are likely to make individual pension plans (IPPs) more attractive to certain business owners as retirement saving vehicles.
Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.
A new system deactivating mobile phones in the immediate vicinity of the central prisons will be installed and operational in one-and-a-half years. The previous deactivation system had been problematic, and delays in implementation were caused by the emergence of 5G technology. Additionally, steps are being taken to alleviate overcrowding at the prisons, including the construction of a new building at the open prison site and a completely new prisons complex by 2027. Legislation concerning the functioning of the attorney-general’s office is also being drafted based on a study commissioned by the government.
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Lawmakers are frustrated with the government for making last-minute changes to legislation related to the reform of local government. They have agreed to only two amendments for now, with the rest to be discussed after the local government elections on June 9. The changes include allowing District Self-Governance Organisations to approve their own budgets and the appointment of individuals to head local government services temporarily. Permit applications for land development will be transferred to the new District Self-Governance Organisations. Legislators refused to fast-track a bill suspending permit applications, citing potential negative impact on the economy. The new system will merge various local government authorities at the district level to streamline processes.
Fact: The Cyprus Parliament is considering legislation to replace the stagnant Category F application process, aiming to lower the real estate investment threshold to €250,000 and reduce the income requirement to €40,000 for the applicant, with an additional €10,000 for each dependent.
Fact: The proposed change in the law on swimming pools in Cyprus from two units to five will not significantly impact the vast majority of community complexes as they will still be categorized as public pools requiring lifeguards.
The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.
The Canadian Medical Association asserts that the Liberals’ proposed changes to capital gains taxation will put doctors’ retirement savings in jeopardy, but financial experts argue that incorporated professionals like doctors can shield their retirement savings from capital gains taxation by setting up a registered pension plan.
Former President Donald Trump went on Truth Social on tax filing deadline day to warn that if President Joe Biden is reelected, there will be colossal tax hikes. However, Biden’s latest budget proposal supports extending tax cuts for individuals making less than 0,000.