public debt

Cyprus, ’ cash reserves to aid government amid global uncertainty

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Cyprus, ’ cash reserves to aid government amid global uncertainty

The Public Debt Management Office (PDMO) released its annual report for 2023, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in addressing uncertainty in the global economy. The report highlighted that the strong cash position of Cyprus will help limit negative impacts on cost-risk indicators to moderate levels. Additionally, the reduction in debt in 2023 amounted to €740 million, mainly due to strong economic growth. The majority of Cyprus’ short-term debt is distributed over the period 2024-2028, with 2028 representing the year with the highest annual debt maturity concentration. The PDMO intends to issue at least one benchmark bond per year to cover the government’s financing needs. The surpluses of the Social Insurance Fund are invested in the government annually, with investments amounting to €10.61 billion at the end of 2023.

Freeland’s new federal budget hikes taxes on the rich to cover billions in new spending | CBC News

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Freeland's new federal budget hikes taxes on the rich to cover billions in new spending | CBC News

Fact: Ottawa plans to spend .9 billion more than planned over the next five years, with a projected billion deficit this fiscal year.

Canada Hikes Capital Gains Tax to Raise Billions for Housing – BNN Bloomberg

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Canada Hikes Capital Gains Tax to Raise Billions for Housing - BNN Bloomberg

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for new spending aimed at making housing more affordable and improving the lives of young people. Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently.

Cypriot capital markets to benefit from EMTN dual-listing

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Cypriot capital markets to benefit from EMTN dual-listing

Fact: The Finance Ministry, in collaboration with SIX and the Cyprus Stock Exchange, announced the successful activation of the dual-listing of Euro Medium Term Notes (EMTN) of the Republic of Cyprus at the Cyprus Stock Exchange.

Our Tax History Holds the Key to a Fairer System

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Our Tax History Holds the Key to a Fairer System

– Tax Day 2024 sees highest-income individuals, most profitable corporations, richest families, and wealthiest investors paying lower tax rates compared to last century.
– Individuals with incomes over million paid an average tax rate between 40-60 percent in the years after World War II, but now the rate is around 26 percent.
– The average corporate tax rate in 2021 was less than 10 percent, compared to about 35 percent in the 1950s, ‘60s, and ‘70s.
– The estate tax has become ineffective at curbing family economic dynasties, allowing families to pass down large sums tax-free.

Mačiulis: increasing only the corporate tax would not be enough to finance defence needs sustainably

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Mačiulis: increasing only the corporate tax would not be enough to finance defence needs sustainably

– Some political parties are proposing to increase corporation tax, which is popular among some voters
– Corporate tax revenues are volatile, especially during tough business cycles
– Abolishing tax breaks is the easiest way to create sustainable funding for defense
– Increasing VAT and corporate tax by 1% is the simplest way to finance defense
– Lithuania has the lowest debt in the EU and should not be afraid to borrow for defense
– Germany and Estonia are making mistakes with their fiscal policies
– A strong counter-cyclical fiscal policy is needed in Europe
– Different proposals have been made to raise funds for defense, including revising tax rates and increasing corporate tax
– Opposition groups propose introducing a bank wealth tax, issuing defense bonds, and reducing the shadow economy
– Defense funding in Lithuania is currently at 2.75% of GDP, with a goal of reaching 3%
– The 4 Percent initiative aims to allocate 4% of GDP to defense and has support from businesses and organizations.

Portugal’s new government vows to keep balanced budgets, privatise TAP

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Portugal’s new government vows to keep balanced budgets, privatise TAP

Portugal’s new minority centre-right government plans to maintain balanced budgets, reduce public debt, and privatize flag carrier TAP. The previous Socialist administration saw a budget surplus last year, and the new government aims to continue with the privatization process, attracting interest from companies like Lufthansa, Air France-KLM, and IAG. Prime Minister Luis Montenegro intends to fully privatize TAP, and the government’s program includes proposals from other parties’ electoral programs. The program will be debated in parliament later this week.