Georgian Prime Minister Irakly Kobakhidze called for a review of relations with the United States after Washington ordered punitive measures over the passage of a law on “foreign agents”.
Stacy Gilbert, a U.S. State Department official, resigned in protest after a report to Congress falsely claimed that Israel was not blocking humanitarian aid to Gaza. Gilbert, who worked in the Bureau of Population, Refugees, and Migration, stated that the report’s conclusions were incorrect. The report was submitted in accordance with a new National Security Memorandum issued by President Joe Biden. Gilbert’s resignation came after she disagreed with the final version of the report, which she believed did not accurately reflect the situation in Gaza.
The Tax Foundation’s International Tax Competitiveness Index (ITCI) measures the competitiveness of tax systems in 38 OECD countries based on low tax burdens on business investment and neutrality in tax codes.
Gender Equality Commissioner Josie Christodoulou emphasized that gender equality is not a problem to be solved but rather the solution to existing inequality. She stated that empowering women strengthens both society and the economy, and highlighted that women face similar obstacles worldwide such as discrimination, sexism, violence, and inequalities. Christodoulou also mentioned that addressing gender equality is a horizontal priority for the Christodoulides government, and that integrating the gender dimension in public policies is crucial for promoting gender equality.
The text discusses the importance of recognizing the cost of equity in the tax system for achieving corporate tax reform.
Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.
The 2024 election will involve a debate over whether to extend the tax cuts signed into law by Donald Trump in 2017, particularly the corporate tax cuts. If the tax cuts are extended, it could exacerbate a fiscal crisis for programs like Social Security and Medicare. The tax cuts were among the least popular major legislation Congress had considered in a generation.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.
Labor’s Industry Minister, Ed Husic, believes that Australia needs lower company taxes to help businesses free up capital and drive investment in AI technologies. Australia’s capital stock has shrunk by 0 million over the past decade, and the average age of capital has risen from 11 to 13 years, contributing to the slowing down of industries replacing ageing assets and embracing new technology.
Higher-for-longer interest rates are likely to remain central banks’ main strategy for the rest of the year, according to the CEO of a leading financial advisory and fintech firm.