Timur Turlov discusses Cyprus operations: Freedom24, ’s key to European market
Fact: Freedom Holding Corp. is planning to obtain banking licenses in Cyprus as part of its strategic priorities.
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Rising Share of Personal Income Tax and Indirect Tax
– The collection of personal income tax and indirect taxes has increased, while collections from corporate taxes have reduced.
– India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crores.
– The share of corporate taxes contribution to overall tax collection dipped to 46.5% from 49.6% in 2022-23.
– Indirect taxes, including union excise duties and the Goods and Services Tax, have increased from 2010-11 onwards.
– The majority of individuals filing personal income tax have an annual income ranging from Rs 1 lakh to Rs. 5 lakh.
– India has among the highest effective personal income tax rates among BRICS economies.
– Rising share of personal income tax and indirect taxes can lead to income inequality, consumer burden, economic inefficiency, tax evasion, and macroeconomic instability.
High-profile suspects back in court over fake diploma scandal
– Two high-profile suspects in the north’s fake diploma scandal appeared in court in Morphou.
– Serdal Gunduz threatened the university’s vice rector and forced him to sign degree certificates obtained through illegal means.
– Gunduz holds residence permits in Greece and Russia, making him a flight risk.
– Sefa Karahasan’s degree certificate was signed by someone other than the university’s rector.
– Karahasan was given a 100,000TL bail with two guarantors.
– Opposition party CHP deputy leader criticized the government for appointing Karahasan as TRT’s Cyprus correspondent.
– The fake diploma scandal involved multiple high-profile figures in the north’s education system.
– Turkey’s higher education council announced intentions to prepare a report on the state of the north’s education system.
– Former ‘education minister’ Kemal Durust was arrested for fraudulently obtaining money and his wife was arrested for receiving a fake diploma.
Two Chinese megacities lift home purchase curbs to attract buyers
Two Chinese provincial capitals, Hangzhou and Xian, have lifted all home purchase restrictions to attract buyers and support their struggling real estate markets. The last property boom in many Chinese cities ended around 2020-2021 due to the pandemic and strict borrowing requirements imposed by regulators. Authorities have been implementing measures to bolster the sector, but many policies have had limited impact. Hangzhou saw a 1.0% increase in new home prices in March, the slowest pace in nearly six years, while new home sales slumped 75% year-on-year in April. The move by Hangzhou and Xian to remove purchase restrictions was described as symbolic and unlikely to significantly boost demand. Analysts believe that prices need to fall further before the property market can see a sustainable rebound in demand.
Church process against monks unlawful says their lawyer
Fact: Monks and their lawyers involved in the Avvakoum monastery scandal filed a memo to the church investigative committee arguing that the process being followed by the church was unlawful.
Pa. Senate approves GOP’s $3B tax-cutting plan
Republican lawmakers advanced legislation for a billion tax cut in response to Democratic Gov. Josh Shapiro’s budget plan. The tax legislation passed the Republican-controlled Senate and is intended to be the largest tax cut in the state’s history. Democrats opposed the bill, which aims to cut taxes by billion, while Shapiro’s budget proposal includes a billion increase in spending.
‘Wealth tax could send billionaires from India to Dubai, impractical’: economist
Gautam Sen cautioned against the implementation of a wealth tax in India, warning that it could lead to wealthy individuals relocating their businesses to tax-friendly destinations like Dubai.
Woman robbed of , €52,000 in Nicosia phone scam
A 72-year-old woman in Nicosia was scammed out of €52,000 by perpetrators who posed as a surgeon from the Nicosia general hospital and claimed her son needed a surgical procedure due to an alleged accident.
A third of Cypriots are , ‘financially fragile’
– A third of Cypriots are “financially fragile” and unable to cover emergencies.
– Three in five respondents do not have enough money set aside to cover three months’ worth of living expenses.
– Young people, the unemployed, low-income households, and the elderly are the least financially resilient.
– Less than four in ten Cypriots have a “good level” of financial knowledge.
– People with higher levels of education and income are better able to weather financial impacts.
– Lack of understanding of basic financial concepts hinders saving, investing, and borrowing.
– Financial education is recommended to improve financial literacy and resilience.
– OECD recommends starting financial education from a young age in order to build positive habits and attitudes.
From arming teachers to corporate tax breaks: Tennessee’s new, extreme laws
Tennessee’s Republican-dominated legislature passed conservative laws this year, including allowing teachers to arm themselves in class. Other bills included providing government-funded vouchers to private schools, tax breaks to corporations, civil penalties for aiding minors with abortion, and restricting library materials. The state also passed a bill allowing public school teachers and staff to carry guns.