The Budget 2024 proposes to increase the capital gains inclusion rate to two-thirds from one-half, effective June 25, impacting incorporated business owners and professionals with unrealized capital gains in their corporations.
Malta’s attorney general has filed charges of fraud and misappropriation of funds against Central Bank of Malta Governor Edward Scicluna and Deputy Prime Minister Chris Fearne in connection with a hospital privatisation scandal from 2015. Former Prime Minister Joseph Muscat, his chief of staff, and a former health minister also face serious corruption charges related to the scandal. The deal, valued at 4 billion euros, was annulled by Malta’s highest court in February due to fraud. Fearne has denied the charges, while Scicluna has not commented on the accusations. Muscat, Schembri, and Mizzi deny charges of money laundering, corruption, bribery, and more. Muscat resigned in 2020 after a close friendship with businessman Yorgen Fenech was revealed. Prime Minister Abela has defended Fearne’s integrity but has not confirmed plans to nominate him as Malta’s next European Commissioner. No date has been set for the formal court arraignments.
Israeli forces are closing in on Rafah, a city in southern Gaza, where thousands of Hamas fighters are holed up. More than a million people are sheltering in the city, prompting warnings of a humanitarian catastrophe. Israel seized the main border crossing between Gaza and Egypt, cutting off aid. Residents have been ordered to leave as an assault is anticipated. Tens of thousands have fled the city, turning neighborhoods into ghost towns.
– Sean Kelly, a Formula 1 statistician, discussed the challenges and potential pathways for aspiring talents from countries like Cyprus and Greece.
– One of the biggest barriers to entering Formula 1 is financial, with drivers needing substantial financial backing to reach the highest levels of the sport.
– Kelly emphasized the importance of financial support in a driver’s journey to Formula 1, stating that 80% of the job as a racing driver is putting money together.
– Access to motorsport infrastructure is also crucial for aspiring drivers, with moving to another country with developed facilities often necessary.
– Kelly highlighted the potential for success for drivers from under-represented nations, citing examples of smaller countries producing celebrated drivers like the Netherlands.
– The proposed Mediterranean Grand Prix could potentially elevate the sport’s profile in regions like Greece and Cyprus, opening new doors for local talents.
– With the right mix of talent, financial support, and investment in infrastructure, overcoming the challenges of reaching Formula 1 is possible for drivers from less represented countries.
Opposition Leader Ralph Thorne criticized the Mia Mottley administration for lack of clarity and transparency in the government’s corporate tax reforms through the Corporation Top-Up Tax Bill. He accused the administration of mismanaging taxpayers’ money and called for more precise information on whether the legislation would lead to a rise or fall in taxation. Thorne also urged the government to provide specific details about the tax legislation and its broader purpose, shifting the focus away from blaming external factors for economic challenges.
Konstantinos-Efraim, a 10-month-old boy in Cyprus, is fighting for his life due to a rare condition called spinal muscular atrophy type 1. Despite his urgent need for a home nurse, the government and authorities have been unresponsive and ineffective for four months. The boy’s father publicly shared their ordeal, highlighting the lack of action and responsibility from the government. The family faces financial struggles and challenges in accessing specialized nursing care. The government’s failure to implement early detection tests for such conditions is also criticized.
Fact: A 52-year-old resident of Limassol was arrested by the police for extorting money from an 83-year-old resident of a village in the Limassol district on 23 separate occasions under false pretenses. The 83-year-old gave a total of €12,830 to the suspect.
Business credit card rewards are not considered income and are not taxable.
Fact: The European parliament greenlighted a Nature Restoration Law in February 2024, setting a target to restore at least 20% of Europe’s land and sea area by 2030.
A team from the Financial Action Task Force held meetings with Turkish authorities to assess Turkey’s progress in curbing money laundering and terrorist financing concerns. The team’s report will form the basis of the FATF’s decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signaled will mark Turkey’s departure from the grey list of countries under special scrutiny.