progress

Laudable progress in direct taxes but scope for betterment remains

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Laudable progress in direct taxes but scope for betterment remains

The Indian middle class may be disappointed with the Narendra Modi-led government’s lack of adjustments to tax rates and slabs. Personal tax collections have increased significantly, with the share of personal tax in overall collections rising from 38% to 52% in the last decade. Efforts have been made to improve tax compliance through technology and widening the tax base. Corporate tax collections have not grown as much as personal taxes, indicating room for improvement in the tax system.

XM tops island, ’s list of ‘Best Workplaces™ for Women’

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XM tops island, ’s list of ‘Best Workplaces™ for Women’

XM has been recognized as the top workplace for women in Cyprus by Great Place To Work® Cyprus. They have achieved this distinction by offering equal opportunities for training, development, and advancement to all team members, as well as implementing targeted empowerment initiatives for female employees. The percentage of women in mid-level and senior management positions at XM is 40%, while in managerial positions it is 25%.

Chocolate prices to keep rising as West Africa’s cocoa crisis deepens

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Chocolate prices to keep rising as West Africa’s cocoa crisis deepens

– Janet Gyamfi’s farm in western Ghana, which was covered with nearly 6,000 cocoa trees, has been destroyed by illegal gold miners, leaving less than a dozen trees remaining.
– Ghana and Ivory Coast, the world’s top cocoa producers, are facing catastrophic harvests due to illegal mining, climate change, mismanagement, and disease.
– Ghana’s cocoa plantations are being infected with swollen shoot virus, leading to long-term decline in production.
– Cocoa prices have doubled this year, leading to higher chocolate prices for consumers.
– Illegal gold mining is rapidly expanding in Ghana, leading to the destruction of cocoa plantations.
– Cocobod, the regulatory body for cocoa in Ghana, is struggling to address the challenges facing the sector, including disease and climate change.
– Experts predict that Latin American countries like Ecuador will overtake Ghana as the world’s number 2 cocoa producer by 2027.

President urges swift progress on tax reform

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President urges swift progress on tax reform

President Nikos Christodoulides met with the advisory committee on tax reform and asked for progress to be accelerated in order to reap benefits at the earliest opportunity. The tax reform aims to encourage entrepreneurship, relieve households, have a strong social character, and contribute to the fair distribution of income. The reform also aims to address tax evasion and avoidance and be fiscally neutral. The University of Cyprus has been asked to intensify the pace of work on the tax reform. The green transition and green taxation are part of the tax report, with compensatory measures under consideration. The committee assesses proposals from various groups to form a comprehensive opinion. Tax reform is not just about tax collection but aims to improve the finances of households and businesses and keep the economy competitive.

Hellenic Bank: Progress vital for a competitive tourism industry

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Hellenic Bank: Progress vital for a competitive tourism industry

– The recent annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek) with the support of Hellenic Bank focused on discussing the future of Cyprus’ tourism industry and the new model needed to bolster it.
– The conference theme was ‘Tourism: New Realities Demand a More Competitive Model’ and delved into topics such as the green transition, sustainability, and resilience in tourism.
– Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, emphasized the need for evolution in Cyprus’ tourism industry, stating that everything has changed and the situation has fundamentally changed in the tourism industry.
– Hellenic Bank’s loans to the tourism industry represent more than 10% of its total loan portfolio, and the bank is committed to providing effective products and tailored solutions to the industry’s needs.
– The conference attracted over 250 participants, including Deputy Minister of Tourism Kostas Koumis, ambassadors, government officials, business leaders, and professionals from the hotel and wider tourism sectors of Cyprus and Greece.
– Koumis highlighted the significance of tourism to the economies of Cyprus and Greece, noting that tourism contributed 12.8% to the GDP of Cyprus this year.

Fishermen and restaurants suffer due to Liopetri project delays

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Fishermen and restaurants suffer due to Liopetri project delays

The Liopetri River formation project in Cyprus, which was supposed to be completed in March 2023, is now a year behind schedule. The contractor has requested another extension until July, but it is unlikely that the project will be completed by then. Delays have been attributed to archaeological finds and the completion date has been pushed back to November 30, 2023. The Interior Minister is expected to discuss options, including granting a new extension or terminating the contract. The delays are affecting local fishermen and restaurant owners. Funding for the project, mostly covered by the European Maritime and Fisheries Fund, is at risk.