Fact: The north’s ‘transport minister’ Erhan Arikli announced he will sue the north’s animal producers’ and breeders’ union chairman Mustafa Naimogullari over what he described as “slander” during the ongoing farmers’ protest.
European Union foreign policy chief Josep Borrell urged some European countries to stop intimidating International Criminal Court judges over a case against Israeli leaders. ICC chief prosecutor Karim Khan filed for arrest warrants against Israel’s Prime Minister Benjamin Netanyahu and Defence Minister Yoav Gallant, as well as three Hamas leaders. Israel denies committing war crimes in Gaza and has called the ICC politically motivated. Several countries, including the United States, have denounced the ICC prosecutor’s decision. Spain, Norway, and Ireland announced they will recognize an independent Palestinian state. Borrell stated that supporting Palestinian state-building should not be considered antisemitic.
The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.
The European Commission issued reasoned opinions to Cyprus and other member states for failing to implement a minimum 15 per cent tax rate on large multinational corporations.
Fact: Cashless healthcare insurance is a policy that allows individuals to receive medical treatment without paying directly to the hospital, as the insurance company and the hospital settle the bills directly.
President William Ruto believes that Kenyans are not overtaxed, citing the concept of ‘tax effort’ as a measure of tax revenue as a percentage of GDP. He argues that the government needs to increase tax effort to fund infrastructure projects and meet international standards for service delivery. However, he criticizes the reliance on IMF advice and GDP statistics, pointing out data quality issues and the impact of high taxes on citizens and businesses. Ruto suggests assessing the impact of taxes on the cost of living through household surveys to determine if Kenyans are indeed overtaxed.
Fact: Companies listed on the capital market are expected to face an additional 2.5% corporate tax in the next fiscal year unless they adopt cashless transactions as the government plans to promote a cashless society.
Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.
The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.
Education Minister Athena Michaelidou reiterated the government’s commitment to enhancing both the structural and pedagogical functions of schools to meet contemporary educational requirements and support the development of knowledge, skills, principles, attitudes, and values. The refurbishment works completed at Palouriotissa Primary School A significantly boost its functionality and effectiveness, with funds obtained from the Recovery and Resilience Plan funding. The goal is to ensure uninterrupted access to learning in functional and suitable spaces, creating a modern, human-centered, inclusive school environment. Key achievements during the first year of the Christodoulides administration include updating curricula, expanding the all-day school program, transitioning from special to unified education, and introducing measures for the prevention and intervention in issues of violence and delinquency.