Companies

Japan sanctions Cyprus-registered firms over alleged Russia support

by
Japan sanctions Cyprus-registered firms over alleged Russia support

Two Cyprus-registered companies, IBEX Shipping and Azia Shipping, have been sanctioned by Japan for allegedly aiding Russia’s invasion of Ukraine. The sanctions target a total of 12 entities and individuals, including the two Cypriot firms, which are registered in central Nicosia. Japanese authorities believe these entities facilitated the arms trade between North Korea and Russia, strengthening Russia’s military capabilities and potentially supporting its war efforts in Ukraine.

How UK tax changes post-election could impact business compliance – The CFO

by
How UK tax changes post-election could impact business compliance - The CFO

Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.

Island Oil offers Maritime Studies scholarships at Frederick University

by
Island Oil offers Maritime Studies scholarships at Frederick University

Island Oil and Frederick University signed a Memorandum of Understanding to collaborate in the field of Maritime and Blue Economy. Island Oil offers scholarships covering 50% of tuition fees for students pursuing a BSc in Maritime Studies at Frederick University, as well as financial support for educational field trips. Island Oil and Frederick University will also hold educational workshops and collaborate in research. Island Oil’s CFO stated that the scholarship reflects their commitment to sustainability and social responsibility, while Frederick University aims to educate future leaders in the maritime sector and contribute to sustainability efforts.

CyBC director general reported missing in action

by
CyBC director general reported missing in action

Thanasis Tsokos, the director general of state broadcaster CyBC, has been missing for almost a month. The interior ministry has been searching for him since mid-May to deliver a letter about disciplinary action. Tsokos is facing ten allegations related to the operations of CyBC, including mismanagement of tenders and changes in companies that affect the budget. An investigator will examine if there is corruption or waste of public funds and abuse of power. Many decisions at CyBC have been put on hold due to Tsokos’ absence.

Tototheo Global debut targets expansion beyond maritime horizons

by
Tototheo Global debut targets expansion beyond maritime horizons

Tototheo Maritime has rebranded to Tototheo Global, showcasing their evolution into a global leader in technology solutions. They will deliver services across multiple sectors with a focus on connectivity, IoT, AI-driven analytics, and custom software development. The company aims to enhance global connectivity and drive innovation across various industries.

Cyprus, Greece advocate EU arms industry for Ukraine aid in funding stalemate

by
Cyprus, Greece advocate EU arms industry for Ukraine aid in funding stalemate

Cyprus and Greece are pushing the European Union to prioritize its own defense industry in providing military aid to Ukraine. Despite an existing agreement allowing arms purchases from non-EU countries, the two countries argue that aid should benefit the European defense sector. Hungary is currently hindering the release of a €500 million package from the European Peace Facility intended for Ukraine’s military, citing concerns about discrimination against Hungarian companies in Ukraine as a reason for blocking the disbursement. Discussions are ongoing to bypass a potential Hungarian veto and expedite the flow of funds to Ukraine.

Larnaca port and marina in flux as state replaces Kition

by
Larnaca port and marina in flux as state replaces Kition

Larnaca’s port and marina are now under state control following the collapse of a major development project. The Port Authority has taken over operations, deploying additional staff and private machinery services. The future management of the marina is uncertain, with discussions on potentially separating the port and marina projects gaining traction. The fate of Kition Ocean Holdings’ employees remains unclear, with trade unions advocating for their rights. The government is re-evaluating the initial development plan and considering future steps for the projects.

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

by
Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.

CEOs to Labor: Cut taxes and tech investment will ramp up

by
CEOs to Labor: Cut taxes and tech investment will ramp up

Chief executives of fast-growing companies in Australia believe they are lagging behind overseas competitors in technology investment. They suggest that a corporate tax rate cut and additional incentives would help them catch up, along with greater R&D allowances and tax rebates to expand operations faster.

Türkiye says minimum tax in pipeline for multinational companies

by
Türkiye says minimum tax in pipeline for multinational companies

Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.