assessments

Critical medicines list aims to put end to shortages

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Critical medicines list aims to put end to shortages

The European Union has identified 200 essential “critical medicines” to address shortages and ensure consistent supply across member states. The EU is promoting cooperation among countries to allow for drug procurement from nations with available stocks. The Critical Medicines Alliance aims to help smaller states like Cyprus, which often struggle with stock levels. Efforts include strengthening EU drug production capacity, creating European stockpiles, and aligning funding to tackle shortages. Elena Panayiotopoulos, Cyprus’ Director of Pharmaceutical Services, emphasized the importance of addressing medicine shortages that disrupt treatment and endanger patients. The EU Regulation ‘HTA’ will provide Cyprus with a common clinical assessment in 2025 to help access innovative treatments and effective medicines.

Economic sentiment in Cyprus improves in March

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Economic sentiment in Cyprus improves in March

– Economic sentiment in Cyprus improved marginally in April, with the Economic Sentiment Indicator (ESI) increasing by 0.8 points compared to March 2024.
– The rise in the ESI was driven by strengthening business sentiment across all sectors, with the largest increases occurring in the manufacturing and construction sectors.
– Services sentiment improved marginally in April, driven by more optimistic estimates of turnover in the next quarter.
– Retail trade sector sentiment rose slightly, supported by more favorable assessments of current inventory levels and improved expectations for the next quarter’s sales.
– Construction sector sentiment strengthened due to more favorable assessments of ongoing projects and optimistic estimates of number of employees.
– Manufacturing sector sentiment improved due to better assessments of current order levels, finished goods inventories, and expectations for production in the next quarter.
– Consumer sentiment declined in April as consumers appeared more pessimistic about the future economic situation of their households and the country in general compared to March.
– Economic Policy Uncertainty (EPU) index increased marginally in April, with greater uncertainty among businesses in the services and retail sectors.
– Sales price expectations in retail trade moved upward, and consumer price expectations were revised upward, reaching their highest point in six months.

Economic sentiment picks up in April

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Economic sentiment picks up in April

The University of Cyprus Economic Sentiment Indicator (ESI-CypERC) increased by 0.8 points in April compared to March, driven by gains in business confidence in all sectors.

UAE corporate tax to bolster future economic sustainability: MoF

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UAE corporate tax to bolster future economic sustainability: MoF

– The UAE has introduced a federal corporate tax to strengthen its economic future.
– The tax policy aligns with international standards and aims to solidify the UAE’s position as a global financial center.
– Corporate tax rates are set at 0% for annual incomes up to AED375,000 and 9% beyond that threshold.
– The UAE is committed to sustainable development goals and has reformed tax policies to support economic growth and inclusivity.
– The UAE has joined the BEPS programme and supports global tax fairness initiatives.
– Regulatory decisions have been made to guide the implementation of the corporate tax law in the UAE.
– The Ministry of Finance is conducting public awareness sessions to ensure understanding of the new tax law.

Audit Office calls for revised study on Pentakomo development to protect seals

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Audit Office calls for revised study on Pentakomo development to protect seals

The Audit Office has requested a revised site allocation study for proposed marine farm facilities in the Moni-Vassiliko area due to the area’s significance for the Mediterranean monk seal. Plans to develop aquaculture facilities in the environmentally sensitive area are facing scrutiny, with a project tender issued for €34 million. The Audit Office recommends updating the National Action Plan for Monk Seal Conservation and ensuring public access to relevant assessments. Delays in project implementation could risk losing funding. The Audit Office criticizes the lack of detail in alternative locations considered in a previous study and recommends a revised study to address the gap. The Department of Environment’s pre-screening report for the Environmental Impact Assessment is criticized for not adequately considering the importance of the area for the Mediterranean monk seal. The proposed project aims to serve seven of the nine existing marine aquaculture farms in Cyprus, providing necessary support infrastructure.

Economic sentiment sees modest April uptick

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Economic sentiment sees modest April uptick

In April 2024, the Economic Sentiment Index (ESI) increased by 0.8 units compared to March 2024. The rise in ESI was driven by a stronger business climate in the manufacturing and construction sectors. Retail trade also saw a slight increase in climate due to more positive assessments of inventory levels and sales expectations. However, consumer sentiment declined in April, with consumers feeling more pessimistic about the future economic situation. Additionally, the Economic Uncertainty Index increased slightly in April, mainly due to greater uncertainty among businesses in the services and retail trade sectors.

Some US officials say in internal memo Israel may be violating international law in Gaza

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Some US officials say in internal memo Israel may be violating international law in Gaza

Some senior U.S. officials do not find Israel’s assurances about using U.S.-supplied weapons in line with international humanitarian law credible or reliable. The State Department is divided on this issue, with some expressing concerns about Israel’s actions in Gaza. The department must report to Congress by May 8 on the credibility of Israel’s assurances. Israel’s military conduct in Gaza has raised questions about potential violations of international humanitarian law. Biden has the option to suspend or put conditions on U.S. weapons transfers to Israel if needed.

Georgia Has a New 2024 Income Tax Rate

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Georgia Has a New 2024 Income Tax Rate

Georgia residents have reason to celebrate as Gov. Brian Kemp approved 0 million worth of tax relief measures for individuals and businesses. It is estimated that Georgia taxpayers could save about .1 billion by 2024 and billion over the next ten years.

South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department | JD Supra

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South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department | JD Supra

Fact: Under a new bill signed into law on March 11, 2024, the South Carolina Department of Revenue will have to satisfy additional standards before it may force affiliated corporate taxpayers to file a unitary combined return.

Cellnet Limited vs KRA: A triumph for tax justice

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Cellnet Limited vs KRA: A triumph for tax justice

On February 2, 2024, the Tax Appeals Tribunal rendered a significant judgment in appeal No.1514 of 2022, involving Cellnet Ltd and the Kenya Revenue Authority (KRA). The Tribunal set aside 60.8 percent of KRA’s assessment of Sh12.98 million related to value-added tax, allowing only Sh5.08 million. The Tribunal found that KRA had conducted an assessment on Cellnet Ltd for a period exceeding five years, which was in violation of the Tax Procedures Act. Cellnet Ltd did not challenge this aspect of the assessment, but the Tribunal raised the issue suo moto, highlighting the importance of upholding tax justice.