budgets

Last-minute laws passed by House before June elections

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Last-minute laws passed by House before June elections

– The House plenary passed laws related to regulations for local government bodies and operating permits for hotels before adjourning for the upcoming June elections.
– MPs approved a law extending the grace period for hotels lacking a full operating permit until the end of 2024, with a requirement to submit ‘as-built’ plans in the meantime.
– The transitional period for hotels to secure an operating permit has been extended by another six months.

Cyprus tourism sector faces compliance hurdles

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Cyprus tourism sector faces compliance hurdles

Fact: The Deputy Ministry of Tourism in Cyprus recently revised the inventory of hotels and tourist accommodations, with the majority of them not meeting the necessary compliance criteria.

Pedalion Yachting ties with Italy, ’s prestigious Apreamare shipyard

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Pedalion Yachting ties with Italy, ’s prestigious Apreamare shipyard

Pedalion Yachting has partnered with the Italian shipyard Apreamare to introduce a line of luxury yachts to Cyprus.

Outside NYC, Brookhaven IDA rakes in highest fees in 2021

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Outside NYC, Brookhaven IDA rakes in highest fees in 2021

The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.

Business tax incentives, tax reform top of budget wishlist

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Business tax incentives, tax reform top of budget wishlist

Accounting firms and associations are emphasizing the importance of addressing the rising cost of business and undertaking tax reform ahead of the federal budget release. RSM Australia is advocating for the permanent incorporation of business loss carry back offset rules into Australia’s income tax regime to encourage investment and bolster business resilience.

From algorithms to assets: How math shapes financial strategies for college students

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From algorithms to assets: How math shapes financial strategies for college students

Fact: Understanding and applying basic mathematical principles can enhance college students’ financial literacy and help them make informed decisions for a stable and prosperous future.

MPs furious over last-minute changes to local government

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MPs furious over last-minute changes to local government

Lawmakers are frustrated with the government for making last-minute changes to legislation related to the reform of local government. They have agreed to only two amendments for now, with the rest to be discussed after the local government elections on June 9. The changes include allowing District Self-Governance Organisations to approve their own budgets and the appointment of individuals to head local government services temporarily. Permit applications for land development will be transferred to the new District Self-Governance Organisations. Legislators refused to fast-track a bill suspending permit applications, citing potential negative impact on the economy. The new system will merge various local government authorities at the district level to streamline processes.

Pa. Senate approves GOP’s $3B tax-cutting plan

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Pa. Senate approves GOP's $3B tax-cutting plan

Republican lawmakers advanced legislation for a billion tax cut in response to Democratic Gov. Josh Shapiro’s budget plan. The tax legislation passed the Republican-controlled Senate and is intended to be the largest tax cut in the state’s history. Democrats opposed the bill, which aims to cut taxes by billion, while Shapiro’s budget proposal includes a billion increase in spending.

Proposed increase to capital gains tax requires action | Investment Executive

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Proposed increase to capital gains tax requires action | Investment Executive

The change in capital gains tax rates will increase the overall tax on capital gains to levels similar to eligible dividends in six provinces for those at the highest marginal rate. The delay in implementation to July 25 provides an opportunity for advisors to adjust their clients’ portfolios to mitigate the impact of the rate hike.

Ensuring all companies pay the right amount of corporation tax

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Ensuring all companies pay the right amount of corporation tax

Pillar Two requirements for multinational organizations with consolidated annual earnings over €750 million will enforce a global minimum tax of 15 per cent, regardless of location, to prevent the use of tax havens. The global corporate tax gap is estimated to be around £75-200 billion per year. Research shows that 47% of the UK adult population would be less likely to engage with companies minimizing their corporation tax payments. Older age groups are more likely to switch brands if they are made aware of unethical behavior related to tax planning. Better communication is needed to emphasize the negative impact of corporate tax planning on public services and social inequality. Collectively buying into a fairer society is crucial to influencing corporate behavior.