The new Company Law revision introduces a horizontal corporate personality denial system, holding shareholders accountable for the actions of other controlled companies. This will impact tax treatment for companies engaging in related-party transactions to evade taxes.
The fact described in the text is that Finance Minister Chrystia Freeland announced an increase in the capital-gains inclusion rate to 66 per cent for corporations and trusts, and for individuals on gains above 0,000, in order to raise nearly billion over five years to pay for housing initiatives.
The Independent Authority against Corruption is investigating allegations made in the book “State Mafia” by journalist Makarios Drousiotis. Former officials and Members of Parliament will be summoned to testify, including former Attorney General Kostas Clerides, former MP Averof Neophytou, and others. The focus of the investigation is on the case of Russian oligarch Dmitry Rybolovlev. Former President Nikos Anastasiades has filed a lawsuit against Drousiotis for defamation, seeking €2,000,000 in damages. Drousiotis claims this is a distraction from his ongoing testimony before the Anti-Corruption Authority.
The Attorney General of Cyprus has filed a petition to the Supreme Constitutional Court seeking the dismissal of Auditor General Odysseas Michaelides for inappropriate conduct. This legal battle will involve top legal professionals and is based on a regulatory provision from 2021. The case is unique as there is limited case law on requests for dismissal due to inappropriate behavior, with the only previous case involving former Deputy Attorney General Rikkos Erotocritou, who was criminally convicted. The Constitution does not clearly define what constitutes inappropriate behavior for the dismissal of officials at this level of constitutional protection. The Auditor General has 21 days to file an objection to the request for dismissal, and if the case reaches a hearing, old cases handled by the Legal Service will be brought up, with witnesses called to testify.
Experts say the proposals for reparations to black descendants of slaves in California, which include subsidized property taxes and expedited business licenses, may be unconstitutional due to violating guarantees of equal treatment of citizens regardless of race.
The global minimum tax policy imposes a minimum corporate tax of 15 percent on multinational companies with annual global revenue exceeding 1 trillion won.
The audit office is prepared to deal with any steps aimed at removing Auditor General Odysseas Michaelides from his post. Michaelides is privately paying for legal services from the law office of Christos Clerides, George Triantafyllides, and Pambos Ioannides. President Nikos Christodoulides described the situation as not pleasant and urged collaboration between independent institutions based on the constitution. The legal service and audit office chiefs can only be removed through a Supreme Court decision or if they voluntarily resign.
The auditor-general has called on the cabinet to investigate the commissioner of Internal Audit for possible dereliction of duty, as she allegedly did not properly handle allegations of conflict of interest in her department.
Fact: The Audit Office reported the Legal Service to the European Commission and the International Organisation of Supreme Audit Institutions (Intosai) due to allegations of threats, revenge, and efforts to remove the auditor general from his post.
The Deputy Attorney General has filed a petition to the Supreme Constitutional Court for the dismissal of the Auditor General, according to a statement by the Audit Office. The Attorney General and Deputy Attorney General are accused of trying to eliminate Odysseas Michaelides in retaliation for his highlighting of unethical actions by the Assistant Attorney General.