state budget

Indiana tax changes drive General Fund expectation miss • Indiana Capital Chronicle

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Indiana tax changes drive General Fund expectation miss • Indiana Capital Chronicle

Tax revenue to Indiana’s General Fund fell more than 12% below projections last month, with the fund taking in 3 million less than expected in April. The decline was mainly due to lower individual income tax collections, which were 0 million or 17% short of predictions. Corporate tax collections also fell by about 33% below expectations. Despite the monthly miss, the fund is still ahead year-to-date, with collections 0.1% greater than forecasted.

MPs reject president, ’s referral of police law

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MPs reject president, ’s referral of police law

The House legal committee rejected President Nikos Christodoulides’ referral of a law that would grant the police chief powers to appoint specialist staff. This decision was made to prevent potential risks to democracy.

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

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Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.

Grants scheme announced for Nicosia entrepreneurs

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Grants scheme announced for Nicosia entrepreneurs

The 3rd Call for Applications for the Grants Scheme to Support Entrepreneurial Activity within the Walls of Nicosia has been announced with a total budget of €2 million.

Businesses will leave NJ if they face more corporate taxes — even to bail out NJ Transit

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Businesses will leave NJ if they face more corporate taxes — even to bail out NJ Transit

Fact: Gov. Phil Murphy proposed a new state budget that would retroactively increase the state’s Corporate Business Tax, promising that the increase would only be temporary.

Finnwatch: Tax loopholes cost state €1bn a year

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Finnwatch: Tax loopholes cost state €1bn a year

The text discusses how Finland could generate over one billion euros in additional tax revenue by closing tax loopholes, according to a report by Finnwatch.

State pension fund reaching critical levels

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State pension fund reaching critical levels

The Fiscal Council has warned that state borrowing from the Social Insurance Fund has reached critical levels, with the government owing over €10 billion to the fund. This borrowing threatens public finances and could lead to pressure on the state budget. The Council suggests reducing the state’s debt to the fund and revising the investment policy to achieve higher returns. The study also recommends increasing the percentage of assets invested in non-government securities to diversify the portfolio.

Time to Derail NJ TRANSIT Tax Talk

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Time to Derail NJ TRANSIT Tax Talk

The governor of New Jersey broke his pledge by resurrecting a Corporation Business Tax surcharge under a new name to fund NJ TRANSIT as part of his billion FY25 state budget proposal.

Personnel costs and social benefits dominate Cyprus’s budget

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Personnel costs and social benefits dominate Cyprus’s budget

The main categories of state expenditures in the Republic of Cyprus for fiscal year 2023 include personnel wages, pensions, and bonuses, social benefits, and transfers. Social benefits also include the government’s contribution to the General Health Plan. The number of personnel has fluctuated over the years, with an increase in wage expenditures. Pensions and bonuses increased by 7% in 2023. The largest part of wage expenditures is for educators in the Ministry of Education, Culture, Sports, and Youth. Social benefits include medical care, emergency grants, emergency humanitarian incidents, and supplementary pension benefits. The total amount of loans as of December 31, 2023, stood at €22.18 billion. State financing is mainly done through European Medium-Term Notes and loans from the European Stability Mechanism. Approved expenditures for 2023 were €12 billion, with actual expenditures reaching €10.92 billion. Total revenues for 2023 were €9.94 billion, resulting in a state budget deficit of €0.98 billion.