Federal Income Taxes Are Set To Skyrocket
The effective federal income tax rate for S Corporation shareholders and partners in a partnership could increase by 30% by December 31, 2025, due to the expiration of certain tax laws.
government
‘We have no other choice but to overturn status quo’
– Cypriots have “no other choice” but to attempt to overturn the divided island’s status quo.
– The current state of affairs in Cyprus “cannot be the future of our homeland.”
– President Nikos Christodoulides emphasized the need for a solution to the Cyprus problem based on a bizonal, bicommunal federation with European principles and values as its foundation.
– The government is encouraging the efforts of United Nations Secretary-General Antonio Guterres and his recently departed envoy on the island Maria Angela Holguin.
– The pain on the faces of people affected by the events of 1974 is recorded in the photographs on display at the exhibition.
– The events of 1974, including the Turkish invasion and destruction, are described as an “unspeakable tragedy.”
Georgian PM calls for review of relations with US
Georgian Prime Minister Irakly Kobakhidze called for a review of relations with the United States after Washington ordered punitive measures over the passage of a law on “foreign agents”.
COMMENT: Russian tax hikes – important but not large enough
Russia has announced changes to its tax system, moving from a flat to a progressive system by 2025. The upper rate of income tax will rise from 15% to 22% and for corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending but may not be enough to prevent economic overheating. The tax hikes are modest compared to military and defense spending, which is 6% of GDP and rising. The overall fiscal stance remains expansionary, challenging the central bank’s efforts to combat inflation. Russia’s budget deficit is expected to halve this year and remain flat in 2025, while growth forecasts vary with some predicting modest growth and others more upbeat figures.
COMMENT: Russian tax hikes – important but not large enough
Russia has announced changes to its tax system, including a shift to a progressive income tax system in 2025, with the upper rate increasing from 15% to 22% and corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending.
President in talks with UN over migrants in buffer zone
President Nikos Christodoulides is in contact with the UN peacekeeping force regarding 13 migrants reported to be living in the buffer zone near the university grounds. The migrants are from Afghanistan, Iran, Sudan, and Cameroon and had come from the north after being denied entrance to the state-controlled areas. The UN peacekeeping force is working with UNCHR to provide humanitarian assistance to the most vulnerable migrants.
Two new shopping malls get green light in Limassol
Two new shopping malls in Limassol, the “Limassol Mall” and “The Mall of Limassol,” have received environmental approval from the government. The “Limassol Mall” will have approximately 90 stores, 6 kiosks, 2 large restaurants, a food court, a cinema, and 1,278 parking spaces. The “Mall of Limassol” will feature over 50 stores, a supermarket, a cinema, and a children’s play area, with 1,045 parking spaces available.
Egypt cracks down on pro-Palestine activism with student arrests
Egypt has detained students promoting pro-Palestinian boycotts and solidarity campaigns, along with many others protesting against Israel’s military campaign. At least 125 people have been arrested since the Gaza war began in October, with 95 still in pre-trial detention. The crackdown on dissent in Egypt has intensified since 2013, with tens of thousands arrested for speaking out against the government. Public demonstrations are outlawed, and authorities fear protests over the Israeli-Palestinian conflict could fuel political dissent.
Migrants stranded in Cyprus buffer zone as asylum applications suspended
Fourteen migrants are stranded in the buffer zone near the University of Cyprus campus in Aglantzia, unable to enter government-controlled areas due to the temporary suspension of asylum applications by the Republic of Cyprus. The group includes women and children from Afghanistan, Sudan, Cameroon, and Iran, with assistance being provided by the UNFICYP and UNHCR. Patrols have been increased along the buffer zone to deter migrant arrivals, resulting in a 95% decrease in arrivals by boat from Syria. Pushbacks in Lebanese waters have contributed to this decrease, but the Mediterranean crossing remains the deadliest route for migrants. The U.N. human rights office has reported gross human rights violations faced by Syrian refugees returning to Syria, including torture, abduction, sexual harassment, and violence. Pushbacks are measures used by states to force refugees and migrants out of their territory, circumventing international protection safeguards.
North, ’s minimum wage falls by €3 per month after appeal
The north’s net minimum wage was reduced by 120TL (€3.43) per month following an appeal by business owners. The government does not know what it is doing. The north’s new gross minimum wage is higher than that of 13 European Union member states, including Greece.