Amazon Web Services has not halted any orders of Nvidia’s most advanced chip, but has instead decided to purchase the company’s newer state-of-the-art chip for an upcoming supercomputer project between the two companies.
US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to US interests. The negotiations for Pillar 1 of the OECD corporate tax deal involve reallocating the taxing right on US-based digital giants, allowing about 0 billion of corporate profits to be taxed in the countries where the companies do business. The US has two “red line” issues in the talks related to transfer pricing and the “Amount B” system for simplifying the calculation of transfer pricing. If the negotiations fail, it could prompt the return of digital services taxes in some countries and reignite potential trade tensions. Italy wants to negotiate an agreement with Washington to stop tariffs on imports from countries that agreed to suspend their digital taxes while details of the tax deal were worked out.
Cypriot authorities are revoking the citizenship of 68 investors and 165 dependents next week due to criminal offenses pending against them. Among those affected are individuals from China, Russia, and India. The decision to strip citizenship was made based on information provided by Interpol regarding various criminal charges, such as fraud and bribery, that carry significant prison sentences. The individuals have the right to appeal the decision with the Independent Authority on Citizenship Debarment.
The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.
Tourist diplomacy is important for bilateral relationships between countries, with Poland and Cyprus increasing their ties in recent years. Poland is becoming a significant market for Cyprus, with a growing number of Polish tourists visiting the island. The President of Poland highlighted the welcoming and safe environment in Cyprus, attracting more visitors. Brexit has decreased British tourists to Cyprus, making room for Poland to potentially become the second top tourist market. Polish investments are also increasing in Cyprus, with Polish companies setting up headquarters on the island. Additionally, Poland has a long-standing archaeological mission in Paphos, further strengthening the cultural ties between the two countries.
Hellenic Bank announced first quarter profits of €93.3 million, up 34% year on year, but 25% below the previous quarter. Net interest income rose to €151 million, up 40% year on year. The bank has reached agreements for the renewal of a labor collective agreement and to strengthen its insurance operations. New lending in the first quarter reached €208 million, with a focus on retail customers. The bank has a liquidity coverage ratio of 580%.
The ordinary corporate tax rates for businesses in Switzerland remained stable at an average of 14.6% compared to the previous year. Changes in corporate tax rates were only seen in eight cantons, with the biggest cuts made by Aargau and Bern, and the largest increases made by Schaffhausen and Geneva. The cantons of Zug, Nidwalden, and Lucerne remain the most attractive in terms of their corporate tax rates. Switzerland’s corporate tax rates are low compared to other countries, with only a few countries offering lower rates in Europe and around the world.
U.S. Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.
US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms. India is refusing to engage on issues important to US interests in the negotiations. China has also been “all but absent” in the negotiations for the OECD corporate tax deal. The Pillar 1 negotiations aim to reallocate the taxing right on US-based digital giants, allowing about US0 billion of corporate profits to be taxed in the countries where the companies do business. If the negotiations fail, it could lead to the return of digital services taxes in some countries and potential trade tensions. Italy is seeking to negotiate an agreement with Washington to stop tariffs on imports from countries with digital taxes.
The European Commission has warned Cyprus and other EU member-states to enforce a minimum 15% tax rate for big multinational companies and improve corporate transparency by disclosing income taxes publicly. Cyprus, along with Spain, Latvia, Lithuania, Poland, and Portugal, have not fully implemented these rules and have two months to comply or risk facing fines in the European Court of Justice.