The Tax Foundation’s International Tax Competitiveness Index (ITCI) measures the competitiveness of tax systems in 38 OECD countries based on low tax burdens on business investment and neutrality in tax codes.
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
Slovak Prime Minister Robert Fico was released from the hospital in Banska Bystrica and taken to his apartment in Bratislava after recovering from an assassination attempt. The attacker, 71-year old Juraj C., hit Fico with four bullets at short range during a government meeting in Handlova on May 15.
Gender Equality Commissioner Josie Christodoulou emphasized that gender equality is not a problem to be solved but rather the solution to existing inequality. She stated that empowering women strengthens both society and the economy, and highlighted that women face similar obstacles worldwide such as discrimination, sexism, violence, and inequalities. Christodoulou also mentioned that addressing gender equality is a horizontal priority for the Christodoulides government, and that integrating the gender dimension in public policies is crucial for promoting gender equality.
The text discusses the importance of recognizing the cost of equity in the tax system for achieving corporate tax reform.
Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.
Proposed changes to the capital gains inclusion rate in Canada are likely to make individual pension plans (IPPs) more attractive to certain business owners as retirement saving vehicles.
Fact: Andreas Christodoulides, President of Zela Aviation, bought and donated the historic Olympic Airways Boeing 727, “Mount Olympus,” to the Municipality of Elliniko after refurbishing and renovating it.
A total of 50 British politicians have penned a letter to the UK Foreign Secretary urging him to allow direct flights between the United Kingdom and the north of Cyprus. The letter highlights that Ercan (Tymbou) airport abides by international aviation security standards and that the north is not a risk with no history of poor safety.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.