income

Government approves subsidised holidays for pensioners and employees

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Government approves subsidised holidays for pensioners and employees

The Council of Ministers approved two subsidised holiday schemes to boost domestic tourism and support low-income residents. The Low-Income Pensioners’ Holiday Subsidy Scheme offers free four-day stays in mountain resorts and Pyrgos Tillyrias for eligible individuals. The Employed Persons’ Leave Subsidy Scheme provides fully subsidised six-day stays for employed persons who received leave benefits in 2023. Labor Minister Yiannis Panagiotou stated that the aim of the schemes is to provide quality services to low-income residents and employees, while supporting mountain resorts and off-season tourism. Application procedures will be announced by the Ministry of Labour and Social Insurance.

How UK tax changes post-election could impact business compliance – The CFO

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How UK tax changes post-election could impact business compliance - The CFO

Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.

Walters: Newsom shuns tax increases yet budget levies billions on businesses

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Walters: Newsom shuns tax increases yet budget levies billions on businesses

Gov. Gavin Newsom unveiled a revised 2024-25 state budget and expressed reluctance to raise taxes, despite including indirect tax increases on businesses in the budget.

Cypriot banks first quarter profits hit , €226 million

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Cypriot banks first quarter profits hit , €226 million

Increased interest income from successive interest rate hikes by the European Central Bank significantly boosted Cypriot banks’ profits in the first quarter of 2024, with the Bank of Cyprus reporting a 31% increase in net interest income and Hellenic Bank seeing a 40% rise.

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

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Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.

The UAE’s corporate tax is about more than just raising revenue

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The UAE's corporate tax is about more than just raising revenue

A year has passed since the introduction of the UAE’s 9 per cent federal corporation tax.

Five UK market hotspots to watch ahead of the election

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Five UK market hotspots to watch ahead of the election

– Prime Minister Rishi Sunak called a summer election in the UK, surprising many and giving a modest boost to the pound.
– Keir Starmer’s Labour Party has been leading in opinion polls since Sunak took power in 2022.
– UK equities tend to be quite flat in the six months after a national election, with the FTSE 250 outperforming the FTSE 100.
– The pound is sensitive to election time, reflecting international investor opinion about the UK and expected government policies.
– Sectors like Natwest Group, housebuilders, and the water sector will be under scrutiny during the election.
– Bond market investors will closely examine the two parties’ spending plans, especially Labour’s, to ensure bond market stability.
– Credit default swap markets currently price the UK as if it had a higher credit rating than it actually does.

Federal Tax Authority issues corporate tax guide on free zone persons

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Federal Tax Authority issues corporate tax guide on free zone persons

The Federal Tax Authority (FTA) has issued a guide outlining the application of corporate tax to free zone persons, enabling qualifying free zone persons to benefit from a zero per cent corporate tax rate on qualifying income.

Top 7.7% of earners now paying more than half all income tax and USC, report finds

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Top 7.7% of earners now paying more than half all income tax and USC, report finds

The top 7.7 per cent of earners in Ireland accounted for more than 54 per cent of the income tax paid to the State in 2021, according to a new report by the Parliamentary Budget Office (PBO).

Türkiye says minimum tax in pipeline for multinational companies

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Türkiye says minimum tax in pipeline for multinational companies

Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.