President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy and stressed the importance of public-private sector collaboration to address affordable housing challenges.
Stress in the euro zone market for home loans is considered manageable by the European Central Bank, despite higher interest rates and lax checks by some banks. The ECB reviewed the mortgage books of 37 euro zone banks and found deficiencies in how mortgages are originated. Specifically, the ECB found that some banks were not adequately weighing up risks before granting a mortgage, leading to concerns about borrowers being able to meet higher interest rates. Banks were also found to be taking more risks just before or when rates started rising. The ECB has asked banks to address these deficiencies, but overall, the banking sector’s response suggests a commitment to mitigating risks and maintaining stability in the residential real estate landscape.
The first Cyprus Forum London is being held today at the Cyprus High Commission in London. The event, organized by Oxygen for Democracy in collaboration with the High Commission of Cyprus, includes discussions on various topics such as justice, geopolitics, education, and the economy. The forum aims to facilitate discussions among policymakers, academics, civil society representatives, and thought leaders. The agenda has been curated with the help of various organizations including the Hellenic Observatory at the LSE, SEESOX at Oxford, the British Council, the Bingham Centre for the Rule of Law, and the Department of Politics at the University of York. The event can be watched online.
Fact: Prime Minister Sheikh Hasina directed the National Board of Revenue (NBR) not to increase taxes on food, agro-related items, and fertilizers in the upcoming budget.
The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.
– The rally was held prior to the city’s Finance and Management Committee meeting
– City Councilmember Rebecca Kaplan stated that the issue involves businesses that have filed tax documents with the city and those that haven’t
– Kaplan believes that tracking down businesses that don’t file tax documents is crucial for generating tax revenue
– Council President Nikki Fortunato Bas emphasized the importance of revenue collection for the city’s fiscal health
– Union leaders are demanding action and accountability from the City Administration to ensure corporations pay their fair share
– City officials acknowledge the need to modernize tax collection processes
– The estimated amount of uncollected taxes represents less than 1% of the city’s overall budget
– The city’s initial calculation of total business taxes owed is based on annual “gross receipts” estimates provided by businesses
– A ransomware attack delayed the city’s ability to collect taxes in 2023.
Accounting firms and associations are emphasizing the importance of addressing the rising cost of business and undertaking tax reform ahead of the federal budget release. RSM Australia is advocating for the permanent incorporation of business loss carry back offset rules into Australia’s income tax regime to encourage investment and bolster business resilience.
A shortage of banknotes in Gaza is causing chaos, with only a few ATMs operational in the southern city of Rafah. Residents are facing long waits and sometimes paying fees to access cash, as armed gangs exploit the situation. The conflict has led to a lack of liquidity in the enclave, with hundreds of millions of shekels stuck in bank vaults. Essential goods remain scarce, and some merchants are profiteering from the shortage by charging high commissions. Gaza’s economy relies heavily on Israel, which has blocked cash imports since the start of the war.
Bank of Cyprus was named the Best Bank and Best Investment Bank in Cyprus by Global Finance in 2024.
Global Finance named Bank of Cyprus the Best Bank and Best Investment Bank in Cyprus in its 2024 awards.