expenditures

Cyprus ship management revenue hits , €638 million

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Cyprus ship management revenue hits , €638 million

Cyprus witnessed a marginal rise in ship management revenues in the latter half of 2023, reaching €638 million. These earnings accounted for 4.1% of Cyprus’ GDP over six months. Germany contributed 40% of the sector’s revenues, with Greece contributing 17%, Switzerland 10%, and Malta 5%. 31% of firms generated revenues between €2m and €30m, while 27% exceeded €30m. Crew management services now represent 51.1% of total ship management revenue. Ship management expenses decreased to €546m in the second half of 2023, with most costs covering wages for seafarers from non-EU countries.

EAC pondering price hikes for 2025

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EAC pondering price hikes for 2025

The Electricity Authority of Cyprus is examining tariff hikes for 2025 and plans to present their proposal to the energy regulator by July. The organization has cash reserves of over €280 million and plans to upgrade the Dhekelia power station at a cost of €110 million.

Tax Matters – Four more days to seize Self Voluntary Declaration Programme opportunity

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Tax Matters – Four more days to seize Self Voluntary Declaration Programme opportunity

The Self Voluntary Declaration Programme (SVDP) by the Inland Revenue Board (IRB) and the Royal Malaysian Customs Department (RMCD) is an amnesty programme that allows taxpayers to declare undeclared or underdeclared income without penalties. The programme ends on May 31. Taxpayers can participate for income tax, real property gains tax, stamp duty, sales and service tax, and goods and services tax purposes. All taxpayers, including individuals and corporate taxpayers, are encouraged to review their past declarations and declare any understatements to avoid future audits. The declaration must be complete and supported with proper documentation. If fraudulent, the IRB or RMCD may open a case for investigation.

How Did the Tax Cuts and Jobs Act Change Cost Recovery?

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How Did the Tax Cuts and Jobs Act Change Cost Recovery?

The Tax Cuts and Jobs Act introduced 100 percent bonus depreciation for short-lived assets from September 27, 2017, until January 1, 2023.

Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

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Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source

The government plans to reduce corporate tax rates in the productive sector by 2.5 percent in the upcoming fiscal year 2024-25 to encourage setting up of industries and increase tax payments.

Tax Reform Offsets Shouldn’t Offset Economic Growth

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Tax Reform Offsets Shouldn’t Offset Economic Growth

The text discusses the importance of prioritizing permanence for pro-growth tax reforms and avoiding economically harmful payfors. It mentions that raising the corporate income tax rate is not a recommended option for fiscally responsible and pro-growth tax reform.

Does Your State Have a Gross Receipts Tax?

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Does Your State Have a Gross Receipts Tax?

The text discusses gross receipts taxes, which are imposed on businesses based on their gross sales before deducting operating costs. Seven states have a state-level gross receipts tax, while three allow municipalities to assess it locally. Gross receipts taxes have a long history but have fallen out of favor in recent decades. States often differentiate tax rates based on industry or revenue levels. Some states, like Nevada and Washington, have poorly structured gross receipts taxes that are legally problematic. Ohio and Oregon have recently made changes to their gross receipts taxes. Overall, the text argues that gross receipts taxes are harmful and should be replaced with a well-structured corporate income tax.

Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations

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Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations

The text discusses the upcoming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 and provides insight into various tax reform options. Lawmakers will need to decide on priorities for tax reform, including maintaining the TCJA policies or implementing fundamental reforms. The text outlines two alternative reform options that focus on better cost recovery for business investment, lower individual rates, and a broader tax base. These options aim to grow the economy, provide revenue, and avoid increasing the deficit. Lawmakers are encouraged to prioritize growth and fiscal responsibility in designing tax legislation to prevent a tax hike in 2025.

Are Business Credit Card Rewards Taxable? | Bankrate

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Are Business Credit Card Rewards Taxable? | Bankrate

Business credit card rewards are not considered income and are not taxable.

Three major amendments to new Company Law in taxation

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Three major amendments to new Company Law in taxation

The new Company Law revision introduces a horizontal corporate personality denial system, holding shareholders accountable for the actions of other controlled companies. This will impact tax treatment for companies engaging in related-party transactions to evade taxes.