Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.
An Australian university is turning used coffee grounds into a material that can be added to concrete, making it stronger and more sustainable. This process could potentially lower greenhouse gas emissions from concrete production. The biochar created from coffee waste can replace up to 15% of the sand used in concrete, making the concrete 30% stronger and reducing the amount of cement needed by up to 10%. This innovation has the potential to reduce the amount of sand extracted for concrete production, which is environmentally destructive and in short supply. The coffee concrete has already been used in constructing a footpath, and there are plans to expand its use in major road projects. Millions of tons of used coffee grounds are produced globally and could be turned into biochar for concrete applications, potentially reducing emissions from food waste as well. Other universities are also researching the use of biochar in concrete, but RMIT was the first to utilize waste coffee grounds in this way.
A €15 million residential complex called the “Nightingale Residential Compound” in Pano Platres, Cyprus has been approved by the Environmental Authority after modifications were made to address initial concerns. The project, developed by Roomzly, will be located within the protected zones of the Kouris Dam Reservoir. The revised plans eliminate buildings on steep slopes and a private wastewater treatment plant, with construction confined to a designated residential zone and avoiding protected areas. The project must follow mitigation measures and was deemed compatible with surrounding developments.
President Nikos Christodoulides emphasized the important contribution of shipping to the economic development of Cyprus and stated that his administration will continue to work towards the sustainable development of Cypriot shipping.
The Attorney General and Deputy Attorney General requested to be exempt from a new law requiring asset declarations to be made public. Despite concerns about corruption and the importance of transparency, the proposal barely passed in the Institutions Committee by a vote of 6-4. One MP showed courage by diverging from the party line, preventing a tie in the vote. The demand for exemption was made based on the argument that they are not politically exposed persons and should not be subject to public scrutiny. However, the column questions this reasoning, citing past corruption cases involving high-ranking officials. Members of the Institutions Committee voted in favor of including prosecutors in the list of officials required to submit asset declarations, with some MPs going against their party line. There is a risk that the position may change in the plenary, depending on how certain MPs vote.
The Moore v. United States case involves the question of “unrealized income” and its taxation. The plaintiffs, Charles and Kathleen Moore, are challenging the constitutionality of the Section 965 transition tax. The Supreme Court is expected to release an opinion soon, which could have significant impacts on tax policy, potentially reducing federal tax revenues. The ruling may also affect the implementation of the global minimum tax agreement known as Pillar Two. Additionally, the case could lead to changes in the timing of taxes and even preemptively strike down some wealth tax proposals.
FIFA has ordered a legal evaluation of a proposal by the Palestinian Football Association to suspend Israel over the war in Gaza. The Palestinian proposal accuses the Israel Football Association of complicity in violations of international law and discrimination against Arab players. The request for sanctions comes two years after FIFA suspended Russia for its invasion of Ukraine. FIFA President Gianni Infantino expressed shock over the situation and promised to address the issue at an extraordinary meeting in July.
Gold prices are fluctuating as traders speculate on a potential rate cut by the Federal Reserve in September. Inflation data in the US is showing signs of improvement, impacting the Fed’s monetary policy decisions. Smart money is paying attention to the shift from a dollar-denominated trade system, with countries like China and Russia increasing their gold reserves to support their currencies. The price of gold is approaching all-time highs and is expected to continue its upward trend as long as it stays above the 50-day simple moving average.
The New York City Department of Finance is expected to deviate from the New York State corporate tax reform regulations in several key areas, including the application of unincorporated business tax sourcing rules for corporate partners, authorizing deviations from statutory apportionment methods based on individual facts and circumstances, allocating income from passive investment customers using an 8% fixed allocation, increasing the threshold for taxpayers to use a billing address “safe harbor,” and retaining excess inclusion in income for holders of residual interests in real estate mortgage investment conduits.
Nicosia is ranked as the fifth-best city in Europe for coffee lovers, with the most hours of sunshine and the least amount of rainfall over the summer months.