Patients are running out of specialized medications due to the state’s lack of planning. The Ministry of Health is scrambling to secure additional funds to cover the needs of patients for the next two weeks. An important medicine for kidney disease sufferers has been in short supply for a month.
Three startups in the fields of energy and agricultural technology are set to relocate to Paphos. The startups were selected by the American University of Beirut (AUB) and the Zein AUB Innovation Park. Paphos is seen as an ideal environment for the development of innovative products, with the municipality actively supporting the creation of a dynamic ecosystem for start-up companies.
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.
Betsafe has exited the Kenyan market due to increased taxation, rendering its employees jobless.
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.
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Bank of Cyprus was named the Best Bank and Best Investment Bank in Cyprus by Global Finance in 2024.
REALTYon EXPO 2024 is the number one real estate event in the Mediterranean, taking place in Cyprus at the City of Dreams Mediterranean Integrated Resort between 3-4 July. The event will feature 70+ developers and agencies, 12+ hours of panel discussions, and prominent speakers from the real estate sector.
Invest Cyprus showcased Cyprus as a reliable investment destination with a stable business environment and favorable tax regime during its participation in the Annual Investment Meeting (AIM) in Abu Dhabi.