The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.
The text discusses the Base Erosion and Anti-Abuse Tax (BEAT) and its purpose to address profit shifting by multinational enterprises. The fact described in the text is that BEAT is intended to address a legitimate problem, but its execution leaves room for improvement.
Bitcoin is expected to hit fresh all-time highs in the coming months, with the CEO of deVere Group predicting that the cryptocurrency will surpass its previous record high of ,800. Factors such as the recent halving event reducing the supply of new Bitcoin issuance and the launch of new Bitcoin exchange-traded funds outside the US are expected to drive up the value of Bitcoin. The CEO believes that despite short-term fluctuations, Bitcoin’s long-term trajectory is upward and that it will achieve new price heights in 2024.
The global minimum tax policy imposes a minimum corporate tax of 15 percent on multinational companies with annual global revenue exceeding 1 trillion won.
Cyprus is considering easing residency permit requirements for foreign nationals under a proposed bill. The proposal would grant residency permits to third-country nationals who invest €250,000 in housing and have an annual income of €40,000. The bill also includes provisions for additional family members. The proposal is currently being debated in the House Internal Affairs Committee. Some stakeholders suggest lowering the housing investment threshold to €150,000 to facilitate purchases of existing homes, while others argue that this could drive up housing demand and prices, negatively impacting local buyers. The regulations aim to attract foreign investment while ensuring financial stability for those obtaining residency, covering various categories of foreigners.
Bank of Cyprus issued its first green bond, raising €300 million to fund renewable energy projects, climate-friendly buildings, and transport. The bond was more than four times oversubscribed, with the orderbook reaching €1.3 billion.
Foreign buyers account for four out of ten property sales in Cyprus in the first quarter of 2024.
The Bank of Cyprus successfully launched and priced €300 million in green senior preferred notes under its EMTN Programme. The notes were priced at par with a fixed coupon of 5% per annum, payable annually until the Optional Redemption Date of May 2, 2028. The notes are expected to comply with the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) criteria, improving the bank’s MREL ratio to 28.36% of risk-weighted assets and 12.73% of Leverage Ratio Exposure.
John Barnes has been banned as a director for three-and-a-half years after his company, John Barnes Media Limited, failed to pay almost £200,000 in tax. The company did not pay any corporation tax and VAT from 2018 to 2020, despite having a turnover of £441,798 during that period. Barnes was the sole director of the company, which offered media representation services. The ban prevents him from being involved in the promotion, formation, or management of a company without court permission.
Andy Street, the mayor of the West Midlands, is distancing himself from British Prime Minister Rishi Sunak’s government ahead of local elections. Street, a Conservative, has built a personal brand that downplays his party allegiance and has even had public disagreements with Sunak. The upcoming local elections are seen as a defensive one for the Conservatives, with Street facing a tough race against the Labour candidate despite his positive approval ratings. Street’s ability to attract voters who wouldn’t usually vote Conservative may give him a chance in the election.