Anisur Rahman, ’s body repatriated back to Bangladesh
Fact: The body of 24-year-old Anisur Rahman was being repatriated to his native Bangladesh.
Economy
S. Korea’s tax revenue falls W2.2tr on-year through March
Tax revenue in South Korea fell by 2.5 percent in the first three months of 2024, mainly due to weak corporate performances. Corporate taxes collected decreased by 22.8 percent, while income taxes also went down by 2.5 percent. However, value-added tax and stock exchange tax collections increased during the same period.
Korea’s tax revenue falls $1.5 bil. on-year through March
Korea’s tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances.
Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.
Gov. Phil Murphy’s corporate tax to fund NJ Transit should be derailed
Fact: Trenton lawmakers are considering a new tax on businesses to fund NJ Transit, proposed by Gov. Phil Murphy.
Consumers face record Easter costs as food prices surge
Consumers are facing the most expensive Easter in at least five years, as food prices have soared. A comparison with 2019 prices shows that consumers could pay 50% more for traditional Easter foods this year. The increase is attributed to global supply chain disruptions, inflation, the war in Ukraine, rising interest rates, and instability in the Middle East. The cost of 12 Easter staples has risen by 48.65% since 2019, with small, locally-reared lambs now costing €12.43 per kilogram, up 96% from 2019, and minced pork at €6.06 per kilogram, a 69.27% increase. The price of traditional flaounes has also gone up, with consumers now paying €13.27 per kilogram, a 56.29% increase from 2019.
UK R&D may be worth far more than currently estimated
The value of research and development undertaken in Britain each year could be more than 20 per cent higher than current estimates, with the redeveloped Business Enterprise Research and Development Survey suggesting R&D in 2022 was 53.0 billion pounds compared to an existing estimate of 43.4 billion pounds.
IMF approves $1.1 bln funding for Pakistan
The International Monetary Fund approved .1 billion in funding for Pakistan as the second and last tranche of a billion standby arrangement to help avert a sovereign default. Pakistan is seeking a new, larger long-term Extended Fund Facility agreement with the IMF after the current standby arrangement expires.
Grants scheme announced for Nicosia entrepreneurs
The 3rd Call for Applications for the Grants Scheme to Support Entrepreneurial Activity within the Walls of Nicosia has been announced with a total budget of €2 million.
Sterling holds ground on weaker dollar, Fed, rate decision looms
The GBPUSD pair is holding positive ground near 1.2520 in early trading in Asia, supported by a softer US Dollar. The US Federal Reserve is expected to leave interest rates unchanged, with speculation that the first cut might not come until September. The Bank of England may start lowering borrowing costs in its June meeting, as Governor Andrew Bailey mentioned the possibility of two or three rate cuts this year.