Economy

President reiterates support for businesses , — wants to “turn challenges into opportunities”

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President reiterates support for businesses , — wants to “turn challenges into opportunities”

Fact: President Nikos Christodoulides addressed the Cyprus Employers and Industrialists Federation (Oev) during their annual general meeting and reiterated the government’s support for the local business community. He emphasized that businesses are the driving force behind economic development and highlighted the importance of cooperation between the public and private sectors to facilitate a better environment for businesses, promote innovation, and achieve sustainable economic growth.

EU Parliament approves ban of products made with forced labour

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EU Parliament approves ban of products made with forced labour

The European Parliament approved rules to ban the sale, import, and export of goods made using forced labor in the EU. The move was driven by concerns about human rights abuses in the Chinese province of Xinjiang. If a product is found to have been made using forced labor, it will not be allowed to be sold in the EU market, and shipments will be intercepted at the borders. The law still needs approval from EU countries to enter into force, with a three-year deadline for implementation.

Government spent €40 million on Ukrainian refugee accommodation, audit finds

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Government spent €40 million on Ukrainian refugee accommodation, audit finds

The Cypriot government spent approximately €40 million on accommodation for Ukrainian refugees, primarily covering housing costs until March 4, 2024. Other expenses included transportation and translation services. The Audit Office recommended developing an emergency contingency plan for managing future influxes of displaced people. Standard tendering procedures were advised for transparency, despite no violations found in the audit. The European Commission provided €6.7 million in support for the refugee aid program, with management of accommodation contracts transferred to the Municipality of Paralimni. Expenditure details for accommodation in various hotels were provided, totaling €39,680,831.65.

Direct tax collection jumps 17.7% in FY24

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Direct tax collection jumps 17.7% in FY24

Fact: India’s net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, exceeding Budget Estimates by 7.40%.

Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 – Greater Kashmir

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Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 - Greater Kashmir

The net direct tax collections for the financial year 2023-24 exceeded the Union Budget Estimates by Rs 1.35 lakh crore or 7.4%, reaching Rs 19.58 lakh crore.

She produces, sells, collects, they kill

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She produces, sells, collects, they kill

The US House of Representatives has allocated billion to Ukraine and billion to Israel, including humanitarian aid for Palestinians in Gaza. The war in Ukraine benefits the US economy and Russia controls 18% of Ukrainian territory. Israel continues its genocide in Gaza, with mass graves discovered in Khan Yunis. The International Criminal Court should investigate these war crimes. Israel is preparing for military operations in Rafah with the support of its allies. The geopolitical puzzle favors certain countries, like Turkey’s occupation of Cyprus being overlooked. Cypriots and Palestinians struggle to find justice, but the EU must redefine its objectives and not blindly follow American geopolitical interests.

Direct tax rally is a welcome trend

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Direct tax rally is a welcome trend

Direct tax collections for the financial year 2023-24 have ended up higher than Budget Estimates and Revised Estimates, primarily driven by a better-than-expected performance in personal income tax (PIT). This is the first time PIT collections will be larger than corporate taxes.

As collection soars, govt must focus on widening the tax net

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As collection soars, govt must focus on widening the tax net

Direct tax revenues rose by 18 percent in 2023-24, while goods and services tax collections crossed Rs 20 lakh crore for the first time with a 12 percent growth. The government has been successful in plugging loopholes in the tax system, but needs to widen the tax net to bring more people under it. Personal income tax collection grew by 25 percent, exceeding corporate tax collections in absolute terms. The government should strive for higher collection through both personal income taxes and corporate taxes in the long run. Technology and measures like TCS and TDS have helped bring more people under the tax net, but efforts should not be overzealous.

Growth rate slows in March , – CCLEI survey

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Growth rate slows in March , – CCLEI survey

The Cyprus Composite Leading Economic Index (CCLEI) saw a year-over-year decrease of 0.9% in March, indicating a slowing economy on the island.

CBC governor wants to address interest rate disparity

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CBC governor wants to address interest rate disparity

The newly appointed governor of the Central Bank of Cyprus, Christodoulos Patsalides, has expressed dissatisfaction with the interest rate disparity between lending and deposit rates in Cyprus.