Cyprus government and banks piling-up cash
By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.
income
Mismanagement of Natura2000 sends Cyprus to the European Court of Justice, EU Commissioner says
Virginijus Sinkevičius, the European Commissioner for the Environment, Oceans, and Fisheries, emphasizes the importance of addressing climate change and environmental protection. Cyprus, due to its geographical position, is expected to be significantly impacted by climate change, especially in sectors like agriculture, tourism, and fisheries. Sinkevičius highlights the need for all Member States, including Cyprus, to implement climate targets to mitigate these effects. Additionally, he stresses the importance of implementing provisions for Natura2000 areas to ensure ecosystems can withstand increasing pressures, warning that Cyprus may end up in the European Court over Natura2000 issues if necessary actions are not taken.
More than ten organised crime groups operating in Cyprus, Interpol says, pointing to rising period of criminality
A global investigation over the past four years points to Cyprus as a hub for criminal organizations involved in drug trafficking, smuggling tobacco products, extortion, illegal betting, and fixing football matches. The report, based on Interpol data, highlights a rise in extreme criminality in Cyprus, with recent assassinations, arson attacks, bombings, and underworld killings. Criminal organizations in Cyprus are mostly foreign and involved in crimes against property, money laundering, drug trafficking, and bribing public officials. In 2024, there were 55 arsons and bomb attacks reported in 101 days.
Democrats Should Stop Pushing a Higher Corporate Tax Rate
President Biden and Senator Bernie Sanders are advocating for raising the corporate tax rate to help working families, but economic research shows that this would actually harm working people. Studies have shown that a higher corporate tax rate leads to lower wages, higher prices, and reduced retirement savings for everyday Americans. The 2017 tax cuts resulted in benefits for working people, including lower unemployment rates and increased wages. Increasing the corporate tax rate would also lead to higher taxes on pensions and retirement savings for many Americans. Experts agree that raising the corporate tax rate is the most economically harmful tax increase, hurting investment, growth, productivity, workers, consumers, and savers.
AKEL proposes taxing bank profits for public relief
AKEL has submitted a bill proposal to tax unexpected bank profits in order to help those struggling with high loan installments due to interest rate hikes. The proposal includes a 5% special levy on net interest income for 2023 and 2024, with expected revenues of €50 million per year going towards interest subsidies for housing loans. AKEL believes the government is not adequately addressing the issue and aims to provide real relief to households and small businesses.
HB eyes insurance crown with CNP deal
Fact: Hellenic Bank’s takeover of CNP’s local operations in Cyprus is worth €182 million and will boost its market share to 30% in the life insurance sector and 23% in the general insurance sector.
Putin’s War Will Soon Reach Russians’ Tax Bills
Russia’s president, Vladimir V. Putin, is planning to increase income and corporate taxes to help finance the war in Ukraine. This move demonstrates his control over Russian policy and reflects his confidence in his political control over the Russian elite.
Our View: Political pension overhaul long overdue
Fact: The Cyprus Supreme Court ruled that a pension is a property right of the recipient that cannot be cancelled.
Georgia Has a New 2024 Income Tax Rate
Georgia residents have reason to celebrate as Gov. Brian Kemp approved 0 million worth of tax relief measures for individuals and businesses. It is estimated that Georgia taxpayers could save about .1 billion by 2024 and billion over the next ten years.
Legislation round-up: taxes, housing, employment … and more – NH Business Review
Fact: The second legislative session in New Hampshire is tackling many business-related proposals on the House and Senate floors.