Greece through to Eurovision Grand Final
Marina Satti from Greece advanced to the Eurovision Grand Final with her song “ZARI” after a captivating performance.
government
Rising Share of Personal Income Tax and Indirect Tax
– The collection of personal income tax and indirect taxes has increased, while collections from corporate taxes have reduced.
– India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crores.
– The share of corporate taxes contribution to overall tax collection dipped to 46.5% from 49.6% in 2022-23.
– Indirect taxes, including union excise duties and the Goods and Services Tax, have increased from 2010-11 onwards.
– The majority of individuals filing personal income tax have an annual income ranging from Rs 1 lakh to Rs. 5 lakh.
– India has among the highest effective personal income tax rates among BRICS economies.
– Rising share of personal income tax and indirect taxes can lead to income inequality, consumer burden, economic inefficiency, tax evasion, and macroeconomic instability.
High-profile suspects back in court over fake diploma scandal
– Two high-profile suspects in the north’s fake diploma scandal appeared in court in Morphou.
– Serdal Gunduz threatened the university’s vice rector and forced him to sign degree certificates obtained through illegal means.
– Gunduz holds residence permits in Greece and Russia, making him a flight risk.
– Sefa Karahasan’s degree certificate was signed by someone other than the university’s rector.
– Karahasan was given a 100,000TL bail with two guarantors.
– Opposition party CHP deputy leader criticized the government for appointing Karahasan as TRT’s Cyprus correspondent.
– The fake diploma scandal involved multiple high-profile figures in the north’s education system.
– Turkey’s higher education council announced intentions to prepare a report on the state of the north’s education system.
– Former ‘education minister’ Kemal Durust was arrested for fraudulently obtaining money and his wife was arrested for receiving a fake diploma.
Brazil’s Petrobras required to assess Indigenous impact of Amazon offshore drilling – documents
Petrobras must conduct studies on the impact of planned offshore drilling on Indigenous groups in the Amazon area to analyze the project’s viability. Ibama, Brazil’s environmental agency, has demanded wide-ranging studies to assess social, cultural, and environmental impacts on Indigenous peoples in the Foz do Amazonas basin. The additional studies are expected to take at least six months, further delaying Petrobras’ plans to explore the region. Ibama’s decision to require the studies proposed by Funai is seen as a win for the Council of Chieftains of the Indigenous People of Oiapoque (CCPIO), who have raised concerns about potential impacts on Indigenous communities. The studies will provide these communities with a greater understanding of the project and its potential risks.
Two Chinese megacities lift home purchase curbs to attract buyers
Two Chinese provincial capitals, Hangzhou and Xian, have lifted all home purchase restrictions to attract buyers and support their struggling real estate markets. The last property boom in many Chinese cities ended around 2020-2021 due to the pandemic and strict borrowing requirements imposed by regulators. Authorities have been implementing measures to bolster the sector, but many policies have had limited impact. Hangzhou saw a 1.0% increase in new home prices in March, the slowest pace in nearly six years, while new home sales slumped 75% year-on-year in April. The move by Hangzhou and Xian to remove purchase restrictions was described as symbolic and unlikely to significantly boost demand. Analysts believe that prices need to fall further before the property market can see a sustainable rebound in demand.
President reaffirms support for construction sector
President Nikos Christodoulides stated that the construction sector, supported by the Cyprus Property Developers Association (LBDA), plays a vital role in attracting investments, promoting entrepreneurship, and positioning Cyprus as an investment destination.
Labour holds 30-point poll lead over Conservatives
Fact: Britain’s opposition Labour Party has increased its poll lead over Prime Minister Rishi Sunak’s Conservatives to stand 30 points ahead, according to a YouGov poll for the Times newspaper.
‘Wealth tax could send billionaires from India to Dubai, impractical’: economist
Gautam Sen cautioned against the implementation of a wealth tax in India, warning that it could lead to wealthy individuals relocating their businesses to tax-friendly destinations like Dubai.
Our View: Heavy-handed police hotel raid is overkill
Fact: More than two dozen police officers raided a hotel in Paphos to check for workers employed illegally, causing concern among hotel guests and raising questions about the government’s approach to tackling illegal work in Cyprus.
U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
Warren Buffett predicts that U.S. taxes are likely to rise as lawmakers aim to reduce the federal deficit.