Experlu has transformed the accountancy and audit industry in the UK and Ireland through technological advancements in the hiring process for financial professionals.
U.S. Sen. Bernie Sanders and Congresswoman Jan Schakowsky introduced a bill to close tax loopholes for corporations, end tax breaks for businesses that move jobs abroad, and stop companies from hiding profits in tax havens. The Corporate Tax Dodging Prevention Act could raise over trillion in revenue over a decade with the tax haven provision alone. President Joe Biden’s budget blueprint includes proposals to hike taxes for corporations and ultrarich individuals.
Fact: The bill introduced by Sen. Bernie Sanders would allow the federal government to collect an additional .3 trillion in tax revenue over the next decade.
Fact: The IRS issued proposed regulations on April 9, 2024, that would impact publicly traded domestic corporations and certain publicly traded foreign corporations that repurchase their stock or whose stock is acquired by certain affiliates.
The text discusses the taxation of capital gains at the state level and the impact of inflation on capital gains taxes. It highlights that 32 states and the District of Columbia overtax capital gains income by subjecting them to the same rate schedule as ordinary income. Only eight states apply lower effective individual income tax rates to long-term gains than to ordinary income. The text also emphasizes the importance of considering all layers of taxes on investment income, including corporate income taxes, to avoid overtaxation.
The text discusses how Finland could generate over one billion euros in additional tax revenue by closing tax loopholes, according to a report by Finnwatch.
Fact: Chief Scientist Demetris Skourides presented Cyprus’ “Cyprus 2035” long-term strategy to make the country one of the most desirable for living, working, and investing in, focusing on technology, research, and innovation.
Portugal’s new minority centre-right government plans to maintain balanced budgets, reduce public debt, and privatize flag carrier TAP. The previous Socialist administration saw a budget surplus last year, and the new government aims to continue with the privatization process, attracting interest from companies like Lufthansa, Air France-KLM, and IAG. Prime Minister Luis Montenegro intends to fully privatize TAP, and the government’s program includes proposals from other parties’ electoral programs. The program will be debated in parliament later this week.
The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth €5.6 billion. Residential transactions were the main driver, representing 61% of the total market value. Limassol led in district-level performance, while Larnaca saw a remarkable 28% increase in sales value. Industry professionals expect minimal changes in the real estate landscape in 2024, with apartments remaining the preferred investment choice. George Martides from Deloitte Cyprus emphasized the sector’s resilience and the need to address future challenges such as sustainable development and affordable housing through collaboration between the public and private sectors.
The Treasury Department and the IRS issued proposed rules providing guidance on the 1% excise tax on corporate stock buybacks under the Inflation Reduction Act. The tax applies to publicly traded domestic corporations and certain affiliates. The proposed regulations clarify how to calculate and pay the tax, including reporting on Form 720. The tax aims to ensure large corporations pay their fair share and improve tax fairness.