Economy

Labour Minister seeks compromise on foreign workers

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Labour Minister seeks compromise on foreign workers

Labour Minister Giannis Panagiotou has proposed a collaborative approach to licensing foreign workers to bridge the gap between trade unions and employer organisations. The proposal includes upgrading the Monitoring Committee to involve all stakeholders, providing real-time updates to social partners, and retaining the Ministry of Labour’s authority to approve or reject applications. Trade unions have been critical of the current strategy and are expected to react to the proposal early next week, which will determine if an agreement can be reached.

Demetris Skourides: Chief Scientist for Research, Innovation and Technology

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Demetris Skourides: Chief Scientist for Research, Innovation and Technology

Cyprus is leveraging AI and machine learning technologies to promote innovation within startups and established industries.

Bidenomics: Higher tax rates, more loopholes – Washington Examiner

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Bidenomics: Higher tax rates, more loopholes - Washington Examiner

President Joe Biden has increased the corporate tax rate while also increasing tax loopholes and giveaways, leading to a complex tax code that benefits politicians by increasing government power and influencing the behavior of companies. Biden has signed bills with subsidies and narrow tax breaks for big corporations, doubling narrow corporate breaks despite his rhetoric about fairness. The high tax rate combined with loopholes allows politicians to control company behavior and justify massive giveaways to other groups. Biden’s tax policy has helped his inner circle make millions through lobbying and consulting on the tax code complexity.

Asylum seekers in Cyprus face long wait for work permit

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Asylum seekers in Cyprus face long wait for work permit

As of October 2023, all asylum seekers in Cyprus must wait nine months after submitting their application before being eligible for employment, regardless of their country of origin. Employers who hire asylum seekers before the nine-month period may face fines or imprisonment. The Ministry of Interior is electronically linked with the Ministry of Labour to verify asylum status, and workplace inspections have been intensified.

Saudi Arabia, ’s non-oil business activity grows robustly in March

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Saudi Arabia, ’s non-oil business activity grows robustly in March

Fact: Strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high.

Average salaries up 6% in 4Q 2023

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Average salaries up 6% in 4Q 2023

– The average salary in Cyprus grew by 6.2% in the fourth quarter of 2023 compared to the same period in 2022.
– Male employees earned an average of €2,884 per month, while female employees earned €2,452 during the fourth quarter of 2023.
– Both male and female employees saw an increase in their average gross monthly earnings compared to the fourth quarter of 2022, with males recording a growth of 6.7% and females seeing a rise of 5.5%.
– In February, the inflation rate in Cyprus recorded a rise of 1.8% compared to the previous year.

The Coming Tax Debate – AAF

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The Coming Tax Debate - AAF

The fate of the 2017 Tax Cuts and Jobs Act (TCJA) is a key fiscal decision as most of its provisions expire in 2025. The TCJA focused on corporate taxation, including cutting the corporate tax rate to 21 percent and moving to a territorial system. It also allowed full expensing for investment and research and development, and limited deductibility of interest costs. The TCJA successfully removed tax-based distortions in the corporate sector and led to an increase in investment. Various tax plans propose different corporate tax rates, with Democratic plans suggesting 28 percent, Republican plans keeping it at 21 percent, and a centrist plan proposing 25 percent. All plans aim to make permanent the expensing provisions and suggest additional base broadening if more revenue is needed.

Biden and Corporate America? It’s ‘Complicated.’

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Biden and Corporate America? It’s ‘Complicated.’

The fact described in the text is that President Biden has promised to raise the rate on a new minimum tax his administration has levied on big companies in order for every big corporation to pay their fair share.

Biden’s tax-hike plan would cost the US economy nearly 800K jobs

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Biden's tax-hike plan would cost the US economy nearly 800K jobs

President Biden has proposed tax hikes targeting corporations and wealthy Americans to reduce the national debt. The Tax Foundation found that these tax increases could reduce economic output by 2.2% in the long run, slash wages by 1.6%, and kill about 788,000 full-time equivalent jobs. Biden’s proposal includes a 25% minimum tax rate on households worth more than 0 million, raising the capital gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax paid by wealthy Americans, implementing a global minimum tax on multinational corporations, and closing the carried interest loophole used by private equity and hedge fund managers. The tax increases would reduce the federal deficit by about trillion and help fund new programs like a monthly tax credit for homeowners, child care subsidies, and lower prescription drug costs. The corporate income tax proposal is considered the most harmful to economic growth, with higher taxes on corporations alone potentially reducing GDP by 0.9%, wages by 0.8%, and full-time equivalent jobs by 192,000. The proposals are unlikely to gain support in Congress, especially from Republicans who control the House.

Minister sets sights on boosting agriculture, ’s share in Cypriot GDP

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Minister sets sights on boosting agriculture, ’s share in Cypriot GDP

Fact: Agriculture Minister Maria Panayiotou stated that the ministry’s goal is to increase the sector’s contribution to the country’s GDP, enhance sustainability, and promote Cypriot products in new markets.