assessment

Agios Sylas fire under control, but authorities on alert due to strong winds

by
Agios Sylas fire under control, but authorities on alert due to strong winds

Firefighters have managed to control a wildfire that broke out in the Agios Sylas industrial area of Limassol, burning through approximately six square kilometers of land. Strong winds forecasted for the following day could still pose a challenge to their efforts. The threat of rekindling remains high, and firefighting forces are working through the night to secure the area. Additional resources have been mobilized, and an investigation into the cause of the fire is underway.

Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

by
Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

– More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, according to a report by Thomson Reuters.
– An overwhelming 60% of corporate tax professionals now believe Gen AI should be applied to their industry work, an increase from 53% in 2023.
– Industry-specific AI tools are predicted to outpace open-source tools like ChatGPT to minimize risk for businesses.
– Tax professionals see increased productivity, streamlined work processes, and improved quality and accuracy of work as primary benefits of AI in their industry.
– Thomson Reuters has announced Checkpoint Edge with CoCounsel, its first Gen AI product for tax professionals.
– Over half (51%) of tax professionals see AI as either a minimal threat or no threat at all to jobs in their industry.

Bank of England moves closer to first rate cut since 2020

by
Bank of England moves closer to first rate cut since 2020

The Bank of England’s Monetary Policy Committee voted 7-2 to keep interest rates at 5.25 per cent, with Deputy Governor Dave Ramsden and Swati Dhingra voting for a cut to 5 per cent. The BoE hinted at a potential rate cut in June and emphasized the importance of upcoming economic data releases. Governor Andrew Bailey expressed optimism about the direction of inflation.

Financial watchdog conducts assessment visit in Turkey

by
Financial watchdog conducts assessment visit in Turkey

A team from the Financial Action Task Force held meetings with Turkish authorities to assess Turkey’s progress in curbing money laundering and terrorist financing concerns. The team’s report will form the basis of the FATF’s decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signaled will mark Turkey’s departure from the grey list of countries under special scrutiny.

Major GST relief for holding companies in corporate guarantees case

by
Major GST relief for holding companies in corporate guarantees case

The Punjab & Haryana high court has stayed a circular that brought corporate guarantees under the ambit of GST, providing relief to holding companies in India.

Wealth concentration leads to wealth extraction

by
Wealth concentration leads to wealth extraction

– Collateral lending has become the norm in a loosely regulated banking environment in the world today.
– Extreme wealth inequality is a significant issue globally.
– Risk aversion by the wealthy and the depletion of entrepreneurs’ equity through unproductive debt can compromise the real economy.
– Wealth concentration and extreme inequality can suffocate the real economy and transfer existing wealth from the many to the few.

King Charles and UK royals to relinquish dozens of patronages

by
King Charles and UK royals to relinquish dozens of patronages

King Charles and other senior British royals are relinquishing patronages of almost 200 charities and organisations after a review of their associations with more than 1,000 groups. The review was launched following the death of Queen Elizabeth to examine all the charities and bodies she, Charles, and Queen Camilla were connected to. Elizabeth was patron of 492 organisations, while Charles was affiliated with 441 and Camilla 100. Over 830 organizations have been retained by the king and queen or passed to other members of the royal family. Organizations can apply to have a royal patron who can provide publicity for their work. The Royal British Legion, the Dogs Trust, the Jockey Club, and the Wildlife Trusts are among those that will retain their royal connection. His Majesty has been praised for his leadership in sustainability and nature conservation. Conclusions of the review will be shared among relevant organizations this week, marking the first anniversary of Charles and Camilla’s coronation.

Cyprus wants better plan from Chevron for offshore gas field

by
Cyprus wants better plan from Chevron for offshore gas field

Cyprus has given Chevron-led consortium six months to make improvements to their plans for extracting gas from an offshore field. The consortium, which includes partners from Israel and Shell, had submitted a new field development proposal that Cyprus believes needs enhancements. The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas. Chevron values its relationship with Cyprus and stakeholders and is committed to progressing the project.

Moneyval praises Cyprus progress on AML, crypto regulation

by
Moneyval praises Cyprus progress on AML, crypto regulation

Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, according to the latest Moneyval report. The Securities and Exchange Commission (CySEC) sees this as a ‘vote of confidence’ in financial regulation, especially for cryptos. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations, particularly in relation to Crypto-Asset Services Providers. Moneyval also noted progress towards improving compliance with non-profit organizations. Cyprus has made progress in addressing technical compliance shortcomings and is expected to report back to Moneyval in May 2025 on further progress. The country has achieved compliance or large compliance on 37 out of the 40 FATF Recommendations. CySEC has implemented significant measures to assess and reduce risks in the field of crypto-assets and improve compliance among providers. The publication of the report follows legislative changes to align AML/CFT laws with Moneyval and FATF standards.

Three major amendments to new Company Law in taxation

by
Three major amendments to new Company Law in taxation

The new Company Law revision introduces a horizontal corporate personality denial system, holding shareholders accountable for the actions of other controlled companies. This will impact tax treatment for companies engaging in related-party transactions to evade taxes.