Fact: Cashless healthcare insurance is a policy that allows individuals to receive medical treatment without paying directly to the hospital, as the insurance company and the hospital settle the bills directly.
China Petroleum Pipeline Engineering (CPP) is seeking a financial settlement and termination of its involvement in the Vasilikos LNG terminal project in Cyprus. CPP may link the settlement to the delivery of the Floating Storage and Regasification Unit (FSRU) vessel named “Prometheus.” There are concerns that CPP withholding the FSRU could undermine previous assurances about the vessel’s readiness and certification. Technical interventions and modifications estimated at €10-15 million are needed for the FSRU to operate in Vasilikos. CPP has also requested an additional €200 million in a separate London arbitration. The situation could potentially escalate into a “hostage situation” involving the FSRU if CPP demands more payment for its delivery.
Astrobank is opening a new branch in the Dali area in Nicosia, which is considered an underserved location with no existing banking facilities. The bank will seek regulatory approval from the Central Bank of Cyprus to distribute dividends and aims to reduce non-performing loans to single digits by July. Astrobank has a capital adequacy ratio of 23.7% and has already met the Minimum Requirements for Own Funds and Eligible Liabilities. The bank is optimistic about the future and is open to acquisitions and evaluating new opportunities in the banking sector.
The Tax Cuts and Jobs Act introduced 100 percent bonus depreciation for short-lived assets from September 27, 2017, until January 1, 2023.
The text discusses the issue of common expenses in buildings and the need for a common expenses association to address the problems caused by non-payment of these expenses. The association would have thousands of members and would aim to collect common expenses debts through legal means. The proposal includes the requirement for a certificate from the management committee before any property can be rented, sold, or mortgaged, and the possibility of assigning disputes to a special arbitrator.
Certain resident juridical persons, such as government entities, government-controlled entities, businesses engaged in natural resource extraction, those involved in non-extractive natural resource businesses, and natural persons with business revenue below Dh1 million in a Gregorian calendar year, are exempt from corporate tax.
Cyprus was given a score of 34 per cent for the human rights situation and living standards of its LGBT population.
Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching €92 million.
The former CEO of Fat Brands Inc. was indicted on federal charges for concealing million in income from the IRS and dodging taxes. He allegedly used company funds for personal expenses like a Rolls Royce and luxury items.
The corporate alternative minimum tax (CAMT) was reintroduced in 2022 as part of the Inflation Reduction Act, imposing a 15% minimum tax on large corporations with three-year average annual adjusted financial statement income (AFSI) exceeding billion. This new CAMT is based on AFSI, not taxable income, and impacts about 150 companies according to the U.S. Congress’ Joint Committee on Taxation. Corporate tax departments need to understand CAMT rules, analyze tax liability, consider financial reporting implications, and engage in strategic planning to navigate the complexities of remaining compliant with the new regulations.