The Tax Foundation’s International Tax Competitiveness Index (ITCI) measures the competitiveness of tax systems in 38 OECD countries based on low tax burdens on business investment and neutrality in tax codes.
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
The Cyprus Contemporary Dance Festival is featuring seven unique performances at the Rialto Theatre, including “The End – part 2” by choreographer Arno Schuitemaker. The performance explores themes of togetherness, connection, and solidarity, blurring the line between seeing and being seen. It features three performers who expose different sides of themselves while breaking physical boundaries.
The Kimonos Arts Centre in Paphos is hosting a series of film screenings for summer nights at the Attikon open-air cinema. The program includes ten captivating films exploring the connection between power and madness, with nine international films and one Cypriot production. Tickets are available for 5 euros, and all films will have Greek and/or English subtitles.
Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.
The Economic Sentiment Indicator (ESI-CypERC) in Cyprus increased by 1.6 points in May to 104.5, up 1.4 points from the previous year.
Oil prices rose on Wednesday as major producers are expected to extend output cuts at a meeting on Sunday. Traders and analysts anticipate the OPEC+ group to keep voluntary production cuts of about 2.2 million barrels per day in place. The onset of the northern hemisphere summer season, when demand for road and aviation fuels peaks, is also supporting prices.
The board of the Electricity Authority of Cyprus (EAC) is set to award contracts for two projects worth €45 million to beef up the electricity transmission system. The EAC’s top priority is the stability of the system and providing uninterrupted power to consumers. The EAC is also working on increasing infrastructure projects to help with the penetration of renewables in the energy mix. The layout of the grid is not to blame for discarding energy generated from renewables, as the cutbacks are due to demand being less than the generated electricity. It is currently unfeasible to have a transmission grid that allows the connection of renewables from anywhere in Cyprus due to the high cost of building a new network. Strengthening transmission lines would require a major investment of hundreds of millions of euros, which consumers would have to pay for. Acquiring permits for new transmission lines also takes a long time.
Industry Minister Ed Husic called for tax cuts on corporate profits to encourage AI and automation-based investment in advanced manufacturing.
Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.