Members of the “Support Group of the Auditor General” are holding a protest march from the Legal Service to the Presidential Palace. They are protesting against the gagging of the Auditor General’s Audit Work and demanding transparency, consolidation, and good management of public resources.
Fact: Hundreds of people protested outside the legal service in support of Auditor General Odysseas Michaelides.
The text discusses the upcoming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 and provides insight into various tax reform options. Lawmakers will need to decide on priorities for tax reform, including maintaining the TCJA policies or implementing fundamental reforms. The text outlines two alternative reform options that focus on better cost recovery for business investment, lower individual rates, and a broader tax base. These options aim to grow the economy, provide revenue, and avoid increasing the deficit. Lawmakers are encouraged to prioritize growth and fiscal responsibility in designing tax legislation to prevent a tax hike in 2025.
Cyprus has been a member of the European Union for 20 years, leading to political, economic, and social growth. Membership has brought about increased accountability, transparency, and protection of citizens’ rights. The EU has also provided a level of security and protection against Turkey. However, membership has led to complacency regarding the Cyprus problem, with politicians believing there is no need for a settlement. President Nikos Christodoulides believes that the country has transformed for the better in the past 20 years.
Fact: Cyprus played a crucial role in busting an Austrian cryptocurrency scam that resulted in six arrests across three EU countries.
Russian President Vladimir Putin stated that a planned military exercise involving the deployment of tactical nuclear weapons in southern Russia and Belarus is not unusual and is part of regular training. This exercise was announced in response to perceived threats from France, Britain, and the United States. Belarusian President Alexander Lukashenko mentioned that this is the third such training exercise between the two countries. Russia and the United States hold the majority of the world’s nuclear warheads, with Russia having around 1,558 non-strategic nuclear warheads. There is uncertainty about the exact nature of the weapons supplied to Belarus and how they are stored. The Pentagon noted that there has been no change in Russia’s strategic nuclear forces despite the rhetoric surrounding the exercises.
– The collection of personal income tax and indirect taxes has increased, while collections from corporate taxes have reduced.
– India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crores.
– The share of corporate taxes contribution to overall tax collection dipped to 46.5% from 49.6% in 2022-23.
– Indirect taxes, including union excise duties and the Goods and Services Tax, have increased from 2010-11 onwards.
– The majority of individuals filing personal income tax have an annual income ranging from Rs 1 lakh to Rs. 5 lakh.
– India has among the highest effective personal income tax rates among BRICS economies.
– Rising share of personal income tax and indirect taxes can lead to income inequality, consumer burden, economic inefficiency, tax evasion, and macroeconomic instability.
Russian President Vladimir Putin stated that a planned exercise involving the practice deployment of tactical nuclear weapons in southern Russia with Belarus is not unusual. Russia announced the nuclear exercise as a response to threats from France, Britain, and the United States. Putin mentioned that these exercises are routine and part of training. Belarus has joined Russia in similar exercises in the past, with uncertainty surrounding the nature of the nuclear weapons supplied to Belarus. The Pentagon noted that despite Moscow’s rhetoric, there has been no change in Russia’s strategic nuclear forces.
Republican lawmakers advanced legislation for a billion tax cut in response to Democratic Gov. Josh Shapiro’s budget plan. The tax legislation passed the Republican-controlled Senate and is intended to be the largest tax cut in the state’s history. Democrats opposed the bill, which aims to cut taxes by billion, while Shapiro’s budget proposal includes a billion increase in spending.
Opposition Leader Ralph Thorne criticized the Mia Mottley administration for lack of clarity and transparency in the government’s corporate tax reforms through the Corporation Top-Up Tax Bill. He accused the administration of mismanaging taxpayers’ money and called for more precise information on whether the legislation would lead to a rise or fall in taxation. Thorne also urged the government to provide specific details about the tax legislation and its broader purpose, shifting the focus away from blaming external factors for economic challenges.