Economy

PRESSR: MBRIF backed startup Finanshels.com launches breakthrough AI WhatsApp service for hassle-free corporate tax registration in UAE

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PRESSR: MBRIF backed startup Finanshels.com launches breakthrough AI WhatsApp service for hassle-free corporate tax registration in UAE

Finanshels.com has introduced an AI WhatsApp bot that revolutionizes corporate tax registration in the UAE. The bot simplifies the process to a 4-document upload completed in under 5 minutes, reducing the time and financial investment compared to the current method. This service aims to democratize tax registration for small and medium business owners in the region, making it more efficient, transparent, and cost-effective. The introduction of this AI bot represents a shift towards technology-driven solutions in the UAE’s commercial sector, contributing to a more efficient business environment and aligning with the UAE’s Vision 2030 goals.

Rising fuel costs hit consumers

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Rising fuel costs hit consumers

The government’s termination of the zero tax rate on motor oil and petrol has led to an increase in fuel prices by 8.3 cents/litre, affecting citizens’ transportation and the retail sector. A green tax is expected to be imposed in October-November, further increasing fuel prices. The international Brent price is currently around per barrel, indicating that prices are unlikely to decrease soon. The average price of unleaded petrol in the EU-19 as of March 25 was €1,813.10, showing an increase of 1.05% from the previous week.

Cyprus sees rise in hourly labour costs in 2023

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Cyprus sees rise in hourly labour costs in 2023

The hourly labour cost in Cyprus rose to €20.1 in 2023, compared to €19 in 2022. The hourly labour cost in Greece was €15.7 in 2023, among the lowest in the EU. The lowest hourly labour cost is in Bulgaria at €9.3, and the highest is in Luxembourg at €53.9. In the EU, the hourly labour cost in the industry sector was €32.2 in 2023, and in the construction sector, it was €28.5. The hourly labour cost across the entire economy increased by 5.3% in the EU and by 4.8% in the Eurozone in 2023 compared to 2022. The largest increases were recorded in Croatia, Lithuania, and Estonia. The share of non-wage costs in the total labour cost for the entire economy was 24.7% in the EU and 25.5% in the Eurozone.

€50 million investment drives luxury housing in Livadia

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€50 million investment drives luxury housing in Livadia

Livadia is one of the most rapidly developing areas of Cyprus, with significant investments and construction growth. The area has seen a surge in interest following the removal of oil tanks and the lifting of the Seveso directive. A €50 million investment from an Israeli company is underway for luxury apartments, with plans for a boutique hotel. Road works are needed to accommodate the population increase, including the completion of Panagouli Avenue. The area also requires new schools, with projects underway for a regional Primary School and redevelopment of the traditional core of the community.

How businesses are turning ESG into a competitive advantage

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How businesses are turning ESG into a competitive advantage

Businesses have the power and responsibility to tackle big issues like climate change, inequality, and social injustice.

Erdogan’s rival leads in Istanbul in high-stakes Turkey vote

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Erdogan’s rival leads in Istanbul in high-stakes Turkey vote

Istanbul Mayor Ekrem Imamoglu led a challenger from President Tayyip Erdogan’s AK Party in local elections, potentially boosting the Turkish opposition. In Ankara, incumbent opposition mayor Mansur Yavas declared victory over his AK Party challenger. Violence erupted in some cities in eastern Turkey related to the election of neighborhood officials. Imamoglu had 50% support compared to 41.26% for AK Party challenger Murat Kurum. The CHP is leading nationwide by almost 39% of the votes. Analysts suggest that a poor showing for AKP could loosen Erdogan’s control of Turkey. Imamoglu’s win could signal potential change in Turkey’s political landscape.

Opinion: Dear Ontario: Corporate subsidies aren’t the path to prosperity

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Opinion: Dear Ontario: Corporate subsidies aren’t the path to prosperity

The Ontario budget included an extra 0 million for the Invest Ontario Fund to give more funds to large businesses. Ontario has overtaken Quebec as the biggest champion of taxpayer-funded subsidies, spending an average of .1 billion a year on corporate handouts since 2018. The author argues that cutting corporate taxes and eliminating corporate welfare would attract more businesses to Ontario and stimulate economic growth.

Global smartphone market set to rebound in 2024, report says

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Global smartphone market set to rebound in 2024, report says

Global smartphone shipments are expected to rebound 3 per cent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices.

More for Them, Less for Us

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More for Them, Less for Us

Fact: Many major U.S. companies are paying their top executives more than they’re paying in federal income taxes.

State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness

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State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness

– Several high-profile, regressive tax cuts are making their way through state legislatures in Kansas, Missouri, Nebraska, and Vermont.
– In Kansas, the House passed cuts to income, sales, and property taxes, with more than half of the benefits flowing to the state’s top 20 percent of earners.
– Missouri’s House passed a bill to fully eliminate the state’s corporate income tax by 2028, despite its 0 million annual revenue loss.
– Nebraska lawmakers are considering raising the state’s sales tax to fund property tax cuts.
– Vermont’s House Ways and Means Committee approved bills to generate 0 million by taxing wealthy households and corporations.