Companies

€2.5 billion in unpaid taxes, Audit Office report reveals

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€2.5 billion in unpaid taxes, Audit Office report reveals

– A report found that €2.5 billion in taxes is owed to the state, with €1.1 billion deemed doubtful as to whether it can be collected.
– The Tax Department is dealing with 14,500 cases of taxation under appeal concerning €683 million.
– The department is unable to track non-filing of income tax returns by individuals and companies.
– The department agreed to class as tax-deductible the amount of €1.1 billion relating to defaulting debtors.
– A decision was made by the cabinet to award a no-bid contract for surveys to build extra roofs at the building of the tax department’s Nicosia district office.

More than , €8bn of ‘major developments’ planned in Cyprus

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More than , €8bn of ‘major developments’ planned in Cyprus

More than €8 billion of major developments have been planned in Cyprus, with 18 to 20 projects expected to create between 8,000 and 9,000 jobs. The developments will include new marinas, golf courses, technology parks, tourist complexes, medical centers, and other projects. The chairman of the Association of Large Investment Projects stated that his views are aligned with President Nikos Christodoulides and they aim to attract foreign investments and promote the implementation of major development projects. Incentives will be provided to encourage foreign companies to partner with Cypriot companies, and efforts will be made to clean up Cyprus’ name and improve the country’s image in the eyes of investors.

Finanshels launches AI WhatsApp Service for Corporate Tax Registration – My Startup World – Everything About the World of Startups!

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Finanshels launches AI WhatsApp Service for Corporate Tax Registration - My Startup World - Everything About the World of Startups!

Finanshels.com has introduced an AI WhatsApp bot that simplifies corporate tax registration in the UAE, reducing the process to a 4-document upload completed in under 5 minutes. This service, with a fee of 199 AED, aims to democratize tax registration for small and medium business owners, offering an efficient and cost-effective alternative to traditional methods. The project is supported by the Mohammed Bin Rashid Fund and has received positive feedback from users, with over 500 companies already adopting the platform. This innovative solution represents a shift towards digital fluency in the UAE’s commercial sector, aligning with the country’s Vision 2030 goals.

Demetris Skourides: Chief Scientist for Research, Innovation and Technology

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Demetris Skourides: Chief Scientist for Research, Innovation and Technology

Cyprus is leveraging AI and machine learning technologies to promote innovation within startups and established industries.

Beon: the most technologically-advanced office in Cyprus

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Beon: the most technologically-advanced office in Cyprus

Fact: Only 1 per cent of companies require full-time office presence, and 50 per cent of companies support an equal mix of office and remote-based work.

Georgia’s 2024 legislative session: Sine Die tax legislation overview | JD Supra

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Georgia’s 2024 legislative session: Sine Die tax legislation overview | JD Supra

The Georgia General Assembly passed several significant tax bills during the 2024 legislative session, including the creation of a tax court, reduction of income tax rates, limitations on income tax credit carryforwards, and suspension of the data center sales tax exemption. Bills that did not pass included limitations on the film tax credit.

Navigating the New Corporate Alternative Minimum Tax: Strategic Asset Allocation and Its Impact on M&A | JD Supra

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Navigating the New Corporate Alternative Minimum Tax: Strategic Asset Allocation and Its Impact on M&A | JD Supra

The new corporate alternative minimum tax (CAMT) creates incentives for large companies to allocate more value to amortizing intangible assets and less value to assets like goodwill that do not amortize for book purposes.

Bidenomics: Higher tax rates, more loopholes – Washington Examiner

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Bidenomics: Higher tax rates, more loopholes - Washington Examiner

President Joe Biden has increased the corporate tax rate while also increasing tax loopholes and giveaways, leading to a complex tax code that benefits politicians by increasing government power and influencing the behavior of companies. Biden has signed bills with subsidies and narrow tax breaks for big corporations, doubling narrow corporate breaks despite his rhetoric about fairness. The high tax rate combined with loopholes allows politicians to control company behavior and justify massive giveaways to other groups. Biden’s tax policy has helped his inner circle make millions through lobbying and consulting on the tax code complexity.

Expert: State’s tax system ‘in serious trouble,’ hurts homeowners

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Expert: State's tax system 'in serious trouble,' hurts homeowners

The Legislature established a new appraisal process in 1972 requiring the state to appraise, assess, and equalize the valuation of all property for taxation. However, in recent years, the Legislature has neglected equalization, leading to a shift in taxation burden from corporate and business properties to residential properties. Residential property taxes have increased significantly while corporate and business property taxes have fallen. This has resulted in homeowners paying a larger share of taxes and covering the taxes that aren’t paid by other classes of properties. The state’s current approach to taxing residential properties is based on intangibles like location, while corporate properties are offered exclusions from similar intangible values, resulting in lost revenue and an unfair burden on homeowners.

Medicine , ‘worth millions’ destroyed in flood

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Medicine , ‘worth millions’ destroyed in flood

Large quantities of medication, potentially worth millions of euros, were destroyed in a Health Ministry storage facility in Nicosia due to flooding caused by extreme rainfall and hailstorm. The incident occurred on Green Monday, March 18, prompting the removal of thousands more packages to prevent further damage. The health ministry is assessing the extent of the damages, with concerns over possible shortages for patients. Health Minister Michalis Damianou denied any attempt to conceal the incident and attributed it to unpredictable weather, describing it as an “act of God.” An ad hoc committee of pharmacologists has been established to address the damages and take inventory of the affected medicines. The incident is reminiscent of a previous flooding at the Finance Ministry’s basement that knocked out government servers and websites for several days.