Cyprus sees surge in deposits and loans in February
Total deposits in Cyprus saw a significant net increase of €65.4 million in February 2024, rebounding from a substantial decrease of €366 million in the previous month.
Companies
Maryland’s Worldwide Combined Reporting: To Be or Not to Be?
The text discusses the proposed worldwide combined reporting provision in Maryland, which would require all corporations forming unitary business groups to pay tax on worldwide taxable income. The Maryland House Appropriations Committee amended the budget bill to include this provision, but the fate of the amendments will be decided by a conference committee. If adopted, the proposed amendments will take effect in January 2028.
Tax Day Injustice
– A new report titled “More for Them, Less for Us: Corporations That Pay Their Executives More Than Uncle Sam” highlights how large corporate CEO pay packages rival corporate taxes.
– The report examined the five-year period of 2018 to 2022 and identified 35 companies that paid their top executives more than they paid the federal government.
– This situation was made possible by deep cuts to corporate tax rates implemented in the Republican-led 2017 American Tax Cuts and Jobs Act.
9 methodologies for a successful qualitative research assignment
Qualitative research is important in the educational and scientific domains as it enables a deeper understanding of phenomena, experiences, and context. Researchers prefer qualitative research over quantitative research because it is faster, scientific, objective, focused, and acceptable. Researchers who are unsure of what to expect from research outcomes usually choose qualitative research.
Baltimore bridge collapse likely to result in multibillion-dollar insurance claims
The collapse of Baltimore’s Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, with estimates suggesting up to billion in insurance claims.
Apple’s Irish arm paid €6.5bn in corporate income tax last year
Apple’s Irish-registered entity, Apple Operations International Limited, reported pre-tax profits of bn in 2023. The entity paid .871bn in tax, contributing to the total corporation tax collected by the Irish government. The company’s dividend paid jumped to bn in 2023. Apple appears to have exhausted deferred tax assets that helped lower its overall tax bills in recent years. The company no longer has any remaining intra group deferred tax assets.
Missouri House passes bill that phases out corporate income tax – Newstalk KZRG
The Missouri House of Representatives has approved HB 2274, a bill that proposes a phased reduction and eventual elimination of the state’s corporate income tax.
Boat Race rowers told to avoid the water as UK sewage dumping surges
– Victorious rowers in Britain’s University Boat Race have been warned not to jump into the River Thames this weekend due to alarming levels of E. coli bacteria.
– Raw sewage was discharged for more than 3.6 million hours in 2023, more than double the previous year.
– The River Thames, which hosts the annual Boat Races between Oxford and Cambridge University students, has been affected by the sewage spills.
– Organizers have put precautionary measures in place to protect the health of athletes, including covering up open wounds, regular hand-washing, and a cleansing station at the finish area.
– British water companies have been accused of failing to invest in infrastructure, leading to routine dumping of sewage in waterways.
– The government has promised to clamp down on the dumping of sewage, which is only supposed to happen during exceptional rainfall to prevent it from backing up into homes.
Hellenic Bank: Progress vital for a competitive tourism industry
– The recent annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek) with the support of Hellenic Bank focused on discussing the future of Cyprus’ tourism industry and the new model needed to bolster it.
– The conference theme was ‘Tourism: New Realities Demand a More Competitive Model’ and delved into topics such as the green transition, sustainability, and resilience in tourism.
– Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, emphasized the need for evolution in Cyprus’ tourism industry, stating that everything has changed and the situation has fundamentally changed in the tourism industry.
– Hellenic Bank’s loans to the tourism industry represent more than 10% of its total loan portfolio, and the bank is committed to providing effective products and tailored solutions to the industry’s needs.
– The conference attracted over 250 participants, including Deputy Minister of Tourism Kostas Koumis, ambassadors, government officials, business leaders, and professionals from the hotel and wider tourism sectors of Cyprus and Greece.
– Koumis highlighted the significance of tourism to the economies of Cyprus and Greece, noting that tourism contributed 12.8% to the GDP of Cyprus this year.
RRF funds in jeopardy as EAC-CyTA deal goes sour
A deal between state-owned companies for the supply of electricity smart meters has been ruled unlawful by a special court, putting €35 million in European taxpayers’ funds at risk.