assessment

CySEC welcomes report on money laundering progress

by
CySEC welcomes report on money laundering progress

The Cyprus Securities and Exchange Commission (CySEC) welcomed the findings of a Moneyval report regarding progress made in addressing money laundering and terrorism financing. Moneyval is the Council of Europe’s committee of experts on evaluating anti-money laundering measures and the financing of terrorism. The report recognized Cyprus’s improved compliance with the Financial Action Task Force’s (FATF) regulations on new technologies and noted progress in enhancing compliance with non-profit organizations. Since November 2022, Cyprus has bolstered its regime for virtual asset service providers, with only a few minor deficiencies remaining, according to the report.

Moneyval reports improvements in money laundering measures

by
Moneyval reports improvements in money laundering measures

Cyprus has welcomed a Moneyval report that acknowledged improvements in tackling money laundering and terrorism financing, but also identified existing shortcomings.

Georgia Implements Structurally Sound Tax Changes

by
Georgia Implements Structurally Sound Tax Changes

Georgia Governor Brian Kemp signed bills into law that lower the flat individual income tax rate and align the corporate income tax rate with the individual income tax rate.

Municipalities are key players in energy democracy

by
Municipalities are key players in energy democracy

Local authorities must support the creation of renewable energy communities, which are cooperatives involving residents and stakeholders in renewable energy production, distribution, and consumption. Municipalities play a key role in empowering these communities to reduce carbon emissions, promote sustainability, and lower energy bills.

Digital Taxation around the World

by
Digital Taxation around the World

Digital Taxation around the World | Tax Foundation Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies, a significant number of countries adopted unilateral tax measures targeted at digital businesses, … Read more

Congratulations, you survived another tax season—and paid a higher rate than top American companies

by
Congratulations, you survived another tax season—and paid a higher rate than top American companies

Fact: The pharmaceutical industry pays the lowest effective tax rate in 2022 at 11.6%, with some companies like Pfizer and Abbvie paying even lower rates.

First-quarter figures for Malaga province suggest another record year for tax revenue | Sur in English

by
First-quarter figures for Malaga province suggest another record year for tax revenue | Sur in English

Fact: Authorities in Malaga province have collected record taxes for three years in a row, with tax revenues increasing by 65.8% in the first quarter of 2024 compared to the same period last year.

Critical medicines list aims to put end to shortages

by
Critical medicines list aims to put end to shortages

The European Union has identified 200 essential “critical medicines” to address shortages and ensure consistent supply across member states. The EU is promoting cooperation among countries to allow for drug procurement from nations with available stocks. The Critical Medicines Alliance aims to help smaller states like Cyprus, which often struggle with stock levels. Efforts include strengthening EU drug production capacity, creating European stockpiles, and aligning funding to tackle shortages. Elena Panayiotopoulos, Cyprus’ Director of Pharmaceutical Services, emphasized the importance of addressing medicine shortages that disrupt treatment and endanger patients. The EU Regulation ‘HTA’ will provide Cyprus with a common clinical assessment in 2025 to help access innovative treatments and effective medicines.

Vunipola tasered and arrested after violent incident in Majorca pub

by
Vunipola tasered and arrested after violent incident in Majorca pub

Billy Vunipola, an England rugby international, was sentenced to four months’ imprisonment and fined 240 euros for assault and battery after being arrested in Mallorca, Spain, following an incident at a pub.

Moody, ’s welcomes Hellenic Bank acquisition of CNP Cyprus

by
Moody, ’s welcomes Hellenic Bank acquisition of CNP Cyprus

– Moody’s has given a positive assessment on Hellenic Bank’s move to acquire CNP Insurance in Cyprus and Greece.
– The acquisition will position Hellenic Bank Group as the leader in the Cypriot insurance market.
– The acquisition price of €182 million is expected to be recovered through retained earnings.
– The agreement is likely to include the 330 CNP employees.
– The potential acquisition will strengthen Hellenic Bank’s activities in the life insurance and general insurance sectors.
– The transaction will enhance the diversification and sustainability of Hellenic’s profitability.
– The combination of insurance activities will result in synergies and create opportunities for product distribution.