Federal Tax Authority releases much-anticipated free zone persons guide
The Federal Tax Authority of the UAE has released a guide that improves users’ understanding of corporate tax on free zone businesses.
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These are the new warning signs before the cameras – Why they were placed
The work of painting warning signs on road surfaces and installing vertical markings with signs at light-controlled junctions and areas with camera systems began nationwide on 21/05/2024. The goal is to enhance existing signs to better inform the public. The signs are meant as warnings and do not replace the official road markings outlined in the Road Traffic Code. The Department of Public Works reminds the public to follow road signs and the Road Traffic Code at all times.
Tennis-Fans line up in cool Roland Garros weather as French Open begins
Thousands of spectators attended the French Open at Roland Garros in Paris as the second Grand Slam tournament of the year began. Rafa Nadal, a 14-times champion, played fourth seed Alexander Zverev on Monday. Carlos Alcaraz, a Spaniard and third seed, is expected to do well despite recently recovering from an injury. American fans are excited to see Alcaraz’s performance. French fans are hopeful with players like Ugo Humbert in the men’s draw. Former champion Stan Wawrinka and Andy Murray closed the day with 40 matches played.
More aid trucks expected to roll into Gaza
Israel allowed around 200 aid trucks into Gaza through the Kerem Shalom crossing, bypassing the blocked Rafah crossing. The aid shipments were agreed upon between U.S. President Joe Biden and Egyptian President Abdel Fattah al-Sisi. Israel is facing pressure to provide more aid to Gaza after months of conflict causing destruction and hunger. The Rafah crossing has been closed for almost three weeks, with Egypt refusing to open its side. Israel has opened new crossing points and is cooperating with the United States to distribute supplies. Israeli strikes in Rafah have killed at least five Palestinians, with ongoing operations to root out Hamas fighters and rescue hostages. Efforts to agree on a ceasefire and return hostages have been ongoing, with some movement after meetings between Israeli and U.S. intelligence officials and the prime minister of Qatar. Hamas demands the complete and permanent end of aggression in all of Gaza, not just Rafah. Israel insists the war will not end until Hamas is eliminated.
Illegal work , ‘a problem for all’
Illegal and undeclared work in Cyprus is a growing trend, particularly in the construction industry, where it is approaching 25%. The Cyprus economy relies on employing people other than Cypriots, but this needs to be done with appropriate regulations. Third country personnel are attracted through illegal procedures in the promise of a job. The construction sector contributes about 15% to the island’s GDP, with optimistic forecasts for 2024. There are currently 40 projects underway in the construction sector worth €862 million.
Stellantis CEO: electric vehicle tariffs are a trap
Stellantis CEO Carlos Tavares expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production. The European Commission will unveil an initial decision on potential tariffs on Chinese EV imports on June 5, and China has been threatening counter tariffs. Tavares believes that tariffs would fuel inflation, impact sales and production, and create overcapacity in the European auto sector. Stellantis is in discussions with labor unions about the risks they are facing and how to navigate the challenges ahead. The company will start selling EVs from its Chinese partner, Leapmotor, outside China starting in Europe in September. Tavares aims for Stellantis to be part of the Chinese offensive rather than purely defensive against Chinese competition.
Listed firms may face 2.5% additional corporate tax in FY25
Fact: Companies listed on the capital market are expected to face an additional 2.5% corporate tax in the next fiscal year unless they adopt cashless transactions as the government plans to promote a cashless society.
Google acquiring HubSpot would bolster bid to challenge Microsoft
Google is considering acquiring HubSpot, a US marketing software maker with a market value of billion, to enhance its ability to compete against Microsoft in offering cloud-based applications to companies.
UAE: New tax exemption rules issued for companies in free zones
Companies in free zones in the UAE must meet certain criteria to be eligible for zero percent corporate income tax and become a qualifying free zone person (QFZP).
Foody supports athletes Trajkovi, ć and Olov Leonidou
Foody, the No.1 delivery service in Cyprus, announced its partnership with athletes Milan Trajković and Viktor Olov Leonidou for the 2024 Olympic Games in Paris. Milan Trajković is a top track and field athlete who has broken Cyprus National Records and won gold medals. Viktor Olov Leonidou is an accomplished mountain-running and ultra-distance athlete who has achieved impressive results in competitions. Foody’s partnership with the athletes aims to support their pursuit of excellence and inspire others.