gdp

Artists in Cyprus demand professional recognition and better working conditions

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Artists in Cyprus demand professional recognition and better working conditions

Artists and arts professionals in Cyprus are demanding the government establish a ‘Status of the Artist’ to improve working conditions, including access to social security, medical care, and retirement benefits. The lack of a defined status has led to financial insecurity and a lack of healthcare for many in the arts sector. The Cypriot government plans to set a professional status for artists as a priority for 2024, following EU developments calling for improved living and working conditions for cultural and creative professionals.

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

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Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.

Cyprus ship management revenue hits , €638 million

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Cyprus ship management revenue hits , €638 million

Cyprus witnessed a marginal rise in ship management revenues in the latter half of 2023, reaching €638 million. These earnings accounted for 4.1% of Cyprus’ GDP over six months. Germany contributed 40% of the sector’s revenues, with Greece contributing 17%, Switzerland 10%, and Malta 5%. 31% of firms generated revenues between €2m and €30m, while 27% exceeded €30m. Crew management services now represent 51.1% of total ship management revenue. Ship management expenses decreased to €546m in the second half of 2023, with most costs covering wages for seafarers from non-EU countries.

Illegal work , ‘a problem for all’

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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.

Americans must pay higher taxes if they want to keep a high standard of living

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Americans must pay higher taxes if they want to keep a high standard of living

The U.S. government faces fiscal challenges that will require higher taxes, regardless of the presidential election outcome. The federal deficit is projected to grow to 6% of GDP by 2033, and debt held by the public will increase to 114% of GDP. The 2017 Tax Cut and Jobs Act simplified and cut individual income taxes and lowered business taxes, with most individual tax cuts expiring in 2025. President Biden’s proposed budget includes repealing benefits for high-income families and raising taxes on the wealthy. If former President Trump is reelected, the TCJA is likely to be extended, costing at least .3 trillion through 2033. Trump has proposed tariffs on imports from China and lowering the federal corporate tax rate. These proposals could lead to a financial “train wreck” for the nation.

Moody, ’s upgrades Cyprus outlook to positive

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Moody, ’s upgrades Cyprus outlook to positive

Moody’s upgraded the outlook on the government of Cyprus to positive from stable, reflecting confidence in strong fiscal and debt outcomes. Moody’s anticipates that Cyprus will continue to achieve significant fiscal surpluses, projected at around 2.3-2.4 percent of GDP for 2024-25. Finance Minister Makis Keravnos stated that the government will continue to responsibly support economic activity to ensure growth and employment while maintaining healthy public finances.

The $5 trillion AI boom could both succeed and fizzle

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The $5 trillion AI boom could both succeed and fizzle

Investors are pouring billions of dollars into AI companies, with the market capitalization of major tech giants increasing significantly since the release of ChatGPT in November 2022. However, the income generated by AI remains relatively small compared to the investments being made. The promise of future riches has led to forecasts of up to trillion needed for advanced semiconductors, data centers, and power to train and run AI models. Similar investment booms have occurred in the past with industries like railways and telecom, but they often resulted in financial disappointment for investors. The AI boom also comes with risks such as the short lifespan of AI models, potential commoditization of advances, and government regulations that could limit profits.

Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

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Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

– More than 100 public interest groups wrote to congressional leaders urging them to pass bold new tax reforms following the expiration of the Trump-era tax cuts in 2025.
– The Tax Cuts and Jobs Act (TCJA) has been proven to be a failure, with the average worker not seeing the financial benefits promised.
– The groups outlined three goals for tax reform in 2025: making the tax code fairer, raising more revenue for investments in Americans, and supporting economic growth.
– Extending the individual and real estate tax cuts from the TCJA past 2025 would add .6 trillion to the national deficit.
– The coalition believes that Congress should reject the failed approach of the Bush and Trump tax cuts and create a fairer tax code that supports necessary investments and inclusive growth.
– There is strong public support for making the tax system fairer and using the revenues raised to invest in care for families.

Policy elites blind to tax burden

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Policy elites blind to tax burden

President William Ruto believes that Kenyans are not overtaxed, citing the concept of ‘tax effort’ as a measure of tax revenue as a percentage of GDP. He argues that the government needs to increase tax effort to fund infrastructure projects and meet international standards for service delivery. However, he criticizes the reliance on IMF advice and GDP statistics, pointing out data quality issues and the impact of high taxes on citizens and businesses. Ruto suggests assessing the impact of taxes on the cost of living through household surveys to determine if Kenyans are indeed overtaxed.

UAE economy grew 4.3 per cent in fourth quarter of 2023

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UAE economy grew 4.3 per cent in fourth quarter of 2023

The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.