The government plans to reduce corporate tax rates in the productive sector by 2.5 percent in the upcoming fiscal year 2024-25 to encourage setting up of industries and increase tax payments.
The change to the capital gains inclusion rate has created distress among those approaching retirement, particularly business owners, who now face a much higher tax bill than they had planned.
Jurors could be seated as soon as Wednesday to determine whether Democratic U.S. Senator Robert Menendez of New Jersey broke the law in a bribery scheme involving Egypt’s and Qatar’s governments.
Cyprus is facing a shortage of injectable diabetes medications due to increased use for weight loss, overwhelming pharmaceutical production capacity. The Health Insurance Organisation is seeking alternative sources to provide medications for diabetic patients. The Cyprus Patients’ Federation urges doctors to prescribe responsibly and for the public to prioritize these medications for those with genuine medical needs. Dr. Konstantinos Tsioutis emphasizes the importance of these medications for managing diabetes and expresses concern over critical global shortages caused by unnecessary prescriptions. Tsioutis calls for collaboration to ensure medications are only given to patients with valid medical justifications until the global supply chain improves.
Fact: Remote work has gained popularity in recent years, leading to the creation of Digital Nomad Visas in various countries.
Patients are running out of specialized medications due to the state’s lack of planning. The Ministry of Health is scrambling to secure additional funds to cover the needs of patients for the next two weeks. An important medicine for kidney disease sufferers has been in short supply for a month.
The judge overseeing U.S. Senator Robert Menendez’s corruption trial struggled to find impartial jurors due to bias towards law enforcement and cooperating government witnesses.
The text discusses gross receipts taxes, which are imposed on businesses based on their gross sales before deducting operating costs. Seven states have a state-level gross receipts tax, while three allow municipalities to assess it locally. Gross receipts taxes have a long history but have fallen out of favor in recent decades. States often differentiate tax rates based on industry or revenue levels. Some states, like Nevada and Washington, have poorly structured gross receipts taxes that are legally problematic. Ohio and Oregon have recently made changes to their gross receipts taxes. Overall, the text argues that gross receipts taxes are harmful and should be replaced with a well-structured corporate income tax.
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Bank of Cyprus was named the Best Bank and Best Investment Bank in Cyprus by Global Finance in 2024.