Timur Turlov discusses Cyprus operations: Freedom24, ’s key to European market
Fact: Freedom Holding Corp. is planning to obtain banking licenses in Cyprus as part of its strategic priorities.
landscape
Rising Share of Personal Income Tax and Indirect Tax
– The collection of personal income tax and indirect taxes has increased, while collections from corporate taxes have reduced.
– India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crores.
– The share of corporate taxes contribution to overall tax collection dipped to 46.5% from 49.6% in 2022-23.
– Indirect taxes, including union excise duties and the Goods and Services Tax, have increased from 2010-11 onwards.
– The majority of individuals filing personal income tax have an annual income ranging from Rs 1 lakh to Rs. 5 lakh.
– India has among the highest effective personal income tax rates among BRICS economies.
– Rising share of personal income tax and indirect taxes can lead to income inequality, consumer burden, economic inefficiency, tax evasion, and macroeconomic instability.
Focus on earnings and data, gold continues retracement,
– Investors and traders are focusing on earnings and economic data, with the Dow Jones industrial average posting its fourth consecutive winning session.
– European markets are trading higher, with retail sales data in Europe showing better consumer confidence than expected.
– Traders are awaiting news from the Bank of England on Thursday regarding monetary policy, with expectations of no interest rate change but potential for a more hawkish stance.
– In the US, focus is on earnings, with Disney in the spotlight. Concerns are raised about their streaming business in a competitive landscape.
– Gold prices are dropping as the dollar index gains strength, with uncertainty about Fed’s interest rate decisions.
– Weekly jobless claims on Thursday will impact gold prices and Fed’s monetary policy decisions.
Ensuring all companies pay the right amount of corporation tax
Pillar Two requirements for multinational organizations with consolidated annual earnings over €750 million will enforce a global minimum tax of 15 per cent, regardless of location, to prevent the use of tax havens. The global corporate tax gap is estimated to be around £75-200 billion per year. Research shows that 47% of the UK adult population would be less likely to engage with companies minimizing their corporation tax payments. Older age groups are more likely to switch brands if they are made aware of unethical behavior related to tax planning. Better communication is needed to emphasize the negative impact of corporate tax planning on public services and social inequality. Collectively buying into a fairer society is crucial to influencing corporate behavior.
Hard right wants more EU power to reflect likely election gains
French right-wing lawmaker Jean-Paul Garraud expects nationalist and eurosceptic parties to gain influence in the upcoming EU assembly election. Polls predict radical right parties will increase their seats across the EU, including France, Germany, and Italy. Garraud anticipates far-right parties could have positions in committees or even hold key roles in the European Parliament, allowing them to influence policies related to green initiatives, free trade, and immigration. The rise of radical right parties is fueled by a growing gap between mainstream parties and distrustful voters, as well as concerns over issues such as the cost of living, illegal migration, and changing geopolitical dynamics. Critics warn that the influence of the hard right could weaken Europe and potentially lead to closer ties with China and Russia.
Major developments underway in Cyprus
Cyprus is experiencing a significant development boom with billions of euros being invested in various projects, including infrastructure improvements, new marinas, hotels, medical centers, university buildings, golf courses, schools, and residential properties. These projects are expected to bring multiple benefits to the country, transforming its landscape and contributing to economic growth. Major investments include golf resorts like Limassol Hills and Eagle Pine, as well as marinas such as Larnaca Marina and the upcoming Paralimni Marina. Education-related developments are also underway, and road infrastructure projects across the island are crucial for improving residents’ quality of life.
From start-up to business growth : The right information you need
Fact: The key to achieving entrepreneurial success lies in having the right information, from building the groundwork for your business to scaling operations, reaching new markets, and overcoming setbacks.
An intimate look at the place of women
Fact: Fani Agisilaou, a Cyprus-based artist, aims to reveal the resilience, beauty, and inherent vulnerability of women through her work.
Corporate Tax Move Of UAE: To Tax Or Not To Tax
Fact: The UAE has implemented a 9% corporate tax on business profits exceeding AED 375,000, which is competitive relative to other nations and exempts personal income, real estate investments, and other non-business income.
What the international tax reforms mean for local investment policies
The international tax landscape is undergoing a major transformation, with the introduction of a global minimum tax rate of 15 percent for multinational enterprises (MNEs) by member jurisdictions of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) in 2020. This aims to ensure that MNEs pay a minimum level of tax on their profits in countries where they operate, reducing the impact of preferential tax regimes and tax competition between countries.