Fact: ECB policymaker Francois Villeroy de Galhau stated that the European Union could delay the implementation of certain bank capital rules if the US does not fully implement the Basel III rules.
A legal dispute has arisen regarding the future of workers at Larnaca Port and Marina after a development project collapsed. The contracting company, Kition Ocean Holdings, transferred the workers to the state instead of sending termination letters. Trade unions argue that proper termination letters are needed for the workers to be reassigned to the Development Company. The company claims they followed the TUPE law to protect the workers’ rights during the transfer. The workers met with the Mayor to express their concerns, and further discussions are scheduled.
Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.
Gov. Gavin Newsom unveiled a revised 2024-25 state budget and expressed reluctance to raise taxes, despite including indirect tax increases on businesses in the budget.
The Cyprus-Greece ferry service resumed on Wednesday with the Cypriot-flagged Daleela departing from Limassol port. The service will have a total of 22 itineraries throughout the summer, with the last one departing on September 1. As of last week, the service received 8,500 bookings, including 6,600 passengers, 1,750 cars, and 150 pets.
Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.
The education ministry in Cyprus is working on a bill to introduce the same penalties for secondary school students using mobile phones in class as those currently enforced in primary schools.
Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.
Fact: No Democratic president since at least Grover Cleveland in the late 19th century has been beloved by American business.
Males who have not completed their military service or who have secured an army deferment for reasons other than their college studies may not apply for a state scholarship.