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Rising Share of Personal Income Tax and Indirect Tax

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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.

‘Police conducting hotel checks by the book’

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‘Police conducting hotel checks by the book’

Police have been conducting checks at hotels in accordance with procedures following complaints from the hoteliers’ association (Pasyxe) about raids causing panic. Several complaints had been filed against a hotel group in the Paphos area. Arrests related to combating illegal employment in Cyprus had doubled within a year in the Paphos area. Labor Minister Yiannis Panyiotou emphasized the need to tackle illegal and undeclared work effectively. The general director of Pasyxe suggested that police could have conducted operations with more discretion, particularly in the incident in Paphos where around 30 police officers caused panic by entering a hotel.

High-profile suspects back in court over fake diploma scandal

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High-profile suspects back in court over fake diploma scandal

– Two high-profile suspects in the north’s fake diploma scandal appeared in court in Morphou.
– Serdal Gunduz threatened the university’s vice rector and forced him to sign degree certificates obtained through illegal means.
– Gunduz holds residence permits in Greece and Russia, making him a flight risk.
– Sefa Karahasan’s degree certificate was signed by someone other than the university’s rector.
– Karahasan was given a 100,000TL bail with two guarantors.
– Opposition party CHP deputy leader criticized the government for appointing Karahasan as TRT’s Cyprus correspondent.
– The fake diploma scandal involved multiple high-profile figures in the north’s education system.
– Turkey’s higher education council announced intentions to prepare a report on the state of the north’s education system.
– Former ‘education minister’ Kemal Durust was arrested for fraudulently obtaining money and his wife was arrested for receiving a fake diploma.

Christodoulides , ‘cannot understand’ why Tatar refused meeting

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Christodoulides , ‘cannot understand’ why Tatar refused meeting

President Nikos Christodoulides said he “cannot understand” why Turkish Cypriot leader Ersin Tatar declined the chance of a tripartite meeting with himself and United Nations Envoy Maria Angela Holguin.

HTFX becomes gold sponsor for Tziortzis

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HTFX becomes gold sponsor for Tziortzis

HTFX has become the gold sponsor of Cypriot EuroNASCAR driver Vladimiros Tziortzis, who is competing in the Nascar Whelen Euro Series Championship with Italian Academy Motorsports driving a Ford Mustang V8.

Bank of England moves closer to first rate cut since 2020

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Bank of England moves closer to first rate cut since 2020

The Bank of England’s Monetary Policy Committee voted 7-2 to keep interest rates at 5.25 per cent, with Deputy Governor Dave Ramsden and Swati Dhingra voting for a cut to 5 per cent. The BoE hinted at a potential rate cut in June and emphasized the importance of upcoming economic data releases. Governor Andrew Bailey expressed optimism about the direction of inflation.

DKNY Nicosia celebrates new , ‘Heart of NY Capsule’ collection

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DKNY Nicosia celebrates new , ‘Heart of NY Capsule’ collection

Fact: DKNY, distributed in Cyprus by the Fais Group, hosted an opening party at its new store in Nicosia to debut its “Heart of NY Capsule” collection.

Brazil’s Petrobras required to assess Indigenous impact of Amazon offshore drilling – documents

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Brazil’s Petrobras required to assess Indigenous impact of Amazon offshore drilling – documents

Petrobras must conduct studies on the impact of planned offshore drilling on Indigenous groups in the Amazon area to analyze the project’s viability. Ibama, Brazil’s environmental agency, has demanded wide-ranging studies to assess social, cultural, and environmental impacts on Indigenous peoples in the Foz do Amazonas basin. The additional studies are expected to take at least six months, further delaying Petrobras’ plans to explore the region. Ibama’s decision to require the studies proposed by Funai is seen as a win for the Council of Chieftains of the Indigenous People of Oiapoque (CCPIO), who have raised concerns about potential impacts on Indigenous communities. The studies will provide these communities with a greater understanding of the project and its potential risks.

‘Kingdom of the Planet of the Apes’ cast harnessed their inner apes

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‘Kingdom of the Planet of the Apes’ cast harnessed their inner apes

Freya Allan arrived on set for the first day of filming “Kingdom of the Planet of the Apes” and was surprised to see her co-star Owen Teague and other cast members already in costume as apes. The film is the 10th in the franchise and follows a young chimp named Noa as he tries to protect his clan from a corrupt monarch named Proximus Caesar. The actors attended “ape school” to prepare for their roles, with each learning about the movements and behaviors of different types of apes. The movie is set to be released in theaters on Friday.

Hope fades for 44 trapped in collapsed South Africa building

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Hope fades for 44 trapped in collapsed South Africa building

44 construction workers are trapped under a collapsed building in George, South Africa. 8 people have been confirmed dead, 29 are alive, and 16 are in critical condition. Rescue efforts are ongoing with heavy machinery and sniffer dogs being used. President Cyril Ramaphosa has called for an investigation into the causes of the collapse.