Puerto Rico Tax Competitiveness and Pillar Two Skip to content profit shiftingProfit shifting is when multinational companies reduce their tax burden by moving the location of their profits from high-tax countries to low-tax jurisdictions and tax havens. . Pillar Two, the global minimum taxA tax is a mandatory payment or charge collected by local, state, … Read more
Statutory corporate tax rates are stabilising worldwide after a lengthy period of falling rates, according to new OECD data released today. The 2024 edition of OECD Corporate Tax Statistics shows that average statutory corporate income tax (CIT) rates have remained steady at 21.1% over the past three years. This follows a two-decade period that saw … Read more
Cyprus is facing a severe water shortage with reservoir levels at a record low. The lack of rainfall has left many dams below average capacity, with the largest dam, Kouris, holding only 41.9 million cubic meters of water compared to 61 million last year. Overall, national water storage is at just 42.1% of capacity, down from 65.6% last year. The situation is expected to worsen as temperatures rise in the approaching summer months.
The Water Development Department has reduced irrigation water by 33% compared to last year due to drought and poor water conditions. The remaining water is allocated for irrigation, with the drinking water sector fully satisfied at 100%. Farmers were informed in advance about the reduced quantities and must plan accordingly. Dam capacity is at 42.1%, and if conditions remain the same, there may be a problem with water supply next summer. The Department is promoting efficient water use in agriculture with practical tips for irrigation during drought conditions.
Farmers will be receiving 33 per cent less water this year for their crops due to drought conditions.
Two fires broke out in the Nicosia district on Monday afternoon. One fire started in the community of Gourri at 2pm, while the second fire broke out at the Xyliatos dam at 3pm. Firefighting forces, helicopters, and aircraft from various agencies are working to extinguish the blazes.
![Agios Sylas fire front improving, authorities say [PHOTOS+VIDEO]](https://ch.jfdi.cc/wp-content/uploads/2024/06/agios-sylas-fire-front-improving-authorities-say-photosvideo.jpg)
A fire broke out in the Agios Sylas area of Limassol, prompting a large operation by the Fire Service and other services to contain it. Efforts are ongoing for complete containment, with the situation having significantly improved. Civil Defence evacuated residences, businesses, and livestock farms in the Polemidia area. Three aircraft and multiple firefighting teams were deployed to combat the blaze, with ground forces creating firebreaks despite strong winds. The Minister of Justice and Public Order oversaw operations at the forward command centre, and the Limassol-Troodos Road has been reopened. Drivers are urged to exercise caution in the area.
A €15 million residential complex called the “Nightingale Residential Compound” in Pano Platres, Cyprus has been approved by the Environmental Authority after modifications were made to address initial concerns. The project, developed by Roomzly, will be located within the protected zones of the Kouris Dam Reservoir. The revised plans eliminate buildings on steep slopes and a private wastewater treatment plant, with construction confined to a designated residential zone and avoiding protected areas. The project must follow mitigation measures and was deemed compatible with surrounding developments.
The fact described in the text is that hopes are fading that Iranian President Ebrahim Raisi and his foreign minister have survived a helicopter crash in mountainous terrain and icy weather, as search teams located the wreckage and all passengers are feared dead.
A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed in heavy fog on the way back from a visit to the border with Azerbaijan. The lives of Raisi and Foreign Minister Hossein Amirabdollahian were at risk. Rescue efforts were complicated by bad weather. State TV showed prayers being held for Raisi and live coverage of rescue teams searching the mountainous area. Raisi, who was elected president in 2021, has been involved in tightening morality laws, cracking down on protests, and nuclear talks with world powers. The supreme leader, Ayatollah Ali Khamenei, has endorsed Raisi’s policies and many see him as a strong contender to succeed Khamenei. Interior Minister Ahmed Vahidi stated that one of the helicopters in a group of three had crashed, and further details were awaited. Raisi had been at the Azerbaijani border to inaugurate a joint project.