Fact: UBS currently pays around 18.5 percent on its profits in Switzerland, derived from a mixed calculation of cantonal rates, with Zurich at 19.61 percent and Basel-Stadt at 13.04 percent.
Taiwan President Lai Ching-te extended goodwill towards and offered cooperation with China following Chinese war games near the island. China carried out military drills in response to Lai’s inauguration speech, which Beijing viewed as a push for Taiwan’s independence. Lai rejects Beijing’s claims of sovereignty and has offered talks, but has been rejected. Lai called on China to share responsibility for regional stability and expressed a desire for mutual understanding and reconciliation through cooperation. Taiwan condemned China’s war games and discovered a cardboard box with political slogans written in simplified Chinese characters suspected to be dropped by a drone. China’s military has been releasing propaganda videos directed at Taiwan since the drills began.
Occupying Turkey is preparing moves following the end of the mission of the UN Secretary General’s envoy on the Cyprus problem. Ankara and its representative in the occupied territories are planning action if a deadlock is established. They aim to change the basis of the Cyprus problem, impose their agenda, and reach a “cooperation agreement” between the two entities. Turkey is pressuring the United Nations to negotiate a separate agreement, but the UN has deemed this illegal. The occupation forces are causing minor crises within the buffer zone to assert control over the area.
President Nikos Christodoulides is in contact with the company and various EU and non-EU member states to create prospects for the resumption of talks. The Vasilikos terminal project has three phases, with progress varying in each. The President will meet with the Ambassador of China to discuss the project, emphasizing the need for solutions to be found with goodwill. A plan B exists, but the government intends to proceed with the contract obligations.
Fact: Tornaritis is not very popular among Disy supporters because of his two-faced role in the last presidential elections.
– America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2017.
– The 296 largest and consistently profitable U.S. corporations paid 0 billion less in taxes from 2018 to 2021 compared to before the Trump tax law.
– While profits for these corporations rose by 44 percent after the Trump tax law, their federal tax bills dropped by 16 percent.
– The number of corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law.
– Many well-known corporations, including Walmart, Verizon, Disney, and Meta, had the largest tax reductions after the Trump tax law.
Parties and candidates are facing challenges in the upcoming double electoral showdown on June 9, with fears of confusion among voters leading to an increase in blank and invalid ballots. DISY has ruled out cooperation with AKEL and ELAM, opting for partnerships with DIPA and DIKO instead. DIPA has managed to secure support from DISY in various municipalities, including Strovolos. EDEK has shown support for different candidates in various municipalities. ELAM is running in Local Government elections for the first time, aiming to claim Famagusta and Larnaca municipalities.
President Christodoulides visited the Vassiliko construction site to chat with the Chinese CPP company workers, who had resumed welding for the natural gas storage infrastructure. Despite progress on welding, the jetty remains unfinished due to disagreements between CPP and the Natural Gas Infrastructure Company. CPP terminated collaboration with a Cypriot contractor, causing delays in the project. The completion of the project by the promised deadline of 2024 seems unlikely. Additionally, the construction of the natural gas transportation system is stalled, further prolonging the project. This indicates that the project will take more time and resources than initially anticipated.
The new corporate alternative minimum tax (CAMT) creates incentives for large companies to allocate more value to amortizing intangible assets and less value to assets like goodwill that do not amortize for book purposes.