Capital Allowances in Europe, 2024 | Tax Foundation Skip to content capital allowances play an important role in a country’s corporate tax baseThe tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority. A narrow tax base is non-neutral and inefficient. A … Read more
Corporate income tax remains one of Malta’s most significant sources of revenue at almost 15% of its total tax income, the EU’s latest taxation report for 2023 says. Malta ranked third in the EU, after Cyprus (18.1%) and Ireland (21.5%) where corporate income tax forms a significant proportion of its state revenues. Malta still has … Read more
Patent Box Regimes in Europe, 2024 Skip to content Patent boxA patent box—also referred to as intellectual property (IP) regime—taxes business income earned from IP at a rate below the statutory corporate income tax rate, aiming to encourage local research and development. Many patent boxes around the world have undergone substantial reforms due to profit … Read more
R&D Tax Subsidies in Europe | Tax Subsidies for R&D Expenditures Skip to content R&D tax incentives. These generally take two forms, namely patent boxes—taxing income derived from intellectual property at a rate below the statutory corporate income taxA corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies … Read more
Reflect Festival, Cyprus’ flagship tech and startup festival, returned to Limassol and welcomed 9,000 entrepreneurs, investors, and tech enthusiasts in a new venue. The event marked the biggest conference ever organized in Cyprus and the most international year of Reflect so far. Attendees from 70 countries participated, including 1,500 companies and 130 governmental representatives from 20 countries. The festival featured over 150 companies in the expo, with activities like holograms, augmented reality garments, and contests. The event also included parties, sports events, and side activities around Limassol. Reflect Festival announced the launch of The Doers Company as an umbrella organization behind the event and future activities.
Aircraft shortages have allowed airlines like Frontier Airlines and Wizz Air to sell new planes to leasing companies at higher prices than they paid, resulting in gains of hundreds of millions of dollars. The tight airliner market has made sale-and-leaseback transactions more attractive, with US airlines accounting for a larger share of these deals. New aircraft prices are 20% higher than pre-pandemic levels, leading to soaring lease rates. Airlines are spending 30% more on aircraft leases than before the pandemic.
Millennials are the most populous age group in Cyprus, with over a quarter of a million individuals. Generation Z, born between 1997 and 2012, are entering the workforce and facing challenges such as financial anxiety, minimal salaries, and limited opportunities. They are characterized as practical hedonists who prioritize meaningful experiences over economic security. Generation Z is competing with three other generations for limited jobs, wealth, housing, and opportunities, making the future uncertain for under-30s in Cyprus.
Slovenia’s government approved the recognition of an independent Palestinian state, following Spain, Ireland, and Norway. Other EU countries have also recognized Palestine, with some considering it, while Germany and the US emphasize a two-state solution through dialogue. Israel has been in conflict with Hamas in Gaza, resulting in casualties on both sides.
Cyprus and Greece are pushing the European Union to prioritize its own defense industry in providing military aid to Ukraine. Despite an existing agreement allowing arms purchases from non-EU countries, the two countries argue that aid should benefit the European defense sector. Hungary is currently hindering the release of a €500 million package from the European Peace Facility intended for Ukraine’s military, citing concerns about discrimination against Hungarian companies in Ukraine as a reason for blocking the disbursement. Discussions are ongoing to bypass a potential Hungarian veto and expedite the flow of funds to Ukraine.
Cyprus has the best bathing water quality in Europe, with 97.6% of its sites rated as excellent in 2023. Coastal waters generally have better quality than inland waters, but ongoing pollution challenges persist due to urban wastewater and agricultural runoff. Austria, Croatia, and Greece also have high-quality bathing waters, while countries like Albania, Belgium, Estonia, Hungary, and Poland lag behind. The report emphasizes the need for improved pollution management to address poor-quality waters and identifies climate change as a potential threat to water quality in Europe. Legislative measures such as the Bathing Water Directive and the Water Framework Directive are in place to protect water quality, but continued vigilance and adaptation are necessary to preserve it.