Modi 3.0’s first Budget proposed to slash tax rates for foreign companies investing in India, a move seen as providing more fillip to inviting more overseas players as the Narendra Modi government seeks to grab the supply chain shift from China.The Budget was expected to be a transformative step towards achieving the government’s goal of … Read more
IRS is focused on Businesses since the passage of the Inflation Reduction Act. Under the Strategic Operating Plan (funded by the Inflation Reduction Act), the IRS is increasing audit rates, expanding enforcement and targeting non-compliance for business taxpayers. IRS compliance efforts are geared towards having the IRS compliance teams better detect tax cheating, identify emerging … Read more
The Ministry of Finance is proposing amendments to the Law on Corporate Income Tax, offering exemption on corporate taxes on income from green bond interest and carbon credits.The Ministry of Finance is proposing amendments to the Law on Corporate Income Tax, offering exemption on corporate taxes on income from green bond interest and carbon credits.These … Read more
The proposal aims to protect the environment and promote sustainable development in line with the global trend of using tax policies to incentivise environmentally friendly practices. (Photo courtesy of pace.edu.vn) Hanoi (VNS/VNA) – The Ministry of Finance is proposing amendments to the Law on Corporate Income Tax to encourage environmental protection and sustainable development. These … Read more
Increased interest income from successive interest rate hikes by the European Central Bank significantly boosted Cypriot banks’ profits in the first quarter of 2024, with the Bank of Cyprus reporting a 31% increase in net interest income and Hellenic Bank seeing a 40% rise.
Hellenic Bank announced first quarter profits of €93.3 million, up 34% year on year, but 25% below the previous quarter. Net interest income rose to €151 million, up 40% year on year. The bank has reached agreements for the renewal of a labor collective agreement and to strengthen its insurance operations. New lending in the first quarter reached €208 million, with a focus on retail customers. The bank has a liquidity coverage ratio of 580%.
Companies in free zones in the UAE must meet certain criteria to be eligible for zero percent corporate income tax and become a qualifying free zone person (QFZP).
The Lithuanian Finance Ministry proposed raising additional funds for defense by increasing the corporate tax rate, hiking excise duty on fuel, and introducing a tax on some insurance contracts.
Eurobank Holdings released its financial results for the first quarter of 2024, showing significant growth and robust performance. Adjusted net profits in Cyprus and Bulgaria improved substantially, with Cyprus reaching €92 million.
Bank of Cyprus Holdings announced €133 million in first quarter profits, up 40% year-on-year but €5 million short of the previous quarter’s after-tax profits.