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
Artificial intelligence (AI) is one of the most innovative and disruptive technologies in recent decades. The AI market has expanded rapidly as more organizations recognize the value of leveraging big data to make intelligent business decisions and improve customer experiences.Moreover, the rise of large language models (LLMs) and generative AI platforms, such as Open AI’s … Read more
Union Budget 2024: Industry leaders requested a host of considerations in the upcoming full Union Budget 2024 during their pre-Budget meeting with Finance Minister Nirmala Sitharaman on June 20. Expectations listed by India Inc. during the two-hour interaction include a reduction in the income tax burden for the common man, an increase in capital expenditure, … Read more
Google has launched News Showcase in Cyprus, collaborating with publishers like Cyprus Mail, Dias Group, Digital Tree, MC Media, Phileleftheros Media Group, Politis, and SPP Media. The product allows publishers to create panels that engage readers and direct them to full articles on their websites. Google has signed News Showcase deals with over 2,700 publications globally and offers journalists training on fighting misinformation online.
The Limassol District Town Planning Department is dealing with a backlog of roughly 3,500 applications as the deadline for transferring planning authority to the Limassol District Self-Government Organisation approaches. The surge in applications is driven by public anxiety and the desire to secure approvals before the transition. Despite the increased workload, the department is prioritizing clearing existing applications and preparing for the transition on June 10. An additional 1,000 applications are pending with the Limassol Municipality, which is also experiencing a similar surge.
Cyprus has managed to promote important reforms and launch public investments through the Recovery Plan, with more than 40 sponsorship projects announced. The amount available through the sponsorship projects is €460 million. The country has received €262 million from the European fund, with additional tranches expected to be disbursed later this year.
Fact: The Deputy Ministry of Tourism in Cyprus recently revised the inventory of hotels and tourist accommodations, with the majority of them not meeting the necessary compliance criteria.
President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy and stressed the importance of public-private sector collaboration to address affordable housing challenges.
Betsafe has exited the Kenyan market due to increased taxation, rendering its employees jobless.
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.