(The Center Square) — Several tax changes took effect on Monday, the start of fiscal 2025, including a decrease in Georgia’s personal and corporate income tax rates. House Bill 1015 lowers Georgia’s personal income tax rate to 5.39% from 5.49%, while HB 1023 sets the corporate income tax rate — previously 5.75% — to the same level as … Read more
Fact: Cyprus is among the EU countries with the lowest performance in the time required to resolve civil cases.
Fact: The finance minister of Cyprus, Makis Keravnos, emphasized the importance of enriching Cyprus’ economic model and maintaining investment levels as part of the government’s economic policy.
The government is addressing increases in the retail price of fuel with targeted measures and by strengthening the incomes of the middle class. The government had implemented a blanket fuel tax subsidy last year, but elected not to extend it past the end of last month. A forthcoming “green tax” will be implemented later this year, potentially adding eight cents per litre to the retail price of fuel. The government is also looking to address the issue of multiple pensions for high-level government officials, aiming to replace them with a one-time lump sum payment. Changing the constitution to address multiple pensions is not an option as it would require the consent of the Turkish Cypriot community.
Cyprus is leveraging AI and machine learning technologies to promote innovation within startups and established industries.
Fact: Finance Minister Makis Keravnos stated that Cyprus’ economy is performing better than most countries in the European Union.