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Cypriot Ruling Party Champions Complete Abolition Of Stamp Duty

The Democratic Rally (DISY) is spearheading an initiative to eliminate the stamp duty law, a move that aims to streamline administrative procedures. The proposed legislation, embedded within a broader tax reform package, would remove mandatory stamp duty requirements from most documents. Exceptions remain for select contracts in financial services, insurance policies, real estate transfers, and property leases exceeding €50,000.

Financial Impact And Revenue Implications

Pioneered to update outdated practices, the proposal arrives at a time when the state’s revenue from stamp duties has reached €38 million. However, economic analyses suggest that enacting this bill could diminish state income by an estimated €8-10 million. The anticipated loss has raised concerns among financial experts who are weighing the long-term benefits of reducing bureaucratic obstacles against immediate fiscal shortfalls.

Expert Opinions And Future Directions

DISY parliamentarian Haris Georgiadis argued that in an era increasingly defined by digital efficiency, maintaining archaic bureaucratic requirements is untenable. He remarked that it is unreasonable to support convoluted legislations designed to yield a mere €20 million, especially when the Tax Department’s revenue figures have surged from €7.4 billion last year to an expected €8 billion this year. Georgiadis’ firm stance underscores a broader drive for modernization in the public sector.

Industry Reaction And Perspectives

Sotiris Markidis, a high-ranking official in the Tax Department, acknowledged the difficulties in accurately estimating revenues from stamp duties due to the antiquated and manual collection methods. He highlighted that the duty is due for an upgrade to an electronic process. While he expressed support for DISY’s modernization agenda, Markidis also noted that any decrease in revenue would necessitate strategic compensatory measures from the Ministry of Finance. His comments echo a broader consensus among stakeholders, including professional bodies, legal experts, insurance companies, business associations, and banks, all of whom advocate for the abolition of the stamp duty framework.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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