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Warren Buffett Announces Retirement – A New Era for Berkshire Hathaway

by News Editor
May 4, 2025

In a surprising turn of events, Warren Buffett, the iconic billionaire investor, has announced his plan to retire at the end of the year. This decision marks the end of an era, as Buffett has been at the helm of Berkshire Hathaway for over 60 years, guiding it to towering heights of success. The announcement came during a packed shareholder meeting in Omaha, Nebraska, sparking both shock and admiration from his devoted followers.

Greg Abel: The Successor

Buffett has backed Vice Chairman Greg Abel to take over the CEO position. Known for managing all of Berkshire’s non-insurance businesses, Abel has long been viewed as Buffett’s potential successor. While this transition seemed distant, the unexpected announcement places Abel firmly in the spotlight. As the future leader of Berkshire Hathaway, can Abel fill the immense shoes of his predecessor?

Market Reactions and Future Prospects

The news sparked varied reactions among investors. While some express confidence in Abel’s capabilities, others wonder about his ability to emulate Buffett’s legendary investment acumen. Yet, Buffett himself endorsed Abel by vowing to keep his fortune invested in the company, believing that Berkshire’s prospects might even improve under new leadership.

A Tribute to Buffett’s Legacy

Buffett’s legacy at Berkshire is not just about extraordinary financial returns but also about visionary leadership that nearly doubled the returns of the S&P 500, achieving a 19.9% annual growth rate compared to the index’s 10.4% gain. Despite his retirement, Buffett’s influence will undoubtedly linger, as he leaves behind a company uniquely poised for continued success.

EU E-Commerce VAT Systems Generate €257.9 Million Revenue for Cyprus in 2024

by THEFUTURE.TEAM
August 11, 2025

Robust Revenue Growth Through Streamlined VAT Collection

Cyprus has demonstrated a significant fiscal boost in 2024 with €257.9 million generated from the European Union’s e-commerce VAT systems, according to Tax Commissioner Sotiris Markides. This impressive performance underscores the effectiveness of the One Stop Shop (OSS) and Import One Stop Shop (IOSS) frameworks in simplifying cross-border tax compliance.

Simplified Procedures for EU and Non-EU Businesses

The OSS system allows Cyprus-registered businesses to streamline VAT declaration and payment on sales to consumers in other EU countries. Companies simply register on the local OSS platform, apply the consumer’s VAT rate, aggregate their submissions quarterly or monthly, and remit a single consolidated payment. Subsequently, Cyprus allocates the appropriate share to each respective EU country. This efficient process extends to non-EU sellers as well, who can have their intra-EU distance sales managed under the Union Scheme.

Breakdown of VAT Revenue Streams

Last year’s declarations under the various schemes illustrate the system’s broad reach: €217.9 million was collected via the Union Scheme, €36.9 million through the Non-Union Scheme, and €3.1 million via the Import Scheme. While the Union Scheme caters to both EU and non-EU sellers engaging in distance sales, the Non-Union Scheme specifically accommodates non-EU firms delivering services to EU consumers. Furthermore, the Import Scheme targets goods valued at less than €150 that are imported from outside the EU.

Implications and Broader Impact

Implemented in July 2021 as an evolution from the more limited MOSS system, these reforms have not only consolidated tax collection through an expansive OSS but also integrated the IOSS for low-value imports. By designating certain online marketplaces as “deemed suppliers,” the new framework ensures that VAT collection is both efficient and equitable. Across the EU, these mechanisms have generated over €33 billion in VAT revenues in 2024, reflecting a successful effort to simplify tax compliance, reduce administrative burdens, and promote fair taxation across the bloc.

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