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1. Audit exposes serious issues in collecting unpaid taxes in Cyprus

An audit report from the Tax Department for 2022 has uncovered a staggering accumulation of over €2.5 billion in arrears, with €1 billion considered unsecure due to delays in necessary measures, the Audit Service revealed....

2. Cyprus grapples with €80 million surge in state budget deficit for 2023

The state budget deficit for 2023 increased by €80 million compared to the deficit recorded in 2022, according to the Fiscal Report of the Republic of Cyprus for 2023, submitted to the House of Representatives....

3. Cyprus praises EU financial plan for 2025

The joint statement on the orientation of the eurozone’s fiscal policy for 2025 satisfies Cyprus as it validates the cautious and conservative fiscal policy that Cyprus has followed so far, Minister for Finance Makis Keravnos said in Brussels, where he was attending the meeting of the Eurogroup on Monday....

4. President Christodoulides' candid year-one address

In a televised address marking the completion of his first year in office, President Nikos Christodoulides highlighted the achievements and priorities of his administration. Emphasizing transparency and accountability, the President outlined the following key areas of focus:...

5. EY seminar explores green tax impact on businesses

EY Cyprus Academy of Learning and Development Organized a Seminar on Sustainability and Green Taxes Affecting Business – As – Usual: The EU Role of Cyprus. ...

6. EU unveils stricter fiscal rules for member states

The European Commission has introduced new fiscal rules aimed at promoting growth and financial discipline among member states. The framework, ...

7. Electricity subsidy extends to vulnerable consumers until February's end

With its metaphorical ''finger on the trigger,'' the Ministry of Finance is vigilantly tracking the anticipated surges in the current....

8. Makis Keravnos voices concerns over geopolitical developments

The global supply chain disruption and its economic impact on Europe and the world have raised concerns among Europeans....

9. Persianis reveals limited cooperation with Finance Ministry

For the limited cooperation with the Ministry of Finance, for the wrong interpretation of the research with a political prism and for the fiscal risks, the President of the Fiscal Council of Cyprus......

10. Cyprus unveils new e-consultation platform for public feedback

The Council of Ministers approved Thursday the establishment of a public consultation platform, known as e-consultation, Minister of Finance Makis Keravnos said after the Cabinet meeting....

11. Finance Ministry undergoes administration overhaul

12. 2024 budget gets green light – Inside scoop on state wage proposals

The 2024 budget was passed into law relatively comfortably, with a total of 37 MPs voting for it, while 19 were opposed. ...

13. ''The path to fighting inflation is difficult''

In an insightful dialogue about the economic landscape, Joachim Nagel, a prominent figure in the financial realm and a member of the ECB Governing Council, shares his perspectives on inflation, interest rates, and the challenges facing the European economy....

14. Fiscal Council cautions on 2024 economic risks despite optimism

Recently, the Cyprus Fiscal Council took a close look at how our economy is doing. They gave us some important info based on their study....

15. €620M blueprint for transformative projects

The overall projects, totaling almost €620 million, are outlined in the Ministry of Internal Affairs Budget....

16. New measures unveiled for energy and housing

In a decisive move to support Cyprus' households and businesses, the Council of Ministers, under the leadership of President Nikos Christodoulides, unveiled a comprehensive package of immediate and medium-term measures today....

17. ECB set to keep rates steady, says Central Bank of Cyprus governor

No interest hikes are expected in the next European Central Bank Governing Council meeting, as the latest available recent data suggest that the ECB rates have reached a level that, if maintained, will contribute to the return of inflation to the medium-term target of 2%, Constantinos Herodotou, Governor of the Central Bank of Cyprus and ECB Governing Council member told CNA on Wednesday....

18. Government to expand workforce in 2024

In the 2024 budget, authorities anticipate total general government revenue of €13.2 billion and expenditures of €11.8 billion, resulting in a fiscal surplus of €659 million, equal to 2.2% of GDP. ...

19. ECB keeps watchful eye on non-performing loans

The European Central Bank (ECB) is closely monitoring non-performing loans (NPLs) and related legislation, including the divestment framework. ...

20. 2024 budget points to surplus and debt reduction

The 2024 budget reflects the clear imprint of our policy priorities, President of the Republic Nikos Christodoulides says in a written statement, adding that the fiscal balance for 2024 is estimated to be surplus, reaching 2.2% of GDP, while the medium-term goal, by 2026, is to reduce public debt to 60%....

21. CBC governor joins EU leaders in Frankfurt

The Governor of the Central Bank of Cyprus (CBC), Constantinos Herodotou, is in Frankfurt, Germany, to participate in the meeting of the Governing Council of the European Central Bank (ECB)....

22. Government cuts interest income rates from 30% to 17%

The Cyprus government decided to slash taxation on interest income from 30% to 17%, Finance Minister Makis Keravnos said on Wednesday, noting that banks should follow suit in boosting income for depositors. ...

23. Cyprus faces deceleration amid inflation and rising rates

Cyprus' economy experienced a slowdown in the second quarter of 2023, prompting inquiries about the situation. According to the preliminary estimate provided by the Statistical Service, ...

24. How many public servants does it take to boil an egg?

In a hilariously bureaucratic process, boiling an egg in Cyprus' public service requires a series of convoluted steps. ...

25. Government continues measures to counter inflationary pressures

The government of Cyprus has decided to continue measures aimed at countering inflationary pressures, including an extension of a subsidy on electricity consumption and a reduced excise tax on fuel....

26. Digital app to compare product prices in the works

Following the withdrawal of the Household Basket proposal in Cyprus, the Consumer Protection Service is now promoting the preparation of a bill for the implementation of a digital tool that will enable the daily comparison of retail prices of products....

27. The new president and finance minister will face new challenges

We are only a few days away from voting for the new President of the Republic. ...

28. Elections: The political 'crash test' in Brussels

In the interim between the two rounds of presidential elections, EU leaders will convene in Brussels for an extraordinary European Council on migration management and ensuring Europe's economic competitiveness. ...

29. UN chief sees no common ground in divided Cyprus

UN Secretary-General Antonio Guterres' report on the United Nations Peacekeeping Force in Cyprus, released on Wednesday night as an official document of the Security Council, number S/2023/3, records the lack of common ground between the two sides for peace talks leading to a mutually agreeable solution...

30. Nikos Christodoulides’ program for the next five years

Cypriots will go to the polls on February 5 to elect the 8th President of the Republic. The campaign began very early compared to previous elections and will intensify during the remaining few weeks. ...