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1. Cost of living soars as Nicosia seeks European breathing room

The energy crisis and rising living costs have forced governments to scramble to keep up with support measures for businesses and households. With external factors driving prices higher showing no signs of improvement and conditions instead getting worse, Cyprus is calling for countries with sound economic indicators to be given greater fiscal flexibility to provide financial support....

2. Cheaper energy bills need better infrastructure, Keravnos says

Finance Minister Makis Keravnos stressed the need for the Finance Ministry to assess the Great Sea Interconnector’s (GSI) feasibility study, while acknowledging the project’s geopolitical importance, during his presentation of the 2027 state budget to Parliament....

3. Budget stays in surplus as war and rising prices squeeze the economy

The 2027 state budget will be presented to the Council of Ministers on Wednesday. It was prepared against a particularly challenging economic backdrop, just one week after the European Central Bank raised interest rates in an effort to contain inflationary pressures....

4. Cyprus gets new fiscal council chief as focus turns to public finances

Economist Dr. Andreas Charalambous officially took over as president of the Fiscal Council of Cyprus on Monday, succeeding Michalis Persianis, who has led the independent body in recent years....

5. Cyprus weighs energy measures if oil prices climb above $100

The situation in the Middle East is raising concerns, while Europe says it is preparing for a longer period of instability that could include disruptions in shipping, higher energy prices, and inflationary pressures. These remarks were made Monday in Brussels by Eurogroup President Kyriakos Pierrakakis in the presence of Kathimerini, noting that energy remains at the center of attention....

6. Finance Minister coordinates with EU Trio on 2025 Presidency

Minister of Finance Makis Keravnos met in Luxembourg with his counterparts from Poland and Denmark regarding the preparation of the Cypriot......

7. 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....

8. Keravnos attends Brussels ECOFIN meeting

Minister of Finance Makis Keravnos is in Brussels to take part on Monday in the meetings of the Eurogroup and the EU Finance Ministers Council (ECOFIN)....

9. Finance Ministry undergoes administration overhaul

10. DAC6 revisited through the prism of DAC8

The Directive on Administration Cooperation (''DAC'') has been amended multiple times since 2011 to allow for the automatic exchange of information across multiple fields of taxation....

11. Cyprus and Croatia forge tax treaty for business growth

The Republic of Cyprus and the Republic of Croatia have inked a significant Agreement for the Elimination of Double Taxation during the ECOFIN meeting in Luxembourg. ...

12. 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)....

13. Temporary VAT reduction on essentials estimated at €14.5 million

In the upcoming days, most likely early next week, a clearer picture is expected to emerge regarding the government's course of action on the reduced Value Added Tax (VAT) rate for fuel and electricity....

14. The 2023 Budget in the vortex of the elections

The government of President Anastasiades has just submitted its final budget, for 2023. DISY will undoubtedly support the budget, but it will be interesting to see what position it will take if and when the polls are confirmed....

15. Energy poverty: The nightmare that everyone is attempting to alleviate

"Energy poverty is a major social issue with a direct impact on health that affects approximately 54 million Europeans. High energy prices, low incomes, and damp, unhealthy homes with poor insulation all contribute to higher rates of energy poverty," according to a statement published on the website of the European Committee of Regions on June 2019....

16. Finance Minister concerned over rising energy and grain prices

Finance Minister Constantinos Petrides said today that he is concerned about the rising prices of grain and energy and the possibility of 'stagflation', but excluded the possibility of the Cypriot economy slipping into recession....

17. Cyprus to proceed with a tax reform in 2022

Cyprus will proceed with a tax reform next year, including the increase of corporate income tax and the introduction of green taxation with a view to achieving its environmental targets, Finance Minister Constantinos Petrides has said....