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31. 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....

32. Cyprus ends fuel tax break, prices set to spike from April 1st

Starting April 1st, the reduced consumption tax on fuels (95-octane gasoline and diesel) will come to an end, reverting to 8.3 cents per liter for gasoline and 6.3 cents per liter for heating oil....

33. From China's cultural revolution to Cyprus' church scandal

In the classic science fiction novel ''The Three-Body Problem,'' the traumatic experience of a Chinese astrophysicist during the Cultural Revolution becomes the catalyst for humanity's first contact with extraterrestrial beings....

34. Israeli tax authorities probe Israeli investor activities in Cyprus

Israeli tax authorities are investigating the extensive business activities of Israeli investors in Cyprus, as revealed by Shai Aharonovich, head of Israel's Tax Department, in a report by leading financial newspaper, Globes....

35. Cyprus delays 15% multinational tax enforcement

Cyprus has yet to enforce the new EU rules introducing a minimum effective tax rate of 15% for multinational corporations operating within EU member states....

36. Government to receive €1.2B for green transition and resilience plan

Cyprus is set to receive a total of 1.2 billion euros from the Recovery and Resilience Plan (RRP). ...

37. CERA proposes reduced electricity increases amidst parliamentary discussion

The head of Regulatory Energy Cyprus (Cera), Andreas Poulikkas, briefed the Parliament's Finance Committee on the latest proposals submitted by the Electricity Authority of Cyprus (EAC) for review. ...

38. How state members earn in semi-governmental boards

The monthly income for the president/member of a semi-governmental organization, derived from participating in the organization's sessions, averages around €400 to €500....

39. Germany and France propose radical restructuring of EU decision-making

In an unprecedented move, Germany and France are advocating for profound changes in the operation and decision-making processes of the European Union (EU). ...

40. Businesses fear global tax reform will lead to double taxation

Global tax reform, ineffective use of technology and economic uncertainty are putting significant strain on business’ transfer pricing (TP) capabilities, according to the 2024 EY International Tax and Transfer Pricing Survey....

41. Parliament enacts law granting tax exemption on loan repayments

The House of Representatives has unanimously approved a law exempting individuals who sold real estate or transferred shares to repay Non-Servicing Loans from the 0.4% tax designated for the Central Equal Weight Sharing Agency...

42. Businesses receive €14 million in pandemic blunder

In an inadvertent error, support payments totaling EUR 13.82 million were extended to 152 cases, failing to meet subsidy criteria under the Plan's terms and conditions. ...

43. EY Cyprus releases the Cyprus Tax Facts Guide 2024

EY Cyprus is delighted to announce the release of the latest edition of the Cyprus Tax Facts guide for the year 2024....

44. Deloitte’s Tax Facts 2024

45. 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......

46. Cyprus tax reform targets green initiatives and economic revitalization

By March 2024, the initial six phases of the tax transformation project commissioned by the Ministry of Finance to the Centre for Economic Research of the University of Cyprus will conclude,...

47. Cyprus makes the cut in new tax-friendly nations list

In a recent announcement, the Ministry of Finance shed light on the revised list of countries enjoying preferential tax status under the Independent Authority for Public Revenue of the Hellenic Republic (IAEA)....

48. EU's Schinas criticizes veto use, stresses need for compromise

European Commission Vice President Margaritis Schinas voiced concerns about the use of the veto as a primary defense tactic, stating that it hinders compromise rather than facilitating it....

49. Cyprus and the porn industry: High-tech hub exposed

For many years, the Republic of Cyprus, due to its art visa law, served as a hub for white flesh trafficking....

50. Cyprus and France seal the deal on tax cooperation

In a milestone development, Cyprus and France have solidified their commitment to combat double taxation through the signing of a renewed Convention on the Elimination of Double Taxation....

51. Cyprus-France convention breaks fiscal barriers

In a strategic maneuver to bolster economic collaboration, Cyprus and France are gearing up to sign a pivotal Convention on Monday in the capital city of Nicosia....

52. 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....

53. Cyprus' passport ranks 21st worldwide thanks to its perks and power

Cyprus's passport is currently the 21st most powerful globally, with a total score of 104.00. This ranking considers not only travel opportunities but also taxation, global reputation, dual citizenship policies, and personal freedom....

54. Bar meeting turns into ''starvation wages'' circus

The Parliamentary Committee of Lawyers, in conjunction with the new Council of the Cyprus Bar Association, addressed several critical issues during their meeting today....

55. 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. ...

56. Ireland's tax policies fill sovereign fund coffers

Countries like Saudi Arabia, Norway, and Chile have long established their own sovereign-wealth funds....

57. EY Cyprus organised an event on the implementation and implications of the European Corporate Sustainability Reporting Directive (CSRD)

EY Cyprus has organized an event to present the challenges that many Cypriot companies will face in implementing the European Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). ...

58. Government unveils inflation relief plan for October's end

At the end of October, the government is expected to announce measures to alleviate the impact of inflation, while at the beginning of 2024 the government plans to implement the new green tax on fuels, together with compensatory measures, said the Minister of Finance, Makis Keravnos, while handing over the 2024 state budget to the President of the Parliament, Annita Demetriou. ...

59. President's silent pension raises eyebrows

Both the President of the Republic and members of Parliament have emphasized the necessity of legislative regulation to put an end to the simultaneous receipt of public employee pensions and salaries by political officials. ...

60. Cyprus banks' net interest income doubles amid ECB rate hikes

The Cypriot banking system's net interest income (NII) saw a remarkable doubling in the first half of 2023, marking an annual increase of 100%, primarily due to the ongoing rate hikes by the European Central Bank (ECB) aimed at tackling rising inflation....