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691. The fierce battle for second place

692. Cyprus to impose minimum 15% tax on multinational corporations

Cyprus Ministry of Finance said on Friday it will introduce a 15% minimum corporate tax rate on multinational and domestic groups or companies with a combined annual turnover of at least €750 million while examining ways to mitigate any possible adverse impact on the Cypriot economy....

693. Finance Ministry: 'Cyprus economy will not enter a recession'

There will be a significant slowdown in economic activity next year, we will be affected by increased energy prices and borrowing costs, but "inflation in Cyprus is being reined in at lower levels" compared to other European member states, ...

694. Calculating tax revenue for the passport program is challenging

It is impossible to estimate and link the amount of government revenue from the CIP to the individuals covered by it....

695. KEDIPES disburses another €80 million to the state

The Board of Directors of the state-owned asset manager, KEDIPES, has decided to disburse another €80 million to state coffers for the fourth quarter of this year, with the amount paid to the state in 2022 reaching €310 million....

696. Gatzke-Hellenic relations have returned to normal

After taking a brief leave of absence, Hellenic Bank CEO Oliver Gatske has returned to his duties. Mr. Gatske was given the green light to return to his office on Monday after the Cyprus Securities and Exchange Commission cleared him of any wrongdoing....

697. Power cuts averted as energy grid clash rages on

Electricity Authority of Cyprus (EAC) workers' unions announced the suspension of the measures scheduled for Wednesday, after an extraordinary meeting with the Minister of Labour and Social Insurance, Kyriakos Kousios and the agreement to arrange as soon as possible 'and in any case within the next week' a meeting with the Ministers of Energy and Finance on the issues of concern ...

698. €36 million loss so far reported by banks this year

The banking system reported a loss after tax of €36 million on a consolidated basis in the first nine months of 2022, compared to a profit of €22.54 million in the corresponding period of 2021....

699. November's real estate performance

The year is almost over, and we now have a good idea of how the real estate market performed in 2022. As we all know, the difficulties were and continue to be numerous....

700. €5.4 million grant from Switzerland for integration projects

The Minister of Finance, Constantinos Petrides and the Swiss Ambassador to Cyprus, Christoph Burgener signed on Monday the Framework Agreement by which Cyprus will receive a grant of €5.4 million for the implementation of projects in the area of Cohesion....

701. Consulco launches its direct real estate investment services

Consulco, the London investment specialist has launched its direct real estate investment services assisting overseas investors to acquire and manage residential properties in central London. ...

702. Cypriot parliament approves state budget

The House of Representatives plenary approved the 2023 state budget on Thursday evening, the last to be tabled by the 10-year administration of Nicos Anastasiades...

703. 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....

704. Insurance premiums expected to rise slightly

Inflation-related losses are also occurring for general insurance policies. Cyprus' insurance policies will specifically follow the broad pattern of other nations and other international insurance companies,...

705. House furious after state TV drops live coverage

Cypriot public broadcaster RIK has come under criticism this week for dropping live coverage of state budget debates, which were carried out in calmer manner compared to previous years...

706. Cyprus scores funds for Euromed Tech Hub

The creation of the Euromed Tech Hub in Cyprus was unanimously decided last week by the Board of Directors of ANIMA Investment Network, a press release by Invest Cyprus says...

707. Nicosia stays course as economic growth loses steam

Cypriot public finances have improved due to increased growth, although they are expected to be adversely affected due to a projected slowdown in the next few months, according to the 13th Post-Programme Surveillance Report for Cyprus...

708. G7 price cap on Russian oil kicks in

The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production....

709. Dept of Labour: 'Our social security fund is sound'

According to the Ministry of Labour and Social Insurance, the General Social Insurance Plan's most recent actuarial study shows that the amendments made up until 2012 ensure the long-term viability of the Social Insurance Fund and that,...

710. 'FTX-style crypto crash won’t happen in Europe'

The cryptocurrency world is reeling after the collapse of crypto exchange FTX — but EU policymakers are patting themselves on the back....

711. Cyprus gets taste of EU’s €85 million with a caveat

Cyprus will get Friday the first tranche of €85 million from the EU's Recovery and Resilience Mechanism, with European Commission technocrats also pointing to repeated suspensions of foreclosures in Cyprus that create problems in terms of achieving the goal of further reduction of NPLs...

712. Government owed €16.2m from ineligible first time home buyers

More than 270 people who benefited from the reduced rate of 5% VAT for first-time home buyers, have been found to be ineligible, following checks carried out throughout Cyprus by the Tax Department, and should be charged 19% VAT, totaling €16.2 million announced on Wednesday the Minister of Finance, Constantinos Petrides, after the Council of Ministers. He also announced on-site checks on other categories of taxpayers and types of taxes....

713. The effects of Global warming on banks and insurance companies

One of the last print editions of the Economist had the title ‘Say goodbye to 1.5° C’ which refers to the goal of limiting the increase in the average temperature of the planet to 1.5 degrees Celsius...

714. European Institute of Management and Finance establishes the Centre of Good Governance

Considering the need to tackle weak and precarious governance structures evident in both private and public entities, the European Institute of Management and Finance (EIMF) has established the Centre for Good Governance (CGG) in an effort to enhance governance at all levels and in all fields. ...

715. Petrides: 'The casino will attract hundreds of thousands of tourists'

The government is handing over a modern, more dynamic tourism product that has the capacity to further develop, said on Tuesday Finance Minister Constantinos Petrides in addressing the 44th Cyprus Hotel Summit and Exhibition organized by the Hoteliers’ Association....

716. 'Double tax' treaty talks to begin between Cyprus and Australia

Cyprus Finance Ministry has expressed satisfaction with the positive reaction of Australian authorities to initiate bilateral negotiations for the conclusion of the Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance....

717. Who benefits from the proposed rent-to-mortgage scheme?

The "Rent vs Instalment Scheme", now known as the "mortgage to rent" scheme, is nearing completion, with implementation set to begin in January 2023. ...

718. Investors lost $1 billion on FTX, prompting calls for industry regulation

The turmoil in the cryptocurrency world continues unabated following the bankruptcy of the FTX platform, which landed its founder, Sam Bankman-Freid, bankrupt almost overnight. ...

719. President defers foreclosure mess to attorney general

Cypriot President Nicos Anastasiades has refused to veto legislation that suspends foreclosures yet again until February 2023, essentially calling on the attorney general to examine the constitutionality of the bill as the issue on the presidential election campaign trail continues to heat up...

720. Cyprus regulator to suspend FTX's license

FTX's European Union license in Cyprus could be suspended in yet another blow to Sam Bankman-Fried's crypto exchange, according to Bloomberg....