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1. EY presents Cyprus Tax Facts 2022 guide

EY Cyprus is pleased to share the latest Cyprus Tax Facts guide – in English – which provides a straight-forward, holistic summary of the Cyprus tax system, based on current legislation and tax practices, in relation to the fiscal year 2022....

2. Reflections on 20 years of the euro

Twenty years ago on Saturday, around 300 million Europeans held a brand-new currency in their hands, the euro....

3. Parliamentary Committee report on state budget 2022 sees significant uncertainties due to pandemic

A report by the Parliamentary Committee of Financial and Budgetary Affairs on the State Budget for 2022 ahead of the plenary debate and vote this week, stresses the significant uncertainties affecting the projections upon which the budget is based....

4. 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....

5. Debt sustainability in all Member States

ESM Managing Director Klaus Regling strongly believes that public debt is currently sustainable in all Member States of the monetary union. ...

6. Greek, Cypriot American groups welcome passage of Titus amendment

Greek and Cypriot American organizations have issued a joint statement welcoming the passage of an amendment to the Fiscal Year 2022 National Defense Authorization Act (NDAA) that could affect the status of Turkish far-right nationalist group the Grey Wolves....

7. ECB tells Cyprus lawmakers to get it right

Elizabeth McCaul, Member of the Supervisory Board of the ECB, advised caution over possible amendments to the Cyprus foreclosure law stressing that 'such policies can also backfire and destabilize the banking sector if designed in a haphazard manner'...

8. IMF: Withdrawal of support measures should be gradual

An International Monetary Fund (IMF) mission met virtually with the Cypriot authorities from March 8–29, 2021 to discuss recent economic developments and policy priorities on the island. In an interview with Kathimerini Cyprus, IMF mission chief for Cyprus, Anita Tuladhar, said the longer the recovery period in sectors related to tourism, the greater the chance that permanent scars will remain in the economy of Cyprus. Tuladhar also noted the importance of state-sponsored programs to support the economy....

9. Cabinet approves €250m supplementary pandemic budget

The Cabinet on Wednesday approved a supplementary budget of €250 million to cover needs arising from the handling of the pandemic. ...

10. Vaccinations 'main economic tool' in managing Covid crisis

Vaccinations have turned into the main economic tool for the management of the coronavirus crisis and the prospects for recovery, Minister of Finance Constantinos Petrides said, stating that he foresees a strong recovery in 2021 ranging from 3.5% to 4.5% of GDP, depending on the development of the pandemic....

11. FinMin: Cyprus to reduce debt once pandemic normalises

Cyprus Minister of Finance Constantinos Petrides told the Cyprus News Agency that the government will begin reducing public debt, increased due to strategic cash reserves, once the pandemic begins to normalise....

12. Cyprus supporter to lead US foreign committee

Cypriot President Nicos Anastasiades says he looks forward to working with US Senator Bob Menendez, after the NJ Democrat was named officially chairman of the foreign relations committee in the new Congress...

13. Policy priorities unaffected by pandemic, FinMin says

Despite the crisis of the Covid-19 pandemic Cyprus’ economic policies remain the same, targeting macroeconomic and financial stability, prudent fiscal policies, and establishing a competitive, business-friendly regulatory environment of high standards, Minister of Finance Constantinos Petrides said on Thursday....

14. MPs vote on budget hanging by a thread

The House takes another vote on the state budget on Thursday, with representatives expected to pass the bill narrowly following behind-the-scenes consultations since the first time it was rejected in mid-December...

15. Cypriot FM visits Gulf before US inauguration

Cypriot Foreign Minister Nikos Christodoulides flew to the United Arab Emirates on Monday to hold a private meeting with his counterpart, days after the two countries signed a military cooperation agreement but also days before a changing of the guard in Washington could spell trouble for US arms sales to Gulf states...

16. Government buys time on new COVID measures

The health, finance, and labour ministers of the Republic of Cyprus have been tasked to reconcile a number of issues before a Cabinet meeting on Friday, essentially stalling the announcement of new COVID measures which was expected on Thursday...

17. Cyprus’ passport probe dispute widens

Cypriot President Nicos Anastasiades and DIKO party leader Nicholas Papadopoulos took their disagreement over probing golden passports to a whole new level this week, while questions remained over the independent committee’s reassurances of transparency in the investigation...

18. DBRS warns against protracted process in approving bugdet

Global credit rating agency DBRS Morning Star said it is monitoring the situation in Cyprus following the rejection of the 2021 state budget by lawmakers on Thursday, warning that a protracted process to approve the budget could affect economic sentiment and could eventually weigh on economic activity....

19. Turkey’s defence industry to go it alone

US Senator Robert Menendez says he is not worried about retaliation from Turkey after Washington imposed sanctions on Ankara, with officials in Turkey warning further development of their domestic defence industry could speed up as a result...

20. FinMin confirms Cyprus won’t reinstate ‘golden passports’ scheme

Finance minister Constantinos Petrides assured that the government will not be reinstating the Cyprus Investment Program (CIP), that was shut down after the shocking corruption revelations that emerged through an Al Jazeera investigation and the subsequent stark criticism by the European Commission. ...

21. State budget up in the air over golden passports

Opposition parties are cranking up the pressure on Interior Minister Nikos Nouris, who has been refusing to hand over files in connection with the golden passports scandal, with the Democratic Party making good on its promise not to vote the state budget later this month if there is no transparency...

22. Cyprus experiencing excessive macroeconomic imbalances

The European Commission said Wednesday that Cyprus continues to face excessive macroeconomic imbalances, particularly in view of the country’s very high percentage of non-performing loans that continue to plague the financial sector, but also in light of high private sector, government, and external debt....

23. Obama offers piece of the puzzle in Greek debt crisis

Apart from providing key insights into a special (in many respects) presidency, Barack Obama’s memoir contains some very interesting references to the Greek debt crisis and the way in which the major European powers chose to deal with the situation....

24. Fresh total lockdown out of the question for Cyprus govt

Finance minister Constantinos Petrides on Monday strongly refuted the possibility of Cyprus entering a second lockdown, such as the one it was plummeted into in March as a result of the outbreak of coronavirus....

25. President defends block on audit office

President Nicos Anastasiades invoked the Constitution during a televised interview, saying the job description of the auditor general, who is currently seeking information on foreign nationals linked to a casino project, does not authorize him to 'have a say in everything'...

26. EY Cyprus Platinum Sponsor at first Cyprus Forum

27. Washington lifts Cyprus arms embargo

Washington has announced a partial lifting of a decades-old arms embargo to the Republic of Cyprus, with Turkey saying the decision ignores equality and balance between the two sides on the divided island...

28. A second lockdown would be a grim financial equation

With the rise in coronavirus cases which are mainly located within the local community and not just at the country’s points of entry, whispers of a second lockdown looming have resumed....

29. Greek PM tweaks cabinet to increase efficiency on economy, labor and environment

Prime Minister Kyriakos Mitsotakis has introduced changes to the makeup of his cabinet aimed at increasing its “operational efficiency,” government spokesman Stelios Petsas said on Tuesday....

30. Cyprus to draw over €2.7b from EU pandemic recovery fund

European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day....