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1. Greek workers strike paralyzes transport services

In Greece, transport services came to a standstill on Wednesday as workers across various sectors participated in a 24-hour strike, demanding higher pay to offset the increasing cost of living...

2. AstroBank's record-breaking year: €30.4M in profits for 2023

AstroBank reported Profit After Tax of €30.4 million for 2023, representing a return on equity (RoE) of 13.9%, compared with €12.2 million and RoE of 6.2% for 2022, achieving an increase on profit of 150%, mainly due to increased interest income....

3. EU mulls tax breaks for islands nations on aviation fuel

European Union nations are in talks to grant exemptions for a proposed EU-wide tax on aviation fuel, particularly favoring islands. A draft document from Belgium,...

4. Pillar two readiness and technology

As per our previous publications and alerts, we had the opportunity to communicate a significant development - the introduction of BEPS 2.0 Pillar Two or Global Minimum Tax. The European Union unanimously adopted a directive in December 2022 (the ''Minimum Tax Directive''). ...

5. Christodoulides unveils €60M relief package amid rising prices

In an address to the nation, the President of Cyprus unveiled a series of targeted measures aimed at alleviating the economic challenges faced by households and businesses amidst rising prices. ...

6. 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....

7. 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....

8. 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....

9. Deloitte’s Tax Facts 2024

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. Hellenic Bank rakes in €240.7M in 2023's first 9 months

Hellenic Bank announced on Tuesday a profit of €240.7 million for the first 9 months of 2023....

12. 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....

13. Ireland's tax policies fill sovereign fund coffers

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

14. Step up, weigh in! Korean Air weighs passengers for safety

Starting Monday, passengers flying on Korean Air may be asked to step on a scale before boarding their flight. ...

15. BOC reports €220 million profit for first half of 2023

Bank of Cyprus Group has reported a robust profit after tax of €220 million for the first half of 2023, a significant leap from the €43 million recorded in the same period of 2022. Notably, €125 million of these profits were achieved in the second quarter of 2023....

16. Eurobank Cyprus reports soaring profits amid rising interest rates

Eurobank Cyprus posted soaring profitability after tax for the first half of 2023 with net profits approaching the profitability of full year 2022, due to rising interest rates and the high remuneration of its liquidity held at the ECB....

17. Cyprus-Oman double taxation agreement approved

The Council of Ministers approved on Wednesday an agreement for double taxation avoidance and the prevention of tax evasion regarding income taxes as well as the relevant protocol between the Republic of Cyprus and the Sultanate of Oman, Minister of Finance, Makis Keravnos said after the Cabinet meeting....

18. Cyprus approves €361M supplementary budget for 2023

With criticism against the government's agreement for the purchase of the Metropolitan building, which will house the Ministry of Labor and Social Insurance, the Plenary of the House of Representatives approved the supplementary state budget amounting to €361 million....

19. Backlash over Cyprus' VAT refund change

The recent decision made by the Department of Customs to raise the expenditure limit for VAT refunds to third-country travelers visiting Cyprus is receiving criticism for its adverse effects on tourism expenditure....

20. MEP's pass bill banning home sales or rentals without energy upgrade

All properties available for sale or rent must incur compulsory energy upgrade costs, costing tens of thousands of euros, from 2030 onward, based on what is stated in the relevant European Union directive....

21. 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. ...

22. January Newsletter of K. Treppides & Co Ltd: European Banking Authority

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in the field of auditing and accounting services with offices in three countries....

23. 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....

24. Americans show more interest in Greece's golden visa program

Americans’ interest in Greece’s Golden Visa program has marked a significant increase recently, according to the latest report of real estate experts Berkshire Hathaway HomeServices....

25. Labor Minister Zeta Emilianidou has died aged 68

The Presidency of the Republic has expressed its deepest sorrow over the death of Labour and Social Insurance Minister Zeta Emilianidou....

26. Tax incentives for businesses looking to relocate to Cyprus

The Cypriot government on Tuesday approved a bill with tax incentives aiming to attract talent and promote headquartering in Cyprus, in line with the Strategy for Attracting Businesses for Activities and/or Expansion of their Activities in Cyprus approved by the Council of Ministers in October 2021....

27. K. Treppides & Co Ltd: Pillar Two on a Global Minimum Taxation

On 22 December 2021, the European Commission proposed a Directive on the introduction of a minimum effective corporate tax rate of 15% on large multinational enterprise (MNE) groups operating in the European Union (EU)....

28. Turkish opposition leader refuses to pay power bill in protest

Turkey’s main opposition leader said he will not pay his power bills until Tayyip Erdogan withdraws recent price hikes, and the president’s ruling party slammed the move on Thursday as a provocation amid growing discontent over surging inflation....

29. Pandemic to ‘spell end of tax privileges for billionaires’

Thomas Piketty is one of the most famous economists in the world. His weighty tomes on inequality and its dangerous consequences for global capitalism have been widely praised by other stars of the dismal science, like Paul Krugman and Robert Solow. ...

30. 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....