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1. New 15% tax hits Hellenic and other banks

Hellenic Bank has just become the poster child for how Cyprus’ new 15% minimum tax law is starting to shake up the financial sector — and it’s not just about tax bills....

2. Consulco’s London Credit Fund Launches Compartment C:

Consulco is delighted to announce the launch of Investment Compartment C, the newest sub-fund of the London Credit Fund. ...

3. Eurobank Cyprus: Stronger in 2024, with a net profit of €214mn

Eurobank Cyprus ended 2024 with increased profitability strong capital adequacy and maintained its good loan portfolio quality. The results reaffirm the Bank’s sound performance and resilience, the effective management of challenges in 2024,...

4. Cyprus tax reform: Bold overhaul aims to boost economy but sparks debate

Cyprus is preparing to implement its first major tax reform in over two decades, aiming to modernize the tax system, boost competitiveness, and align with international standards....

5. Bank of Cyprus posts €508M profit for 2024

Bank of Cyprus has posted impressive results for 2024, reporting net profits of €508 million, marking a 4% increase from the previous year’s €487 million. The results reflect the bank's strong performance and growth, despite slight fluctuations in some areas....

6. Cyprus MPs vote on major bills, including tax hikes and baby bonuses

The Cyprus Parliament was busy on Thursday, voting on a series of important bills that could reshape the island's economic landscape and support families....

7. Cyprus and Oman sign double taxation deal to boost trade and investment

The Republic of Cyprus and the Sultanate of Oman have signed a new agreement aimed at avoiding double taxation and preventing tax evasion....

8. November Newsletter of K. Treppides & Co Ltd - 25/11/2024

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in financial advisory and consulting services with offices in three countries. ...

9. Greek workers strike over rising costs and low wages

Greek workers are currently on strike today, Wednesday, causing disruptions at ports, and on buses and trains. The nationwide strike, which includes transport workers, doctors, teachers, and construction workers, is a protest against rising living costs and demands for higher wages....

10. EU takes Cyprus to court over tax law delays

The European Commission has referred Cyprus, along with Spain, Poland, and Portugal, to the European Court of Justice for failing to implement the 2022 directive on a global minimum level of taxation for multinational corporations and large companies (Pillar 2 directive)....

11. EU warns Cyprus on 15% business tax compliance

The European Commission has warned Cyprus and several other countries to step up their game on important new tax and data rules. Cyprus, along with Spain, Latvia, Lithuania, Poland, and Portugal, is under pressure to enforce a minimum 15% tax rate for big multinational companies, a key part of the EU’s efforts to ensure fair taxation....

12. 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...

13. 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....

14. 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,...

15. 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''). ...

16. 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. ...

17. 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....

18. 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....

19. 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....

20. Deloitte’s Tax Facts 2024

21. 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....

22. 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....

23. 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....

24. Ireland's tax policies fill sovereign fund coffers

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

25. 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. ...

26. 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....

27. 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....

28. 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....

29. 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....

30. 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....