Search

1. ECB concerned over Cypriot bank profit tax proposal

In 2023, Cypriot banks reported unprecedented profits, marking a 15-year high, with projections suggesting even greater earnings in 2024....

2. Archimandrite Nektarios arrested in Avvakoum Monastery probe

Police arrested 37-year-old Archimandrite Nektarios on Tuesday in connection with a financial scandal at the Holy Monastery of Saint Avvakoum in Fterikoudi....

3. Tax form deadline extended, no penalties until July 31

The Department of Taxation has announced an extension regarding the submission of the Tax and Contribution Withholding Statement-TF7. Until July 31, 2024, no administrative penalties will be enforced for failure to submit TF7....

4. Government clears €564.2 million in outstanding debts

The General Accounting Office of the Republic announced that a significant sum of €564.2 million has been cleared by the government from November 2013 to April 2024. This extensive effort aims to address outstanding debts owed to various government departments and agencies....

5. Cyprus wins IMF praise for strong recovery

The International Monetary Fund (IMF) has praised Cyprus for its robust economic recovery and fiscal discipline, recommending continued efforts......

6. 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....

7. Millions saved in Cyprus pension reform

The saga surrounding multiple pensions remains in limbo, as two bills navigate the corridors of power, scrutinized by the Presidential office, Cabinet, and Parliament....

8. Melco's European expansion hit by tax cuts in occupied Cyprus casinos

Melco Resorts & Entertainment's grand venture, the City of Dreams Mediterranean, faces a dramatic twist in its European odyssey as northern Cyprus casinos brace for a tax overhaul. ...

9. Former Central Bank Governor reflects on achievements and future plans

In an exclusive interview with Andreas Kimitris of Kathimerini, former Cyprus Central Bank Governor Constantinos Herodotou delved into various aspects of his tenure and the hurdles encountered during his term. ...

10. Lawyers reveal source of €807,000 found in safe

Lawyers representing two monks at the center of the scandal at the Monastery of Saint Avvakum have returned with a new letter, shedding light on the origin of the €807,000 found in a safe. ...

11. Cyprus launches crucial tax reform study, President says

A study on the level of chargeable income tax is in progress, as part of the wider effort over a tax reform in Cyprus, President Christodoulides said on Thursday afternoon....

12. Employers call for tax reform to spur economic growth

Employers are advocating for a comprehensive overhaul of the tax system, proposing significant changes aimed at boosting economic activity and competitiveness. Here's a breakdown of their proposals:...

13. Lawmakers slam green taxation plans as ''stupid'' and ''immoral''

DISY MP Kyriakos Hatzigiannis and Ecologists MP Stavros Papadouris sharply criticized the government's green taxation plans in interviews with ''SPOR FM 95.0'' and ''DIASPORA News.''...

14. 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....

15. 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....

16. 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....

17. 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....

18. 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....

19. 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). ...

20. 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. ...

21. 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....

22. 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). ...

23. 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....

24. 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...

25. 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. ...

26. 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....

27. Deloitte’s Tax Facts 2024

28. 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......

29. 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,...

30. 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)....