News

CYPRUS: Parliament approve number of key tax reforms

The House in Cyprus approved a number of tax reform bills last week, aimed at restructuring taxation and encouraging investment in Cyprus.


IMF’s next loan instalment for Cyprus approved

The IMF arranged to loan Cyprus a total of €1bn as part of the bail-out plans. This was given in conjunction with a €9bn emergency sum donated from the European Stability Mechanism (ESM).


EC launches public consultation to aid corporate tax transparency

The European Commission (EC) have launched a public consultation on commercial tax transparency to explore whether companies disclosing more information about the taxes they pay could help prevent tax avoidance. The consultation looks set to end on September 9th.


As Greek deal becomes less likely, bond yields in Cyprus increase

Yields of the Eurozone area bonds are on the rise this week amid news broadcasters reporting that a deal between Greece and international creditors is looking less likely each day that the issue remains unresolved. The seven-year bond in Cyprus is expiring in May 2022, which was issued this year in…


Fewer and fewer offshore companies registering in Cyprus

During May 2015 only 103 applications were filed for registration of new companies in Cyprus, which is 10% lower than in 2014.


The EBRD is ready to help Cyprus get out of a difficult situation

The European Bank for Reconstruction and Development (EBRD) plans to finance projects in three areas, in order to help the banks in Cyprus, whose share of non-performing loans (NPLs) have reached more than 50%. The privatisation of parastatal projects, actively oppose the Cypriot trade unions and other…


Negotiations regarding the unification of Cyprus continues

Gas reserves of copper and gold in Cyprus forced the leaders of the Greek and Turkish communities to intensify negotiations. By no coincidence, Joe Biden, the Vice President of the United States flew to Cyprus several times and stated that the relationship between the Turkish and Greek communities is complex.


Direct flights from China to Cyprus set to be implemented

The Government of Cyprus is negotiating with Chinese airline China East Airlines to arrange for direct flights to Larnaca from Shanghai. It is hoped this will encourage more Asian tourists to visit Cyprus and Europe in general. Perhaps, soon we will be celebrating the opening of “Little China” in Cyprus…


Statistics on traffic accidents in Cyprus

According to statistics, traffic police are among those killed in road accidents in Cyprus, 80% of which are men. If this matter further continues, then men will need to be imported into to Cyprus!