News

Cyprus is expecting to lift capital controls by January 2014, President Nicos Anastasiades said, and Cyprus will be the best at implementing a bailout agreement with international lenders. "The goal right now is to create the conditions for growth and tackle the serious problem of unemployment, to stabilize…


Southeast Asia community (known as the Association of Southeast Asian Nations or ASEAN) is working to create a common market through the removal of tariffs and trade barriers and allow free movement of goods, services, investment, capital and skilled labour as part of a European Union-style integration…


President Nicos Anastasiades said that Cyprus would compensate Russian bank depositors who lost cash as part of the terms of the island's €10 billion bailout. When the economy revives, it is planned to set up a special fund to collect the cash that will also include revenues from future sale of natural…


International Risk Review

Eltoma would like to draw your attention to potential business risk associated with trading in overseas countries. The headlines below highlight some of the recent changes that have impacted the risk environment. AFRICA Kenya: The risk profile remains healthy and points to steady growth in 2013. Zimbabwe:…


The Cypriot finance ministry announced that Russia and Cyprus yesterday signed an agreement to restructure a €2.5 billion loan the island received in 2011. According to the agreement, the loan will be repaid in eight biannual installments between 2018 and 2021, instead of a one-off payment in 2016. The…


There is a noticeable worldwide trend of disclosure and compliance changes to be implemented by tax havens after the push from the prime initiators the UK and the US. Recent legislative changes in the US, legal developments, and the new US Internal Revenue Service (IRS) enforcement efforts are the more…


Kashagan, a vast oilfield in Kazakhstan, will be visited by Chinese President Xi Jinping on Saturday as he tours post-Soviet Central Asia to secure hydrocarbons for the world's largest energy consumer. China's rising influence in Central Asia can be seen in the US$5 billion deal between China and Kazakhstan…


In accordance to a communique published on Friday, G20 leaders have agreed to start sharing tax information by 2015. The decision was taken to tackle large organizations who engage in global tax evasion by using legal loopholes. Recommendations from the G20 members will be heard on the matter of setting…


Singapore's Central bank has released figures and statistics which show that Singapore has overtaken Japan's foreign exchange volume.  The volume establishes Singapore as Asia's biggest foreign exchange center. Khoon Goh, a senior currency strategist at Australia & New Zealand Banking Group Ltd (ANZ)…


The managing head of the Company Registrar Spyros Kokkinos has commented on the avoidance of companies to pay the annual company levy in Cyprus and the implications it may have in taking swift actions on behalf of the government by striking them off. Between the months of March and May, the period of…