EY Cyprus is pleased to share the latest Cyprus Tax Facts guide – in English – which provides information regarding the Cypriot tax system, based on current legislation and tax practices, in relation to the fiscal year 2020.

Cabinet decided on Wednesday to grant government guarantees to the European Investment Bank (EIB) for two loans to Cypriot banks, to be used to finance small and medium-sized enterprises as well as mid-cap companies. EIB will grant a €50 million loan to RCB Bank and a €100 million loan to Bank of Cyprus.

Cypriot households spent 14.7% of their income on transportation, the fourth highest in the EU, according to a Eurostat study published on Wednesday.

Cyprus’ goal is to be included in the top 30 World Tourism ranking, a list of countries compiled by the United Nations World Tourism Organisation by 2030, Deputy Tourism Minister Savvas Perdios said on Wednesday.

The cabinet on Wednesday issued a decree on minimum salaries for a number of professions in the hotel industry.

Construction output prices were up in the third quarter of 2019 both on a quarterly and annual basis, according to data released by the Cyprus Statistical Service on Tuesday.

Despite external pressure and warnings by supervisory authorities over a real estate bubble in Cyprus the sector has proved to be resilient and sentiment was positive in 2019.

Registered Cyprus unemployed recorded a 15% drop in December on an annual basis falling from 29,800 in 2018 to 25,285, official data shows.

The tax department on Tuesday reminded taxpayers that following the law amendment in force since last month, any deductions for insurance and contributions cannot exceed one fifth of one’s net income.

The economic sentiment in Cyprus declined in December due to weaker business confidence in services and industry.