Finance Minister Harris Georgiades has quickly dropped his proposal to increase the corporate tax rate from 12.5% to 15% after Cyprus business leaders strongly opposed the idea.

The Abu Dhabi National Oil Company (ADNOC) announced recently it is to acquire a 10% stake in global storage terminal owner and operator VTTI BV (VTTI), which also has interests in Cyprus.

Greece, Israel and USA expressed their full support to Cyprus’ sovereign right to exploit its energy resources, during the First Energy Ministerial Conference, that took place recently in Athens.

Finance Minister Harris Georgiades recently defended a decision by Hellenic Bank to start charging large depositors 0.4%, arguing that it was a consequence of the failure to fully collect the loans that were given.

Cyprus Finance Minister Harris Georgiades is considering an increase of the corporate tax rate from 12.5% to 15% as part of a financial reform package.

Passenger traffic at Larnaca and Paphos airports in the seven-month period January-July 2019 rose 3.1% to 6.1 million from 5.9 million last year, according to Hermes Airports data.

EY is pleased to announce the successful completion of the transaction between Ireon Investments Ltd and Cyprus Popular Bank Public Co Ltd (“CPB”) for the sale of CPB’s three Greek subsidiaries, namely Investment Bank of Greece S.A., CPB Asset Management A.E.D.A.K. and Laiki Factors & Forfeiters S.A. The closing of the transaction took place on 31 July 2019, at EY Cyprus’ headquarters in Nicosia.

The record boom in Cyprus tourist arrivals of recent years has encouraged owners to expand their hotels, while attracting branded newcomers to invest millions in the island’s hotel industry.

A new Eurobarometer survey released recently shows Cyprus is the EU member state where the positive image of the EU has increased the most.

A strong 16% increase was recorded in credit card transactions in July 2019, reflecting consumer confidence while tax and other online payments to the state played a significant part in the upswing.