The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) of BVI which came into effect on 1 January 2019 and was supplemented by the issuance of the draft International Tax Authority Economic Substance Code that was issued on 22 April 2019, requires some legal entities carrying on the activities mentioned below, to demonstrate adequate economic substance in the BVI and further introduces reporting obligations for these entities.

US Ambassador to Cyprus Judith Garber has said more US energy companies will operate in Cyprus, joining ExxonMobil and Noble Energy.

EU countries lost €137 billion in Value-Added Tax (VAT) revenues in 2017, according to a study released by the European Commission recently.

The island’s travel agents (Acta) urged the government on Wednesday to solve the problems plaguing the tourism industry and strive to turn Cyprus into a sustainable year-round premium destination.

Cyprus-based startup Foody has been acquired by the Berlin-based food delivery giant Delivery Hero.

Crop farming is to be modernised through investment, precision farming, and the use of anti-hail netting, Agriculture Minister Costas Kadis told farmers at a briefing on Tuesday.

Between November and next February more than 70,000 trees will be planted, Minister of Agriculture Costas Kadis announced after the Cabinet meeting on Wednesday.

As part of its reform agenda, Cyprus will establish a Deputy Ministry of Innovation and Digital Policy in 2020 following the cabinet’s decision to approve a bill to be tabled before parliament.

An annual decline of 16.7% was registered in the number of unemployed people, according to the latest figures released by the Statistical Service.

Berlin-based Delivery Hero, one of the biggest online food ordering and delivery marketplaces in the world, has made a small acquisition in Cyprus to expand its footprint.