Cyprus is considering updating its tonnage tax system and its pricing policy for the registration of ships as part of targeted measures to enhance the competitiveness of the Cyprus shipping industry, President Nicos Anastasiades said.

Given the current international telecommunications challenges, Cyta has made the strategic decision to have its UK subsidiary Cyta UK Ltd focus on its primary role – that of the owner and manager of the London-based International Telecommunications Node of the Organisation, with no financial backing from Cyta in Cyprus.

The Health Insurance Organisation (HIO) is within budget in the first three months of operation of the newly-launched general health scheme (GHS), a senior official told the Cyprus News Agency on Friday.

Cyprus tourism revenue declined 2% in June 2019 for the second month running while arrivals remain at the same high level as last year.

Cyprus annual inflation rate remained in negative territory for a third consecutive month in August 2019 at -0.7% as food and energy prices dipped.

Cyprus’ economy expanded by 3.2% in the second quarter of 2019 on an annual basis, racking up 18 quarters of consecutive growth, official data showed recently.

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.