EY Cyprus hosted its Tax Conference, on Recent tax developments: EU Anti-Tax Avoidance Directive, Transfer Pricing, VAT and Personal Taxation, at the Carob Mill in Limassol and Hilton Park Hotel in Nicosia, on Thursday, 11th and Friday 12th April 2019 respectively. The conference brought together Cyprus government tax officials, C-suite executives from leading multinational companies and Russian groups, EY Cyprus and Greece partners and directors. More than 300 delegates attended in total, to hear about the latest updates on the changing tax landscape.

Cyprus is considering early repayment of the remainder of a €2.5 billion Russian loan secured during financial crisis, two government officials told Bloomberg, after yields on its 10-year debt hit a record low.

With Easter traditionally commencing the summer season for Cyprus tourism, stakeholders in the industry are evaluating how the year may turn out, looking at bookings made to date due to Brexit delay.

We are delighted that the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 10 April, confirm Elias Neocleous & Co LLC as the leading firm in Cyprus with the highest overall rankings.

Ratings agency Fitch has affirmed Cyprus’ long-term foreign currency issuer default rating (IDR) at BBB- maintaining a stable outlook.

President Nicos Anastasiades has reiterated the government’s commitment to maintain and broaden conditions that would lead to fiscal surpluses and high economic growth.

An agreement between Cyprus and Egypt on a direct subsea natural gas pipeline between the two countries was ratified recently by the House plenary.

Britain’s eventual exit (Brexit) from the European Union (EU) will consequently impact Cyprus and its economy due to their close financial relations. UK is one of Cyprus’ main supplier of goods and services. Also, Cyprus’ exports to the United Kingdom (UK) exceed 10% of its total. Moreover, Cyprus’ financial services collaborate closely with the City of London and most importantly, Britain has always been Cyprus’ main source for tourism.

Cyprus recorded Europe’s lowest share of value added by foreign-controlled businesses at 13.4% and was below the EU average of 25%, according to latest Eurostat data.

Cyprus exports grew faster than imports during January 2019, narrowing the island’s trade deficit by €138.8 million.