The deadline for the first instalment of the Temporary Tax Assessment for the year 2023 in Cyprus is approaching and it is recommended that businesses contact their tax advisors to ensure tax compliance.

Cyprus’ tourism revenue reached €217.6 million in April 2023, compared to €185.1 million in the same month of the previous year, marking a 17.6 per cent increase, according to a report by the state’s statistical service, which uses the data gathered by the recurring traveller survey.

Cyprus and global banking sectors are facing a cocktail of challenges that lead to radical change, banking expert Chris Davis told the Cyprus News Agency, underlining that enhancing the competitiveness and sustainability of banking institutions goes hand in hand with investing in technology, offering personalised customer services, enhancing cybersecurity and finding new sources of revenue.

Tourism is returning to pre-pandemic levels, deputy minister for tourism Costas Koumis said on Friday.

On 08 June 2023, the House of Representatives passed a bill amending the current legislative framework allowing for a reduced VAT rate of 5% levied on first homes on the Value Added Tax Law 119(I) of 2016 (the "Law"). The new amendment of the Law is subject now to the European Commission's approval to come into force.

Fairfax wishes to inform all employers about the changes that will be put in effect in 2024.

The University of Cyprus has climbed 105 places to 368th in the QS World University Rankings.

The Cypriot flag has been included among the flags of countries listed in the white list of the Paris and Tokyo memoranda, according to Deputy Minister for Shipping Marina Hadjimanoli.

President Nikos Christodoulides said on Tuesday one of his priorities is the establishment of a deputy environment ministry to facilitate the country’s green transition in the coming years.

The European Commission has proposed to mobilise €574,000 in funds, as part of a proposal for a total of €330 million for farmers across the EU impacted by adverse climatic events, high input costs, and diverse market and trade related issues.