We are thrilled to announce that Elias Neocleous & Co LLC was the recent recipient of a Jurisdictional Award at the 2023 Women in Business Law Awards for Europe, the Middle East and Africa (EMEA).

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.

New corporate loans exceeding €1 million experienced a significant surge, totalling €599.1 million, in May 2023, driving the total amount of all new loans to €1.07 billion, compared to €473.9 million in the previous month.

Cyprus experienced a significant decline in inflation during June 2023, reaching its lowest level in the past 25 months, according to a report released this week.

Exciting news for everyone here at Haviaras & Philippou LLC. Our firm is delighted to announce the merger with Antonis Paschalides & Co LLC.

Consulting and advisory firm PwC Cyprus on Tuesday said that its foundation is ushering in a new approach to social contribution, focusing on the three core pillars of education and culture, youth entrepreneurship, and the contribution of the organisation’s people.

Attracting productive direct investments in our country is of paramount importance for the Government, Cyprus’ President Nikos Christodoulides said in his address at the 11th Invest Cyprus International Investments Awards that took place in Nicosia.

The liquidity and capitalisation of the Cypriot banking system are above the European Union average, while efforts on reducing non-performing loans are progressing well, the president of the European Banking Authority (EBA) Jose Manuel Campa said on Tuesday.

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.