After two successive years of a strong increase in tourist arrivals, the hospitality industry has done little to pay back its more than €1bn in non-performing loans, data shows.

The Cyprus Tax Department (CTD) has notified the Institute of Certified Public Accountants of Cyprus (ICPAC) of their policy change in terminating the application of the pre-agreed minimum profit margins of 0.125% – 0.35% on qualifying intra-group back to back financing arrangements, with effect from 1 July 2017.

Legal 500, the world’s legal guide to the leading law firms and outstanding lawyers in over 100 jurisdictions, has recently released tiered rankings for the EMEA region for 2017.

Over the past few years Cyprus has demonstrated its commitment to tackling harmful tax practices and to complying with best practice as laid down by the Organization for Economic Cooperation and Development and other international bodies.

President Nicos Anastasiades, assured recently that the government will facilitate every business and investment initiative involving the Russian Federation.

The evaluation process for the Cyprus casino resort has been completed, and the government is ready for the last stage of the authorisation process which is the ratification by the Cabinet, Tourism Minister Giorgos Lakkotrypis announced recently.

It seems to be a record year for Cyprus tourism, as the month of March 2017 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.

A Cyprus commerce official has revealed that additional air and all-new sea links between the island and Egypt will most likely be created soon.

The Cyprus economy is exhibiting a slight growth rate of the economy for the years 2017 and 2018, according to the International Monetary Fund (IMF), aligning its projections for the next two years with corresponding evaluations of the European Commission.

Over a quarter of the island’s GDP will come from tourism by 2027 says the World Travel and Tourism Council (WTTC) in a report.