Limassol is seeking to take a leaf out of Marseille’s book in an effort to inject new life into the Aktaia Street area of the city.

The government’s deposits at the national bank rose by €68.4m in March 2017 to almost €1.2bn compared to February 2017, the Central Bank of Cyprus said.

The Cypriot government generated a fiscal surplus of €64.4m, or 0.4% of economic output, in 2016, after posting deficits over the past in eight years, the statistical service said.

The government is said to be considering launching yet another tender to secure natural gas for electricity production, with decisions expected in early May 2017.

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.