The economic sentiment in Cyprus deteriorated for the second consecutive month in October 2014, according to the monthly report of the Directorate General for Economic Affairs of the European Commission.

The House plenum recently unanimously passed a law extending the deadline for payment of immovable property tax (IPT) by a month, as well as extending by one month the 15% discount.

In the fight against tax evasion, member banks of the Association of Cyprus Banks (ACB) are currently in the process of implementing the Foreign Account Tax Compliance Act (FATCA), in anticipation of the upcoming intergovernmental agreement between the United States of America and Cyprus, ACB Director General Michael Kammas said.

The co-operation between Cyprus, Greece, and Egypt aims to bring stability in a volatile area and to allow everyone to reap the benefits of the natural wealth, President Nicos Anastasiades said.

The European Commission has approved funding for electricity connection between Hadera of Israel and Vasilikos in Cyprus, in the framework of the programme Connecting Europe Facility (CEF).

The island’s Supreme Court has ruled as unconstitutional four bills passed by opposition parties to limit the scope of a law on foreclosures.

Manufacturing production fell 3.0% year-on-year in August to 54.8 points, as most manufacturing sectors saw their production decline, the statistical service said recently.

Banks saw the highest deposit outflow in September 2014 since the aftermath of the island’s bailout in March 2013, Central Bank (CBC) figures showed.

The central government generated a €207.6 million surplus in the first three quarters of the year on a cash basis or 1.3% of the economy compared with a fiscal deficit of €411.8 million a year before, mainly on reduced spending, the Finance Ministry said recently.

Cyprus ranks 64th out of 189 countries, in the World Bank’s annual ‘Doing Business’ report, published recently.