Cyprus government reduces deficit to €39 million in second quarter

The Cyprus government recorded a reduced deficit of €39 million in the second quarter of 2024, marking a sharp improvement from the €260.8 million deficit reported for the same period last year.

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Tax reform to focus on green taxes, energy costs, business incentives

The University of Cyprus’ Economics Research Centre (CypERC) is entering the second phase of its tax reform project, it emerged on Monday, after it had been tasked to come up with a series of proposals by the government.

Cyprus economy exceeding expectations, says Finance Minister

The Cypriot economy is on an upward trajectory and displaying resilience, Finance Minister Makis Keravnos said on Friday, after briefing the Cabinet on the semi-annual fiscal policy report.

Cyprus Tax Updates: Return for Withheld Taxes & Contributions (TD7 2023) deadline extended

The Tax Department of the Republic of Cyprus has recently announced that the deadline for the Return for Withheld Taxes & Contributions (TD7) for the year 2023 has been extended to 31 October 2024.

Cypriot banks’ return on equity surged to 24.6 per cent in 2023

The return on equity for the Cypriot banking system after taxes reached 24.6 per cent at the end of 2023, compared to just 4.8 per cent at the end of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

The Tax Tribunal vindicates Antonis Askanis Ltd

In a landmark decision, the Tax Tribunal vindicated Antonis Askanis Ltd by annulling a VAT assessment of €1,261,344 imposed by the Tax Commissioner. Patrikios Legal played a crucial role in this victory, with Partner Angelos Onisiforou co-contributing key arguments along with representatives from Chelco VAT Ltd and Antonis Askanis Ltd, who were instrumental in securing this favourable outcome.

One in two Cypriots confident in starting a business

One in two Cypriots feel confident about starting a business, while more than half believe they possess the necessary skills to be successful in business, according to the results of the Global Entrepreneurship Monitor (GEM).

Cyprus government records €918.7 million surplus in 2023

The Cyprus government recorded a fiscal surplus of €918.7 million in 2023, constituting 3.1 per cent of the Gross Domestic Product (GDP), with government debt reaching €23.03 billion, accounting for 77.3 per cent of GDP, according to a report by the state’s statistical service.