Cyprus may no longer be a tax optimised route for Indian funds or may it?

A publication in the Economic Times has caused much debate in India since after blacklisting Cyprus for not sharing information on tax evaders, India is now looking to take away the favourable tax treatment available to investors from the European tax heaven under the bilateral tax treaty between the two countries.

Government posts a €219.1mln fiscal surplus in Q3 2014

The government posted a €219.1 million fiscal surplus in the third quarter of the year, compared with a €83.5 million deficit a year before, on a strong rise of revenue accompanied by a considerable reduction in spending, the statistical service said recently.

Cyprus ranks 64 in 'Ease of Doing Business' report

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

Russian tourists to reach record high in 2014

Cyprus tourism officials believe that the number of tourist arrivals from Russia will peak at 650,000 this year, second only to arrivals from the U.K., while Russians are the third best spenders on the island.

Cyprus expects 2014 recession narrower than predicted 3%

The fiscal deficit is projected to be lower in 2014 than the 3% threshold set by the EU and closer to 2.5%, said the Finance Minister recently.

Budget report predicts slight recovery in 2015

The economy's prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to recovery, the Finance Ministry said in a report to the House recently.

Announcement regarding deregistering companies

The Department of Registrar of Companies and Official Receiver announced, that as from 29 September 2014 the procedure for deregistering companies will commence under section 327 of the Companies Law Cap 113 by sending reminding letters to all companies that did not file the annual returns due with the corresponding financial statements.

Double Tax Agreement Between Cyprus And Lithuania Now In Force

The double tax agreement between Cyprus and Lithuania, which was signed in June 2013, is now in force and will take effect from 1 January 2015.

Fiscal deficit reduced by €198m in Q2 2014

The fiscal deficit was reduced by €198m in Q2 2014 compared with the same period in 2013, mainly as a result of a significant decrease of expenditure on civil servants compensation and a decrease in social benefits.

CTO initiative for airport taxes reduction

Cyprus Tourism Organisation (CTO) has taken an initiative with the aim of reducing airport taxes imposed by Hermes, the company managing the operations of Larnaca and Pafos airports, CTO Director General Marios Hannides said recently.