Guaranteed Minimum Income approved

Parliament recently passed a bill overhauling the current welfare system and replacing it with a new troika-inspired one, with the Guaranteed Minimum Income (GMI) at its forefront.

‘Green tax’plans to boost ‘green growth’

Cyprus is preparing a national action plan for green growth, in line with EU targets, Agriculture minister Nicos Kouyialis said in a speech at a conference about the prospects of environmental tax reform in times of economic crisis.

Duties and Liabilities of Directors Under Cyprus Law

Cap. 113, Cyprus Companies Law, provides that every private company must have at least one director and every public company must have at least two directors (s.170). There must also be a company secretary who cannot be the same person as a sole director (s.171) except in the case of a private company where the sole shareholder can be the sole director and also the secretary.

Government fiscal balance returns to surplus in April 2014

The consolidated accounts of the central government recorded a surplus in April 2014, covering thus the 0.12% GDP deficit last March, that corresponds to €18.95 billion.

Government plans to jump-start the economy

President Nicos Anastasiades reassures the public that there will be no more taxes or other cuts, but instead there will be plans to create incentives that will help boost the economy.

Minimum guarantee income scheme for every Cyprus citizen

Preparations for the implementation of the Minimum Guaranteed Income (MGI) scheme continue as planned and will be ready for initial deployment on July 1, 2014, assures the Labour Minister.

Investors view Cyprus positively, says Finance Minister

Investors view Cyprus in a positive way, Finance Minister Harris Georgiades said recently, but warned that money will not start flowing into the country overnight.

20MW solar park in Limassol

The Electricity Authority is entering the alternative energy market with a 3MWp solar park near Tseri that will come online in May 2014 and a larger 30MWp plant near Limassol by the end of 2015.

Wizz Air announces Larnaca-Vilnius route

Wizz Air, the largest low-cost airline in Central and Eastern Europe announces a new route from Vilnius, Lithuania, to Larnaca from June 2014.

Push for year-round tourism

The Finance Minister promises hoteliers to do everything he can to help boost ailing winter tourism, including tax incentives, and a possible reduction in airport landing charges for specific periods.