IMF backs postponing full implementation of NHS

The IMF favours postponing the full implementation of the National Health Scheme (NHS), according to an internal note by the Health Ministry, proposing instead a gradual implementation due to the fragile economy.

Recession in Cyprus expected to end in 2015

Recession is expected to ease in Cyprus in 2014 and growth is set to return in 2015 as domestic demand recovers, according to the European Commission's winter 2014 forecast.

Cyprus and Norway sign DTT

Cyprus and Norway have signed an Agreement on the Avoidance of Double Taxation and the Prevention of Tax Evasion, concerning Income Taxes, as well as a relevant Protocol.

Cyprus CEOs optimistic about medium term growth prospects in 2014

A total of 70 local CEOs contributed their views and experience on the future of their companies in the next 12 months, through a survey carried out by PwC.

Inflation decreases by -2.9% in January

Cyprus economy sees a strengthening of deflationary trends in January, as the rate of inflation decreases by -2.9% compared to -2.3% in December 2013 and 1.8% in January 2013, figures released by the Statistical Service show.

Concerns over taxman control in property transfers

Lawmakers have voiced reservations over a bill that would stop the transfer of an individual’s last immovable property until they have paid all their taxes to the inland revenue department.

Hoteliers cautiously optimistic about tourist prospects in 2014

The Cyprus Hotel Association appears cautiously optimistic about the tourist industry, saying that tourist arrivals in 2014 will be equal or even somewhat better than 2013 figures,which stood at 2.5 million.

UCy predicts milder than expected recession in 2014

Real GDP growth for the whole of 2014 is projected at -5.4%, an improvement over the -8% rate anticipated earlier, according to the Economics Research Centre of the University of Cyprus.

Government appoints PwC as Property Tax advisor

Professional services firm PricewaterhouseCoopers (PwC) has been appointed to an advisory role over the creation of a singular tax policy for property in Cyprus, says the government.

Companies face court over property tax

Lawsuits are expected to be lodged against 32 developers and hotels for €10.6 million outstanding in property tax.