Cyprus posts €727 million deficit from January to October

Cyprus posted a general government deficit amounting to €727 million for the period of January – October 2020, compared to a surplus of €639 million in the respective period of last year due to launch of government support measures and the reduced public revenue due to the coronavirus pandemic.

Russian budget carrier resumes Larnaca-Moscow route

Russian low-cost carrier Pobeda, a subsidiary of the Aeroflot Group, announced it will resume a weekly flight connecting Larnaca with Moscow from December 4.

Assessment and Collection of Taxes: What Changes?

The Tax Department in Cyprus has recently released a guide on the amendments to the Assessment and Collection of Taxes Law (L.4/1978) in relation to tax registration and reporting, filing of income tax returns and employer’s returns, capital statements, auditing obligations, tax payments and compliance, card payments and tax lottery.

EU: Cyprus economy to shrink 6.2% GDP in 2020

Cyprus’ pandemic-struck economy is expected to contract by 6.2% GDP in 2020, rebound 3.7% in 2021 and 3% the year after, said the European Commission autumn economic forecast.

Cyprus records deficit of €800 million in Q2

Cyprus General Government posted a deficit of €800 million in the period of April – June 2020 compared to a surplus of €140 million in the respective period of last year, according to data released today by the Cyprus Statistical Service (Cystat).

VTTV €150m projects boost for shipping

VTT Vasiliko, the Dutch-controlled international energy trader playing a key role in developing the Vasiliko energy hub since 2014, has two more storage projects in the pipeline worth about €150 million.

Industry seeks benefit from passport scheme

Leading employers believe the controversial Cyprus passport for investment scheme should be maintained, improved and its resources redirected from property deals to funding industry as well.

Deficit in General Government fiscal results for January – July

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CyStat) indicate a deficit of €930.9 million (4.6% of GDP) for the period of January – July 2020, as compared to a surplus of €385.7 million (1,8% of GDP) that was recorded during the period of January – July 2019.

EU marathon summit concludes in $2 trillion recovery fund

Following marathon talks in Brussels since Friday morning that lasted four days, 27 European Union (EU) governments have reached a breakthrough agreement over the new fiscal stimulus.

Cyprus-Switzerland amend taxation treaty in trade boost

Cyprus and Switzerland on Monday signed a protocol amending the Treaty for the avoidance of double taxation in a move both sides said will boost their trade ties while attracting investment.