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The publication from BIS highlights the significance of climate scenario analysis in financial institutions, particularly in the context of emerging regulatory standards. The increasing awareness of climate change as a global risk has led to a need for more advanced methods of assessing potential financial impacts. Climate Scenario analysis provides a forward – looking approach, which is crucial in navigating the uncertain landscape of climate – related risks. The publication also emphasizes the growing challenges associated with the adoption of these methods. To address these challenges and enhance transparency, regulatory bodies such as the ISSB, have introduced new standards, which aim to improve the quality of climate – related disclosures.

The publication from the EBA sets out the priorities for resolution authorities for 2025 and reports on the progress achieved in 2023. It focuses on ensuring the effective implementation of resolution strategies, enhancing management information systems for valuation, and improving liquidity strategies during resolution. The report also highlights the challenges encountered and the measures taken by resolution authorities to improve banks' resolvability and readiness to handle financial crises effectively.

It’s not a surprise that nowadays the rise of influencers has reshaped the landscape of traditional marketing worldwide, including Cyprus. Influencers, utilise social media platforms – Instagram, Facebook, YouTube, TikTok – to become powerful faces for different brands. However, as the influencer industry continues to grow, so do the complexities surrounding its taxation, particularly Value Added Tax (VAT).

On 20 May 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the final version of the Summarized Information Table(“SIT”) is now available and can be submitted through the Tax For All (“TFA”) portal

Since the enforcement of the General Data Protection Regulation (GDPR) in May 2018, European Union member states, have been dealing with the implications and requirements of this landmark legislation. The GDPR is an improved reconstruction of data protection directives and laws from the past, for member states to keeping up pace with the rapid technological developments and globalisation that have been changing the way in which personal data are collected, accessed, and used. In Cyprus, as in other EU member states, Data Protection Officers (DPOs) play a crucial role in overseeing GDPR compliance within organizations.

In the realm of financial risk management, particularly within the ambit of Basel regulations, the Advanced Internal Rating-Based (AIRB) approach stands as a cornerstone for banks and financial institutions aiming to optimise their capital allocation while adhering to stringent regulatory standards.

Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. AI of course stands for Artificial Intelligence! But what does it really mean?

Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. AI of course stands for Artificial Intelligence! But what does it really mean?

On 23 February 2024, a Decree was published in the Official Gazette of the Republic, extending the statutory deadline for the submission of the Income Tax Return for the tax year of 2022 from 31 March 2024 to 30 November 2024.

Welcome to the 2024 edition of Cyprus Tax Facts. We are delighted to present our updated comprehensive guide, offering essential insights into the latest advancements in tax legislation.

On 01 February 2024, the Cyprus Tax Department (“CTD”) published a letter from the Commissioner of Taxation to the Institute of Certified Public Accountants of Cyprus, the Cyprus Chamber of Commerce and Industry and Cyprus Employers & Industrialists Federation regarding their intention to revise the designated thresholds for the preparation of a Cyprus Local File, effective from tax year 2022.

The Digital Operations Resilience Act (DORA) represents a significant step in strengthening the digital resilience of the financial sector within the European Union. This regulatory framework aims to ensure that all entities in the financial system have the necessary safeguards to mitigate cyber threats and operational disruptions. DORA establishes stringent requirements for digital risk management, mandating rigorous testing and assessment protocols to identify vulnerabilities in digital infrastructures.

Entering 2024, the Republic of Cyprus is at a pivotal moment in its journey toward enhancing data protection and cybersecurity.

In today's data-driven financial and economic landscape, the evaluation of mortgage loan default risks has significantly evolved due to enhanced data insights and sophisticated model techniques. Predictive modelling techniques have risen to prominence due to their ability to enhance decision-making, streamline lending processes, and ultimately enhance transparency and risk management of financial institutions.

In May 2024, European Central Bank (ECB) released its final guide on effective risk data aggregation and risk reporting, accompanied by a feedback statement on the consultation that shaped the guide. This document aims to address persistent challenges in risk data management within financial institutions, emphasising the importance of accurate and comprehensive data for sound decision-making and regulatory compliance.

We would like to inform you that the Department of the Registrar of Companies and Intellectual Property (the “Department”) has recently announced the following final arrangements regarding the implementation of the electronic system of the Register of Beneficial Owners (the “BO Register”)