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For years, Cyprus has spoken about resilience. We say the economy is holding up, that growth remains solid, that public finances are improving and that the country continues to attract international business. All of that is true. But under the current geopolitical conditions, those facts on their own are no longer enough.
On 7 May 2026, the European Banking Authority (EBA) published the final report on amending the Guidelines on the application of the definition of default under Article 178 of Regulation (EU) No 575/2013 (CRR), following the CRR3 amendments to Article 178(3)(d).
Further to our VAT Alerts in October 2025 and March 5 2026 for the Arcomet Towercranes case (C-726/23) and the Attorney General decision on the Stellantis Portugal (C 603/24) case, the European Court of Justice on 13 May 2026 issued its decision on the Stellantis case in relation to the treatment of transfer pricing adjustments from a VAT perspective.
In the effort to combat the global climate crisis, a significant number of usually large corporations have made commitments to achieve Net - zero emissions or Carbon Neutrality goals by 2050. Becoming either ‘climate neutral’ or achieving ‘net-zero’ means reducing greenhouse gas emissions (GHG), but it also means compensating for any remaining emissions through offsetting.
In May 2023, the PRA has issued a Supervisory Statement (SS1/23) as part of a Policy Statement (PS 6/23) which also incudes feedback on the consultation paper (CP) 6/22 - Model Risk Management Principles for Banks. The policy becomes effective on Friday, 17 May 2024.
The legal Cypriot community has recently seen leaps of improvement in the way cases and electronic data are handled. Aside from the fact that electronic evidence has recently became admissible to the Cypriot court, the establishment of a commercial court in the island comes to revolutionize the way commercial cases are litigated.
In 2023, the ECB Banking Supervision conducted two separate stress test exercises involving euro area's significant institutions. A total of 57 institutions were directly supervised in the EU-wide test coordinated with other financial authorities like the European Banking Authority (EBA), while 41 additional significant institutions were part of a parallel stress test overseen by the ECB. The results published on the 28th July 2023
The Markets in Crypto Assets Regulation (MiCAR) came into force on June 30, 2023. This regulation requires crypto asset firms to obtain a license to provide their services in the European Economic Area (EEA). To ensure readiness for MiCAR and avoid any surprises, it is important to consider certain factors over the next 18 months.
On 21/7/2023 amending VAT Law 75(I)/2023 was announced in the Official Gazette of the Republic, thereby bringing into effect reductions in the VAT rate which applies to certain goods and services, previously subject to the reduced rate 5%.
Climate change is not just an environmental issue; it's a financial one too. The Financial Stability Board (FSB) has been at the forefront of addressing the financial risks associated with climate change. Their 2023 progress report on the "FSB Roadmap for Addressing Financial Risks from Climate Change" provides valuable insights into the progress made and the challenges ahead.
Overview of the BIS newsletter on credit risk issues, addressing key areas of concern for banks and financial institutions and ongoing challenges in credit risk management and provisioning as an aftermath of the persisting effects of the COVID-19 pandemic.
How Grant Thornton’s approach can identify and measure Physical Risk and how such methodology can be utilized by institutions.
🌿Given the current levels of resource use, it is estimated that we are using Earth’s resources 1.8 times faster than our planet’s biocapacity can regenerate. In other words, in 1 year we use 1.8 earths! The use of materials has sharply risen in the last 50 years. Read the latest article by our Sustainability Senior Consultant Anastasia Ellina ♻️🌍
On 17 January 2023 the European Parliament (“EP”) approved the European Commission’s (“EC”) proposal of 22 December 2021, for a Council Directive to introduce stricter substance requirements to combat tax benefits claimed by “shell entities”.
The number of people who doubt the positive impact of recycling on the environment, industry, health, and our everyday life is thankfully shrinking with each passing year. Recycling has a significant role in any strategy for improving environmental conditions on the planet.
Progress on the overall number of women in senior leadership continues, but it’s concerningly slow.
Although positive, progress is slow. This year, women in mid-market companies hold 32.4% of senior management positions, up 0.5pp from last year’s 31.9%.
Grant Thornton research reveals big increases in the percentage of women occupying chief executive officer (CEO), managing director (MD), and chief information officer (CIO) positions.
In businesses adopting a hybrid model, with a defined mix of onsite and remote working, there are higher levels of women in senior management.