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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.
For many years, since the industrial revolution and the birth of the notion of the firm in the western world, the purpose of the new vehicle was to produce profit for the shareholder/s. Industrial firms are relatively recent in history. They arose only after the beginning of the Industrial Revolution, in the second half of the 18th century in England and, a bit later, in the European Continent and in America.
More and more ML/TF failures are being revealed around the world, the environment is becoming increasingly fragile and competition is ever increasing, with countries, regulators and organisational leaders finding it difficult to keep up. Compliance departments become busier by the minute facing emerging risks, new regulatory requirements, and organisational leaders as well as clients, viewing them as a ‘snoops’ and as an ever-increasing cost.
The report highlights the main updates made to integrate the climate models in order to reflect the most recent climate data and economic outlook on macroeconomic variables, used as part of the models, and consequently, on both physical and transition risks.
Whether we are buying coffee, booking a vacation, or making an investment we are producing emissions. It is not so easy to understand how for example the habit of buying a cup of coffee may cause an extreme heat wave in Europe or a flood in Pakistan but remember no single drop of water thinks its responsible for the flood. The impacts of our actions and our way of life is affecting the climate worldwide.
On 13 July 2023, the Advocate Generalof the Court of Justice of the European Union issued an opinion on the Value Added Tax treatment of activities carried out by a member of the board of directors of a company (case C-288/22).
Summarising the NGFS directory for bridging climate related data gaps, overcoming limitations, and proposed policy recommendations to support the needs of the financial sector.
By the end of 2023, the EU Non-Financial Reporting Directive (NFRD) will be in force. The NFRD requires large public interest companies and listed companies to prepare and publish information related to their sustainability performance (society, environment, governance (ESG)) on an annual basis.
Understanding NGFS released data, exploration of scenarios and their impact, and leveraging on globally accepted solutions for the quantification of climate and environmental risks.
On July 8th, 2022, the European Central Bank (ECB) published the results of the Biennial Thematic Stress Test 2022 related to climate change. The exercise focused on climate-related risks, both transitional and physical.
Grant Thornton has constructed a Physical Risk Quantification Framework in its effort to support financial institutions in identifying and measuring their Climate & Environmental Risks. In this publication, we present our methodology, implementation, and key benefits of the framework.
On 30 June 2022, Cyprus opened a new chapter with regards to transactions with controlled parties and Transfer Pricing. Read more.
We have drawn on the breadth of experience and market knowledge within Grant Thornton’s network to develop the ‘Essential action plan for managing in inflationary times’.
We explore the outlook for businesses in the year ahead and look at how targeted digital investment could offset the risks.
Why diversity and inclusion measurement is crucial to business success, and how to meaningfully track inclusion in the workplace.
This paper will provide an overview of the current and future uses of Machine Learning in the world of Internal Rating Based (IRB) Models which allow banks to model their own inputs for calculating Risk Weighted Assets.
The Council of Ministers of Cyprus approved, on 10 May, a bill with new tax incentives aimed at attracting foreign talent to Cyprus and encouraging international companies to relocate their headquarters to Cyprus.