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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.
EBA published, on the 21st of June 2022, draft principles in assessing representativeness of COVID-19-impacted data in re-calibration of IRB models. The Supervisory handbook that will be published later in 2022 will include these principles, aiming at ensuring a harmonised approach. COVID events and especially the use of moratoria and other public measures may have led to changes in default rates.
The EBA Annual Report was published on the 15th of June 2022, highlighting the main achievements made in 2021, providing an overview of the key priorities for the coming year.
What being a male ally looks like, and practical steps businesses can take to drive action and remove the organisational and cultural barriers to male allyship.
Organisations are putting unprecedented emphasis on structured efforts to engage their workforces.
The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.
In 2022, Grant Thornton’s Women in Business research has once again tracked the position of women in senior management across the world, and the progress towards gender parity in leadership.
The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.
The mid-market’s real prioritisation of sustainability not only reflects the growing expectation of stakeholders but the forward-thinking nature of this entrepreneurial segment.
On October 18th, 2021 ECB published its report regarding the 2022 thematic stressed test focusing on climate risk. The 2022 climate risk stress test exercise is considered to be a joint learning exercise with pioneering characteristics, that will be conducted from March 2022 to July 2022.
The European Central Bank (ECB) has provided guidance to financial institutions in order to disclose and manage climate change-related and environmental risks within an organisation. As of November 2020, ECB published the final guide on climate-related and environmental risk with supervisory expectations relating to risk management and disclosure.
Before the introduction and enforcement of the General Data Protection Regulation (GDPR) back in May 2018, several organizations have been left exposed to risks that emerged from inadequate data protection and cybersecurity controls.
On 26/4/2021 an amendment to the Cyprus VAT Law was published in the official Gazette which exempts from VAT educational services for vehicle technicians.
On 29/4/2021 an amendment to the Cyprus VAT Law was published in the official Gazette which precludes the imposition of penalties in specific cases
The European Commission has issued a press release on 12/4/2021 according to which it has proposed to exempt from Value Added Tax (VAT) goods and services made available by the European Commission, EU bodies and agencies to Member States and citizens during times of crisis.
Following the amendments of the Cyprus VAT Law that were announced in the Government Gazette on 20/08/2020, the Tax Department will impose penalties, as from 1st July 2021, in relation to the non-application of the reverse charge mechanism.
We would like to inform you that in accordance with the Decree issued on 12 March 2021, the following electronic submission deadlines are extended to 30 September 2021
