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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.
The Cyprus Tax Department has issued Implementing Regulation No.11/2021 of 17 February 2021, providing clarifications in relation to the time of supply in cases of non-monetary consideration in the construction industry.
Following the enactment of N5(1)/2021 amending the Cyprus VAT Law which was announced on 9/1/2021, the Tax Department issued a notice providing clarifications in relation to the payment of VAT in instalments.
We would like to inform you that the Cyprus Tax Department announced on 03 February 2021, that the EU Directive regarding DAC6 is expected to be incorporated into the Cypriot legislation within the current month.
Following the uncertainty arising from the current economic shock, prudential and securities regulators have published guidelines for the application of IFRS 9 in the context of the COVID-19 pandemic.
As per the requirements of the EU Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (4th EU Directive) and article 61A (a) of the Prevention and Suppression of Money Laundering Activities Laws of 2007-2018, each EU member state is required to maintain a central register of beneficial owners of companies and other legal entities. In particular, of each physical person owning or controlling more than 25 % of the entity.
On January 7th 2021, the Tax Department issued clarification announcements in relation to the exit of the United Kingdom (UK) from the EU.
The Tax Department has issued a notice reminding that in accordance with Regulation ΚΔΠ 268/2020 the reduction from 9% to 5% of the VAT rate which applies to the aforementioned services is effective only for the period from 1/7/2020-10/1/2021.
We would like to inform you that in accordance with an announcement issued by the Cyprus Tax Department on 15 December 2020, the following filing deadlines are extended to 31 January 2021
The DPO’s role is to ensure compliance with the data protection laws that apply to the organisation, and it carries many responsibilities.
As a service organisation there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost efficient ways is to issue a Service Organisation Control (SOC) Report.
Technology moved from a growth enabler to a business continuity factor in lockdown. As businesses readjust for the future, it needs to do both.
Risk management and governance are essential enablers of growth. Like the brakes of an F1 car, they are the controls that allow you to accelerate safely.
When the rules of the race change, it is the most prepared teams who have the advantage. So too for businesses when regulatory changes loom.
COVID-19 continues to challenge the business landscape like no other event before it and many in the mid-market are now fully-focused on building greater resilience into their operations.
Employees are the fuel of any organisation, they need to function at their best to enhance future performance.