Efforts to upgrade the Cyprus Maritime Cluster and the island’s shipping sector are showing their first positive results, Deputy Minister for Shipping Natasa Pilides told parliament. Speaking to the House Committee of Finance, which discussed the Ministry’s 2019 budget, Pilides said since the creation of the shipping Ministry (last year), companies registered under the tonnage

A rise in already high rents and an increase in the number of homeless people has led parliament to urgently call on the government to intervene and provide solutions to problems caused by high rents, especially in Limassol. With homelessness on the rise MPs and other stakeholders have called for the government to revise its

Efforts to promote Cyprus as a filming location, dubbed Olivewood, has hit a brick wall as a law offering reimbursements and tax incentives to entice film companies was sent back to parliament by President Nicos Anastasiades. The bill was approved by MPs on 2 November with an amendment which was to allow individuals, as well

Income from Cyprus tourism rose 2% in September compared to the same month last year, official data showed on Thursday. Tourism receipts reached €378.8 mln in September from €371 mln in the same month last year, recording an increase of 2.1%. For the nine months January – September revenue from tourism is estimated at €2.26

The Fiscal Council has warned of a possible fiscal derailment as it feels the government is susceptible to pressure from political parties to give out new social benefits and lower taxes. The council sees a danger that these extra benefits will become permanent expenses which cannot be met when a slowdown of income from the

Cyprus recycles more than half of its plastic packaging putting it among the highest in Europe, latest EU data shows. In the EU, an estimated 42% of plastic packaging waste was recycled in 2016. In eight EU Member States, more than half of the plastic packaging waste generated was recycled. The highest recycling share was

Cyprus is ranked among the top 30 countries regarding living standards across the globe but scored poorly for education and health. According to research carried out by the London-based Legatum Institute’s Prosperity Index, Cyprus ranks 28 out of a total of 149 countries with respect to citizens’ welfare and living conditions. Cyprus scored well in

Cyprus had the largest increase in its tax-to-GDP ratio out of the 28-member bloc, rising from 32.9% in 2016 to 34% in 2017, Eurostat data shows. Total revenue from taxes and social contributions as percentage of GDP in Cyprus increased from 28% in 2002, to 36.1% in 2007, it was 31.6% in 2012, 33.3% in