Business in turmoil over corporate tax hike

Business is in turmoil over the government’s move to increase corporate tax from 12.5% to 15%, fearing Cyprus losing an advantage over competitors as an investment destination. Business lobby groups argue the

Economic policy remains unchanged despite COVID

Despite COVID-19 obstacles, Cyprus’ economic priorities remain to achieve macroeconomic stability and establish a competitive, business-friendly regulatory environment, said Finance Minister Constantinos Petrides. “Despite the pandemic setback, our policy priorities remain the

We need to embrace failure

We don’t celebrate failure properly. Someone who has failed is someone who has tried, quite unlike those who sit on the sidelines and criticise. Failure has to do with encouraging and celebrating


Cyprus unveils new foreign business strategy

The government has presented its new strategy to attract companies, emphasising high-tech, research and innovation. Implementation of the strategy is expected to start from January 2022. During a presentation at the Presidential

New incentive scheme to attract high-tech firms

In the following months, the government will announce a new scheme for attracting high-tech companies, facilitating staff hiring, offering tax incentives and expedited licensing procedures, President Nicos Anastasiades said. At Wednesday’s 9th

Banks agree to cut business red tape

The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders agreed on ten steps to reduce bureaucratic banking procedures to help the economy tick. Procedures such as Know-Your Client (KYC)

Accepting credit cards compulsory from September

From 20 September, all businesses offering services are legally obligated to accept credit card payments, but smaller retailers are asking the authorities for some ‘slack’ due to increased operating costs. From kiosks

Economic sentiment climbs to 15-month high

Cyprus’ economic sentiment in May reached its highest point since the pandemic in 2020, reflecting the improvement in business confidence as activity gradually returned to normal. The Economic Sentiment Indicator (ESI), compiled

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