Labour unrest in the tourism sector is thankfully not on the cards now that the island’s hoteliers have approved the extension of the collective agreement in the industry for another year.

Cyprus passenger traffic spiked to almost six million by the end of August, raising hopes that the year will reach 2016’s levels – that is pre-pandemic ones.

In June 2021 at the 43rd conference of the Pancyprian Hoteliers Association, it may have been the first time it was officially made clear that the markets of Russia and Britain will no longer be a one-way street for the Cypriot tourism industry.

The policy of granting tax incentives to foreign technology companies is yielding results, Invest Cyprus Investment Promotion Agency Chairman Evgenios Evgeniou said, stressing that 7,000 work permits have been approved this year for highly skilled individuals who chose to work in Cyprus.

An increase in energy and raw material costs is expected in the next six months, factors that are already ranked by businesses as the most important problem they are facing today. However, despite these estimates, 11% of businesses expect their business profitability to increase over the next six months, while only 37% of businesses in Cyprus expect their business profit to decrease over the next six months. It is also particularly striking that four out of 10 firms estimate that despite cost increases in the next six months, their profitability will remain unaffected.

The average gross monthly earnings of employees increased by €100 in the second quarter of 2022, according to provisional data, published by Cyprus Statistical Service on Wednesday. In particular, they reached €2,081, compared to €1,982 in the same period of 2021, recording an increase of 5%.

Cyprus’ first crematorium is set to begin operations by 2024, eight years after the relevant law was first passed, it emerged on Wednesday.

The Council of Ministers of the Republic of Cyprus, through Regulatory Administrative Act RAA 373/2022, has issued a Decree relating to the exemption of certain physical persons from the obligation to submit a Tax Declaration (TD1) for the year 2022. In particular, every physical person who, during 2022, has had a gross income of not exceeding €19,500 is exempt from the obligation to submit a Personal Income Tax Return for the year 2022.

According to Phileleftheros information, the first companies that will rent a space in the building that used to be The Paphos Mall have already been found.

The EU tourism industry, and that of Cyprus, is bouncing strongly back from the Covid-19 pandemic, with data for 2022 closely mirroring that for 2019, a report released by Eurostat on Tuesday showed.