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.
Read full articleThe 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%.
Read full articleThe 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.
Read full articlePrivate equity firm Lone Star has until Friday to submit a binding offer to buy the Bank of Cyprus, but the island’s largest financial institution could be out of reach as the House is expected one day earlier to vote on a bill that would authorize the government to block a hostile takeover on security grounds.
Read full articleThe prestigious International Tax Review EMEA Awards ceremony took place in London on 15th September 2022. The ITR EMEA Tax Awards are now in their 18th year and offer an independent assessment of international tax professionals from 34 jurisdictions in Europe, Middle East and Asia (“EMEA”) across the previous 12 months.
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