A bank windfall tax is not the answer in Cyprus
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
financial institutions
BoC: receive your dividend electronically
Fact: The Bank of Cyprus is allowing shareholders to receive dividends electronically, with instructions to be submitted no later than 10 working days before the payment date of June 14, 2024.
AI, ’s use in finance may need new rules, ECB says
The European Central Bank stated that the use of artificial intelligence in finance is still in its early stages and needs to be monitored and possibly regulated to prevent harm to consumers and ensure market functioning.
Finance ministry to cut corporate tax for industries, consumer goods in new budget, says source
The government plans to reduce corporate tax rates in the productive sector by 2.5 percent in the upcoming fiscal year 2024-25 to encourage setting up of industries and increase tax payments.
EU excess profit tax could generate over €100 billion per year, study finds
Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.
Cryptocurrency and taxes: What a business owner needs to know
Cryptocurrency is a digital currency that operates on a decentralized system through a network of computers called nodes. It relies on blockchain technology and encrypted algorithms for security. There are various types of cryptocurrency, such as Ethereum, Litecoin, Ripple, and Stellar, with fluctuating values. Trading in cryptocurrency can be done directly, through decentralized exchanges, or centralized exchanges. Cryptocurrency taxation varies by country, with earnings from mining or payments being taxable. Cryptocurrencies are typically treated as property for income tax purposes, resulting in potential capital gains taxes. The tax implications of cryptocurrencies are complex and evolving, requiring efficient tracking and verification tools. Regulatory attention is needed for anti-money laundering measures and know-your-customer procedures in the cryptocurrency market. Cryptocurrency is considered property and taxable like shares, with the industry rapidly evolving and becoming more complex.
Consumer loan rates rise, mortgage rates drop in March
In March, consumer loan rates increased while mortgage rates decreased in Cyprus. Deposit rates for households also rose, with new lending decreasing by €79 million compared to the previous month. The interest rate for fixed-term deposits for households increased to 2.24%, while the interest rate for non-financial corporations decreased to the same percentage. Total new loans in March amounted to €496.4 million, with new consumer loans decreasing to €22.2 million and new housing loans decreasing to €119.6 million. New loans to non-financial corporations for amounts up to €1 million increased, while loans for amounts above €1 million decreased. These statistics were published in the April 2024 edition of ‘Monetary and Financial Statistics’ by the Central Bank of Cyprus.
Shipping minister wraps up successful visit to China
Fact: The Deputy Ministry of Shipping in Cyprus released a statement about Minister Marina Hadjimanolis’ visit to China, where she met with executives from shipping companies, brokerage firms, financial institutions, and local officials in Guangzhou.
Cyprus residents, ’ bank deposits rise by €318.5 million
The Central Bank of Cyprus reported an increase in both loans and total deposits within the Cypriot banking system for March 2024. The liquidity exceeded €27 billion, with total deposits seeing a net increase of €252.1 million. Cyprus residents’ deposits increased by €318.5 million, while total loans recorded a net increase of €133.1 million. The balance of total deposits in March of that year stood at €52.2 billion, and the balance of total loans reached €25.1 billion.
Cyprus sees Surge in deposits and loans in March
In March 2024, total deposits in Cyprus increased by €252.1 million, with a total balance of €52.2 billion. Total loans also increased by €133.1 million, reaching a balance of €25.1 billion. Deposits from residents of Cyprus rose by €318.5 million, while loans to Cypriot residents increased by €134.0 million.