Fact: The Conservative party aims to maintain the current Corporation Tax rate at 25% and has no plans for increases this year irrespective of the election outcome.
The Emir of Qatar’s visit to the Presidential Palace focused on discussing concrete projects rather than indulging in rhetoric. During the meeting, both leaders emphasized specific references and tangible results, agreeing to establish a working committee to review progress every six months. Qatar expressed interest in energy, ports, the financial sector, and technology collaborations. They also discussed political issues such as the Cyprus problem and the situation in Gaza. The Emir’s visit marked a strategic step towards further developing strong bilateral ties between Qatar and Cyprus.
Authorities are close to completing an investigation into how Malaysian fugitive Jho Low obtained Cypriot citizenship in 2015. Low, wanted for allegedly embezzling billions from Malaysia’s 1MDB fund, acquired a Cypriot passport through the country’s citizenship by investment program. The investigation involves an international arrest warrant and the potential confiscation of a villa Low purchased in Ayia Napa. Despite initial delays, Low’s citizenship was revoked in May 2023, leading to an appeal filed with the Supreme Court. Low denies wrongdoing and his whereabouts are unknown.
Chief executives of fast-growing companies in Australia believe they are lagging behind overseas competitors in technology investment. They suggest that a corporate tax rate cut and additional incentives would help them catch up, along with greater R&D allowances and tax rebates to expand operations faster.
The Emir of Qatar Sheikh Tamim bin Hammad Al Thani visited Cyprus for the first time, accompanied by a delegation of ministers to discuss economic, investment, and tourism cooperation between the two countries. President Nikos Christodoulides welcomed the Emir and emphasized the potential for further strengthening bilateral relations. However, the President made an inappropriate comment by suggesting that Cyprus could act as an ambassador for Qatar in Brussels, which was seen as a breach of diplomatic protocol and raised concerns about the credibility of the Republic.
Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.
The board of the Electricity Authority of Cyprus (EAC) is set to award contracts for two projects worth €45 million to beef up the electricity transmission system. The EAC’s top priority is the stability of the system and providing uninterrupted power to consumers. The EAC is also working on increasing infrastructure projects to help with the penetration of renewables in the energy mix. The layout of the grid is not to blame for discarding energy generated from renewables, as the cutbacks are due to demand being less than the generated electricity. It is currently unfeasible to have a transmission grid that allows the connection of renewables from anywhere in Cyprus due to the high cost of building a new network. Strengthening transmission lines would require a major investment of hundreds of millions of euros, which consumers would have to pay for. Acquiring permits for new transmission lines also takes a long time.
President Nikos Christodoulides confirmed that the development of the Larnaca port and marina will proceed as planned, despite setbacks. A cabinet meeting will be held to discuss the issue further, with the aim of finding a capable company to handle the development. The President emphasized the importance of capable companies managing critical projects like the Larnaca port.
Invest Cyprus participated in the Viva Technology event in Paris from May 22 to 25 to showcase Cyprus as a technology and business center.
The Cyprus Port Authority has regained control of Larnaca Port after terminating the concession agreement with Kition Ocean Holdings. The transition is going smoothly, with collaboration between CPA and Kition to ensure uninterrupted service provision. Pending issues include the handling of the ‘Amalthea’ aid initiative, with an American ship being loaded and set to depart soon. CPA has started procuring services from private companies and reinforcing existing staff with personnel from other locations. The government’s decision to terminate the concession was due to delays and disagreements, bringing Larnaca Port back under state control.