Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.
Fact: Deputy Minister of Research Nicodemos Damianou emphasized the crucial importance of space technology for securing Europe’s economic future, its strategic independence, and its role on the global stage during a gathering of the Space Council in Brussels.
Fact: The primary focus of the exercise was to assess the effectiveness of the national firefighting strategy ‘Hephaestus’ for large forest fire suppression.
Cyprus is a robust member of the European Public Prosecutor’s Office (EPPO) with ten active investigations in Cyprus and assistance in 58 cases involving other participating member states.
Interior Minister Constantinos Ioannou and Greek Cypriot Minister of Maritime Affairs and Insular Policy Christos Stylianides discussed migration and the Greece-Cyprus INTERREG Cross-Border Cooperation Programme. They emphasized the importance of supporting countries in the Eastern Mediterranean region, particularly Lebanon, in strengthening their migrant reception and hosting systems. The successful implementation of the cooperation programme led to institutionalized collaboration between the two countries to address challenges in managing migratory flows. A new strategic project involving the procurement of surveillance vehicles was submitted for the new programming period 2021-2027. Both ministers reaffirmed their high level of cooperation and agreed to explore additional synergies to increase readiness and response to operational challenges.
International Criminal Court Prosecutor Karim Khan has requested an arrest warrant against Israeli Prime Minister Benjamin Netanyahu, causing a diplomatic dilemma for key member states who must balance support for Israel with backing the ICC’s actions. Some capitals, such as Paris, London, and Berlin, were informed beforehand about the plans, but many have not disclosed how they will respond if warrants are issued. Germany, in particular, faces challenges due to its support for Israel’s security and the ICC prosecutor’s independence. U.S. President Joe Biden and Secretary of State Antony Blinken have criticized the move, while European countries like Britain and Italy are divided over the issue. The ICC has jurisdiction over the conflict between Israel and Hamas since October 7, 2022, despite Israel not being a member of the court. The international community’s response to the arrest warrants will be crucial for the ICC’s credibility and the rule of law.
Representatives from social partner organizations met at the Productivity Centre to discuss attracting Turkish Cypriots to training programs under the European Year of Skills initiative. The government announced measures to improve job prospects for Turkish Cypriots, including access to training programs. KEPA clarified that initial programs would be held in Turkish at the House of Cooperation. The goal is to reach 1,000 participants in EU co-funded training, with eligibility for all Turkish Cypriot identity card holders. Programs will cover topics like environmental sustainability, digital skills, customer service excellence, and occupational health and safety. The government announced 14 measures to benefit Turkish Cypriots, including participation in training programs and EU acquis seminars. KEPA will provide further communication to stakeholders, with programs expected to start in late May or early June and run until the end of the year.
President Nikos Christodoulides emphasized the important contribution of shipping to the economic development of Cyprus and stated that his administration will continue to work towards the sustainable development of Cypriot shipping.
The implementation of local government reform in Cyprus is at an advanced stage and will be completed by the July 1 deadline, according to Interior Minister Constantinos Ioannou.
Bank of Cyprus has introduced the first-ever loyalty scheme in Cyprus called ‘pronomia’ which rewards loyal customers with privileges and benefits based on their relationship with the bank and its subsidiaries.