compliance

Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

by
Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

The European Union is considering a new package of sanctions against Russia, including a ban on exports of Russian liquified natural gas. Some member states, such as Cyprus, Greece, and Malta, are skeptical of these measures, believing they could lead to negative consequences in the shipping industry. On the other hand, other countries view the proposed energy sanctions as a step forward. This would be the first time the EU officially targets Russia’s natural gas products. Cyprus has been directly impacted by Russian sanctions in the past, particularly in the administrative services sector.

EU data protection board says ChatGPT still not meeting data accuracy standards

by
EU data protection board says ChatGPT still not meeting data accuracy standards

The task force at the EU’s privacy watchdog has stated that OpenAI’s efforts to ensure compliance with European Union data rules are not enough, specifically in terms of data accuracy. The report highlighted concerns about the ChatGPT chatbot potentially producing biased or false outputs that may be perceived as factually accurate by end users.

EU issues warning to Cyprus over 15 per cent tax rate for multinationals

by
EU issues warning to Cyprus over 15 per cent tax rate for multinationals

The European Commission issued reasoned opinions to Cyprus and other member states for failing to implement a minimum 15 per cent tax rate on large multinational corporations.

Nations Can Fight, But There’s No Flight From Global Minimum Tax

by
Nations Can Fight, But There’s No Flight From Global Minimum Tax

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.

A lever to capture corporate tax scofflaws

by
A lever to capture corporate tax scofflaws

Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.

Analysis: Israel’s allies grapple with bid for ICC warrant against Netanyahu

by
Analysis: Israel’s allies grapple with bid for ICC warrant against Netanyahu

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.

New Report Identifies Challenges with Global Minimum Tax Implementation in the EU

by
New Report Identifies Challenges with Global Minimum Tax Implementation in the EU

Fact: European Union Member States are in the process of implementing the global minimum tax in line with a directive unanimously agreed to at the end of 2022.

Complying with Natura 2000 a , ‘government priority’

by
Complying with Natura 2000 a , ‘government priority’

Fact: The ministry of agriculture in Cyprus has begun issuing decrees for Natura 2000 areas with the aim to complete the process by the end of 2025.

UAE corporate tax: Maximise benefits by enjoying exemptions and opting reliefs

by
UAE corporate tax: Maximise benefits by enjoying exemptions and opting reliefs

Certain resident juridical persons, such as government entities, government-controlled entities, businesses engaged in natural resource extraction, those involved in non-extractive natural resource businesses, and natural persons with business revenue below Dh1 million in a Gregorian calendar year, are exempt from corporate tax.

Cyprus in trouble with the European Commission about industrial emissions

by
Cyprus in trouble with the European Commission about industrial emissions

The Republic of Cyprus is facing a dilemma due to illegal operation of EAC power plants, risking sanctions from the European Commission. The Environment Department has prepared a report for criminal action against EAC. The revision of the Industrial Emissions Directive may allow a derogation for compliance by 2030. The European Commission has requested information on Cyprus’s intent to apply for a derogation. A meeting with relevant stakeholders will decide on the submission of a request and preparation of an action plan for compliance by 2030.