At the press briefing announcing the latest exchequer returns on Wednesday, the Department of Finance’s chief economist, John McCarthy, said his department estimated that about 50 per cent of the State’s €24 billion annual corporate tax take could be classified as “windfall” and potentially “non-recurring”.That means we’re accruing €12 billion in business tax receipts that … Read more
But spending is more than keeping pace, up €5bn on the same period last year, according to new Exchequer figures published by the Department of Finance.Most reassuring to the Government will be the bounce-back in corporation tax, an increasingly important source of revenue for the Exchequer. Some €3.6bn was collected in May, up €0.8bn or … Read more
The illegal construction of a church in the Natura 2000 Network in Cape Greco, despite the reaction of relevant government departments, shows that the violation of environmental legislation is deeply rooted in corruption.
Larnaca’s port and marina are now under state control following the collapse of a major development project. The Port Authority has taken over operations, deploying additional staff and private machinery services. The future management of the marina is uncertain, with discussions on potentially separating the port and marina projects gaining traction. The fate of Kition Ocean Holdings’ employees remains unclear, with trade unions advocating for their rights. The government is re-evaluating the initial development plan and considering future steps for the projects.
The lack of political will for a substantial revision of the sustainable development plan for the Akamas is putting the region in danger, according to the Federation of Environmental Organisations (Opok). They are not satisfied with the government’s intentions and are calling for a correction of mistakes made to avoid unfavorable results for the environment, communities, visitors, and nature lovers. Opok also calls for a ban on hunting in the park and the encouragement of sustainable development in surrounding communities.
Nicosia rejects Chevron’s improved optimization plan for the Aphrodite offshore gasfield, insisting that the 2019 development plan is binding. Chevron’s proposed revisions aim to reduce costs and output, but Nicosia is not satisfied with the lower revenue implications. The partners are considering their options in response to Nicosia’s rejection.
Cyprus has given Chevron-led consortium six months to make improvements to their plans for extracting gas from an offshore field. The consortium, which includes partners from Israel and Shell, had submitted a new field development proposal that Cyprus believes needs enhancements. The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas. Chevron values its relationship with Cyprus and stakeholders and is committed to progressing the project.
Cyprus has rejected the new proposal by consortium Chevron, NewMed Energy, and BG Cyprus (Shell) to develop the ‘Aphrodite’ natural gas field in block 12 of the exclusive economic zone (EEZ). The government deemed the proposal inadequate and requested the consortium to state its consent within six months on specific actions aiming to develop the gas field.
Cypriot consumers should not pay anything for the Great Sea Interconnector until the project is operational.
The Department of Forests has been carrying out improvement and widening works on main forest roads in the Akamas National Forest Park. Environmental organizations are concerned that the procedures followed do not adhere to established guidelines, as the area is home to various endangered species and habitats. The works are part of the main road network section of ANFP Akamas, which should be reassessed by June 2024. The organizations are requesting immediate notification to the Ad-hoc Committee for the SEA and urging the Minister of Agriculture, Rural Development, and Environment to ensure no further works are done before a full reassessment of the Sustainable Development Plan.