A new China tax incentive aims to encourage companies to invest in digital and smart upgrades of special equipment. Companies upgrading certain equipment that aids environmental protection and safe production can enjoy a deduction of the investment at a rate of 10 percent from their corporate income tax payable. We explain the requirements of the … Read more
Fact: President Nikos Christodoulides addressed the Cyprus Employers and Industrialists Federation (Oev) during their annual general meeting and reiterated the government’s support for the local business community. He emphasized that businesses are the driving force behind economic development and highlighted the importance of cooperation between the public and private sectors to facilitate a better environment for businesses, promote innovation, and achieve sustainable economic growth.
Fact: President Nikos Christodoulides announced that green taxation in Cyprus will begin by the end of 2024, not on April 1 as some people had thought.
The Cabinet has approved the “Photovoltaics for All” scheme, which will subsidize up to 6,000 homeowners to install solar systems on their roofs. The scheme aims to democratize access to solar energy and roof insulation for all households. Homeowners will be able to install a photovoltaic system to reduce consumption and lower electricity bills, even if they don’t have the initial capital. The budget for the scheme is €30 million, and it will cover installations of up to 4 kW. The scheme includes different categories with varying levels of grants for photovoltaics and roof insulation. Changes to the previous grant scheme include the introduction of a category for citizens without initial capital, increased subsidies for vulnerable households, and the option to receive a one-off bonus if both photovoltaics and roof insulation are installed. The application process will be streamlined through electronic processing, and installation tasks will be carried out by registered contractors. Pre-approval will be required before investment implementation to ensure eligibility for grants.