The European Commission has warned Cyprus and other EU member-states to enforce a minimum 15% tax rate for big multinational companies and improve corporate transparency by disclosing income taxes publicly. Cyprus, along with Spain, Latvia, Lithuania, Poland, and Portugal, have not fully implemented these rules and have two months to comply or risk facing fines in the European Court of Justice.
Fact: Legislators in Cyprus discussed government bills to harmonize current legislation on loan transfers with an EU directive on credit servicers and credit purchasers.
Digital Taxation around the World | Tax Foundation Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies, a significant number of countries adopted unilateral tax measures targeted at digital businesses, … Read more
Fact: Eliza Stasopoulou, a senior officer at the Cyprus Stock Exchange, emphasized the importance of companies implementing corporate governance and social responsibility policies to enhance performance, improve services, and foster transparency and rational management.
The government of Cyprus has indefinitely suspended the processing of asylum applications from people of Syrian origin, citing an “emergency situation due to sudden influxes” from Syria. This decision, made under the Christodoulides Government, includes the use of the National Guard in anti-refugee operations and the suspension of asylum applications for 21 months for Syrians. The government’s measures have been criticized for violating international obligations under the Geneva Convention and the European Convention on Human Rights, as well as for contributing to anti-immigration and anti-refugee sentiments. Additionally, the government’s actions have been deemed illegal and disproportionate, with concerns raised about military-style pushbacks conducted with the navy and police.
Authorities in Cyprus are discussing amendments to the law that would require them to request access to individuals’ banking information in cases where taxes or duties levied on behalf of the European Union are involved. The amendments aim to harmonize with an EU directive on mutual assistance for the recovery of claims related to taxes, duties, and other measures. The flaw in the current Cypriot domestic law is that it does not explicitly state the obligation to request the lifting of banking secrecy when recovering taxes and duties. The proposed changes have the support of the finance ministry, the banking association, the Central Bank, and the Personal Data Protection Commissioner. The amendments specify that the authorities making requests to lift banking secrecy will be disclosed on a case-by-case basis.