Abstract This paper offers a comprehensive analysis of Spain’s corporate tax system through the lens of the Laffer curve and Buoyancy index, assessing its efficiency in generating revenue. The study finds that Spain is nearing the Laffer curve’s optimal tax rate, beyond which tax revenue may decrease with rate hikes. The Buoyancy index reveals a … Read more
Cyprus has managed to promote important reforms and launch public investments through the Recovery Plan, with more than 40 sponsorship projects announced. The amount available through the sponsorship projects is €460 million. The country has received €262 million from the European fund, with additional tranches expected to be disbursed later this year.
Bank of Cyprus issued its first green bond, raising €300 million to fund renewable energy projects, climate-friendly buildings, and transport. The bond was more than four times oversubscribed, with the orderbook reaching €1.3 billion.
A Resolution plan for the adoption of Resolution A/RES/76/300 of the United Nations General Assembly regarding the human right to a clean, healthy, and sustainable environment is being led by MP Alexandra Attalides in the upcoming Plenary Session of the Parliament. The resolution proposal was read out by Irene Charalambidou, the President of the Parliamentary Committee on Human Rights. The resolution includes a provision that the Republic of Cyprus must promptly prepare management plans for Natura 2000 areas and take immediate actions to address violations. Charalampos Theopemptou mentioned that there are 600-800 premature deaths in Cyprus annually due to poor air quality. Alexandra Attalides highlighted that the right to a healthy environment is a fundamental human right that is not yet enshrined in international conventions or the Constitution of Cyprus, despite aspects of it being recognized by EU laws. The European Court of Human Rights recently ruled on a case against Switzerland for failing to address climate change and its impact on human rights.
House of Representatives President Annita Demetriou warned about forthcoming challenges in local governance during her address at the 2nd Cyprus Forum Cities event. Deputy Minister Nikodemos Damianou outlined the Cyprus government’s plans for smart city development, including the Smart Cyprus initiative. Deputy Minister Irene Piki emphasized the critical role of cities in improving citizens’ quality of life.
Bioland Energy Group has placed 34 artificial nests for barn owls in various locations across Cyprus to promote sustainable pest control.
The Great Sea Interconnector project will offer triple benefits to Cyprus, including better energy security, a ‘green mix’ of power generation, and cheaper energy for all consumers.
The House plenum passed the budgets of four public-law entities, including the Natural Gas Public Company (Defa) and the Cyprus Broadcasting Corporation (CyBC). Defa’s budget for 2024 includes €38.4 million in expenditures and €32.8 million in anticipated revenues. CyBC’s budget is €39.3 million, with €26.7 million allocated for payroll. The budgets needed to be approved in order for the organizations to resume normal payment procedures.
Lawmakers criticized the Natural Gas Public Company (Defa) for mismanagement and lack of transparency as it presented its 2024 budget to parliament. This budget, amounting to €38 million in projected capital and operating expenditures, is the first since Defa transitioned from a private to a public law entity. Defa, the sole entity authorized to import and distribute natural gas in Cyprus, is seeking to create 36 new jobs this year. The 2024 state funding for Defa will be €12 million, a decrease from €18 million the previous year. The budget includes a €20.5 million allocation for investments in subsidiaries, specifically for the equity of the Natural Gas Infrastructure Company (Etyfa), which is tasked with developing the liquefied natural gas (LNG) terminal in Vasiliko. This project has experienced delays and disagreements with the contractor. Infrastructure related to the LNG terminal is expected to be completed within 2024. Once operational, Defa’s budget is expected to significantly increase, with projected annual revenues from LNG sales at €500 million. However, the LNG import project has faced challenges, including a halt in construction and disputes with the Chinese-led consortium responsible for the project. The completion date for the project has been postponed multiple times, with the current expectation set for July 2024. Concerns were also raised about Defa’s internal organization, including the absence of a job description and organizational chart. Defa officials have been summoned to parliament to address these issues, among others.
Imperio is committed to promoting the green transition of Cyprus’ real-estate sector, integrating sustainability into its activities as shown in its 2022 ESG Report. It is the first real-estate developer in Cyprus to issue an ESG report. The report outlines Imperio’s strategy, actions, and goals regarding environmental, social, and governance (ESG) criteria, focusing on reducing its environmental footprint, supporting renewable energy sources, and enhancing tenants’ quality of life. Imperio has adopted policies benefiting employees, partners, and clients, and supports vulnerable population groups as part of its Corporate Social Responsibility strategy. Imperio Group Founder and Director Yiannis Misirlis emphasizes the importance of ESG criteria for the survival of businesses and the demand for sustainable properties.