Eleftheria Paizanou
- Indexed articles, last 90 days
- 5
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- Jul 16, 2026
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- Jul 4, 2026
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Four bank bills delayed as Cyprus faces EU infringement proceedings (opens the original)
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The government submitted a package of four banking bills to Parliament in early July. The move came seven months after the EU’s deadline for Cyprus to align with the European Banking Directive, and four months after the European Commission sent a formal warning letter. Given the lengthy delay in bringing the four bills before Parliament, the government urged MPs to examine them as a priority. The package now looks set to be debated only in September, since Parliament adjourned yesterday for its
Debt settlement schemes bring in € 747 million for the state (opens the original)
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Debt settlement schemes for overdue tax liabilities and contributions to the Social Insurance Fund generated €747 million in state revenue from debts exceeding €1 billion. The Tax Department collected €647 million through schemes covering tax debts, while a further €100 million came from similar arrangements for overdue social insurance contributions. The schemes allowed persistent debtors to repay liabilities that the state might otherwise never have recovered, or would have collected only afte
EU minimum pensions show wide gap as Cyprus reviews increases (opens the original)
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Minimum pensions across the European Union vary sharply, with monthly payments ranging from a few hundred euros in some member states to more than €2,350 in Luxembourg, according to a study by the Cyprus parliament’s research services. The figures have emerged as the government and social partners intensify talks on pension reform and Labour Minister Marinos Mousiouttas says increases in Cyprus’ minimum pensions will range from 5% to 55%. The study, commissioned at the request of AKEL MP Nikos K
New tax system bites into individual income revenues despite overall €171m surge (opens the original)
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Cyprus tax revenues rose by 5.9% in the first five months of 2026, though a sweeping tax reform introduced on 1 January squeezed collections in specific categories, particularly personal income tax. Generous tax allowances targeting middle-class earners, who saw income growth over recent months, drove the drop in individual tax revenue. State coffers collected approximately €3.1 billion from January to May 2026, up from €2.92 billion during the same period in 2025. This generated a €171.3 millio
Cyprus faces losing millions in Recovery Fund grants as MPs challenge rushed business development bank law (opens the original)
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Cyprus faces losing between €50 million and €69 million in European Recovery Fund grants unless parliament approves a rushed bill to establish the Cyprus Business Development Organisation (KOAE) next week, officials said. The Ministry of Finance is under heavy pressure to secure approval for the draft law, which was submitted at the eleventh hour. The Recovery Plan concludes at the end of the year, and the Republic must appoint the organisation’s board of directors by the end of August. This tim
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