The retail industry in Cyprus experienced significant growth in August 2023, with the Retail Trade Turnover Index showing a remarkable increase of 10.1 per cent, compared to the same month in the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).

Additionally, during the same period, the Retail Trade Volume Index also saw a substantial rise, increasing by 6.6 per cent compared to August of the previous year.

Compared to August 2022, the most substantial increase in August 2023 was observed in the retail trade of food, beverages, and tobacco (in specialised stores), which surged by 19.8 per cent.

Furthermore, food, beverages, and tobacco sales (in non-specialised stores) recorded a notable increase of 12.3 per cent.

EY Cyprus has been named National Transfer Pricing Firm of the Year for the fifth consecutive year by the International Tax Review (ITR), recognising its high-quality tax services.

The ITR European Tax Awards, held in London on September 27, 2023, aim to acknowledge distinguished tax service providers in the Europe, Middle East, and Africa (EMEA) region. EY Cyprus has consistently received this accolade since 2019.

Commenting on the award, Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY Cyprus, emphasized the importance of trust from clients and the dedication and expertise of their teams.

ey

In addition, he stressed their commitment to advancing transparency and reducing tax-related uncertainties while improving the level of tax services expected from EY in Cyprus and abroad.

Moreover, Charalambos Palaontas, Partner and Head of Transfer Pricing Services at EY Cyprus expressed pride and satisfaction in winning the ITR Tax Award for Transfer Pricing for the fifth consecutive year.

He highlighted their team’s dedication and expertise, with over 20 members, as well as their commitment to providing high-level services with innovative solutions to meet the challenges of documenting intercompany transactions.

The Institute of Certified Public Accountants of Cyprus (Selk) has expressed its support for the initiation of the tax reform project, as presented during the inaugural event at the Ministry of Finance by the Minister of Finance and the Centre for Economic Research at the University of Cyprus.

In an official statement, the institute emphasised that this development is “undoubtedly a significant milestone for the Cypriot economy.”

In addition, they expressed satisfaction that the government, heeding the long-standing recommendations of Selk, is proceeding with a study looking into the modernising and upgrading of the country’s tax framework.

Furthermore, the institute noted that it would contribute constructively and substantially to the entire process, drawing from its experience and expertise.

They committed to presenting their proposals and comments objectively, with documented and independent assessments at various stages of consultation, as outlined in the project description.

Concluding their statement, Selk pledged its continued support to the Ministry of Finance and the Centre for Economic Research for the effective implementation of this important project.

Finally, they emphasised their commitment to offering objective, well-founded, and independent proposals and comments in both the administrative and parliamentary dialogues involved in this endeavour.

The Cyprus Stock Exchange (CSE) ended Tuesday, October 3 with negligible losses.

The general Cyprus Stock Market Index was at 130.36 points at 12:55 during the day, reflecting a decrease of 0.01 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 79.06 points, representing a drop of 0.01 per cent.

The total value of transactions came up to €130,353.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.08 per cent and 0.05 per cent respectively. The alternative index rose by 0.24 per cent while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.33 per cent), Salamis Tours (no change), and Vassiliko Cement Works Public Company (+1.29 per cent).