Cyprus Business Now

Consulting and advisory firm PwC Cyprus on Tuesday released its tax guide for 2024, providing a valuable source of information on the tax framework of Cyprus for 2024.

According to the announcement, the guide is available on the company’s website, in the English language.

The announcement noted that the 32nd edition of the guide includes valuable information for both individuals and businesses and it may assist them to perform their planning and meet their tax compliance obligations.

“In this way, the organisation contributes effectively to higher levels of tax compliance in the economy,” the company said.

Referring to the PwC tax guide for 2024, Stelios Violaris, Partner in Advisory Tax Services of the organisation, stated that “this updated tax guide provides a comprehensive overview of Cyprus’ tax landscape for the year 2024”.

“The guide, even though not to be taken as a substitute to bespoke planning and consulting, is indeed a very valuable reference for both current Cyprus taxpayers as well as prospective international investors that may be considering relocating or setting up their business base in Cyprus to understand both the complexities and incentives involved,” he added.

Finally, the company noted that the latest edition, which is based on current legislation and practice, is not and should not be considered a substitute for specialised professional advice.

President of the Cyprus Stock Exchange board Marinos Christodoulides recently highlighted the substantial progress of the exchange during 2023, citing a remarkable 52.19 per cent increase in the General Index compared to the previous year.

Notably, this upward trend had been consistent, with a 30.42 per cent rise in 2022, showcasing the market’s resilience.

Christodoulides attributed this year’s success to heightened investor interest, particularly in specific listed companies, including those in the banking sector, which reported significant profitability in 2022 and the first three quarters of 2023.

Looking ahead to 2024, Christodoulides acknowledged that market performance would depend on several factors, including geopolitical events like conflicts in Ukraine and Israel.

Moreover, he cautioned investors to consider these uncertainties while seeking advice solely from certified financial consultants.

The president also underlined the exchange’s ongoing initiatives to expand its offerings and services.

Efforts included advancing the exchange’s privatisation process and strengthening the bond market by introducing European EMTN bonds and domestic bond issues.

Furthermore, the exchange demonstrated active participation in energy-related matters, contributing to emissions trading rights and preparing infrastructure for electricity markets.

What is more, in light of upcoming tax reforms, the exchange proposed tax incentives to support investment activities, aiming to solidify its pivotal role in the country’s economy.

The Cyprus Stock Exchange (CSE) ended Tuesday, January 02 with minor profits.

The general Cyprus Stock Market Index was at 136.07 points at 13:31 during the day, reflecting an increase of 0.04 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.58 points, representing a rise of 0.01 per cent.

The total value of transactions came up to €12,830 until the aforementioned time during trading.

In terms of the sub-indexes, the main and hotel indexes rose by 0.02 per cent and 1.21 per cent respectively. The alternative index fell by 0.43 per cent while the investment firm index declined by 2.72 per cent.

The biggest investment interest was attracted by Demetra (-2.78 per cent), Petrolina (-2.68 per cent), Ermes (-2.33 per cent), and the Bank of Cyprus (+2.09 per cent).