Cyprus Business Now

According to a report released by the Cyprus Statistical Service (Cystat), in November 2023, Cyprus witnessed a notable 1.6 per cent increase in retail trade volume compared to October. This positive trend contrasts with the Eurozone and the EU, which experienced declines of 0.3 per cent and 0.2 per cent, respectively.

Cyprus experienced steady yearly growth, showing a significant 4.8 per cent rise in the retail sales index in comparison to November 2022. In contrast, the Eurozone and the EU saw contractions of 1.1 per cent and 1.0 per cent, respectively, highlighting varied performances in their retail sectors.

In November 2023, non-food products and food, beverages, and tobacco experienced declines of 0.4 per cent and 0.1 per cent, respectively, while motor fuels demonstrated a modest 1.4 per cent increase. Among member states, Germany, Luxembourg, and Austria reported the most substantial monthly declines, highlighting specific challenges in these markets.

Conversely, the report indicates notable monthly increases in retail trade for Portugal, Croatia, Slovenia, Malta, and Romania, accentuating the varying economic landscapes within the Eurozone. On an annual basis, the report notes significant declines for Slovenia, Estonia, and Hungary, while Spain, Croatia, and Denmark showcased robust retail trade growth, illustrating the diverse trajectories of retail sectors across European nations.

The Tax Department has introduced electronic registration for the Tax Registry, commencing on 8th January 2024. This streamlined process is exclusively accessible through the “Tax for All” (TFA) Tax Portal.

Participants must create an account on the TFA Tax Portal for registration. Guidelines are available on the Tax Department website under the TFA icon, specifically focusing on “Creating a TFA Account.”

Starting from 8th January 2024, registration requests submitted with Form T.F. 2001 will no longer be accepted. It is imperative to ensure a seamless transition to the electronic system.

Moreover, the TFA Tax Portal facilitates the modification of specific contact information, including telephone numbers, addresses, and emails, through the convenient “Profile” option. However, for other changes to registration information, the established procedure for submitting the T.F. 2003 form remains valid.

The Cyprus Stock Exchange (CSE) completed on Monday, January 8 facing losses, with the General Index closing at 135.90 points, reflecting a 0.37 per cent decline. Simultaneously, the FTSE/CySE 20 Index also dropped to 82.50 points, down 0.37 per cent. The total value of transactions on the exchange amounted to €287,528.

Individual stock market indices witnessed varied movements, with only Investments registering an increase of 1.38 per market, while Hotels remained unchanged. Conversely, the Main Market experienced a 0.23 per cent decrease, and the Cyprus Alternative Market declined by 0.51 per cent.

The biggest investment interest was attracted by the Bank of Cyprus shares, reaching €150,424, despite closing at €3.39 with a 0.88 per cent decrease. Logicom recorded a turnover of €33,392, closing at €3.00 with a 0.66 per cent loss. Cyprus Cement Company (-1.44 per cent), Hellenic Bank (- 0.44 per cent) and Vassiliko Cement (- 0.62 per cent).

In terms of stock movements, 7 stocks witnessed an increase, 8 saw a decrease, and 4 remained unchanged, with a total of 113 transactions recorded. Corporate developments included MHV Mediterranean Hospitality Venture announcing the sale of an investment in Aphrodite Hills Resort, and Salamis providing clarification on the acquisition of Mikosa Properties Ltd by Salamis Shipping.