Cypriot businesses that consistently violate tax laws may soon find their premises sealed for at least 48 hours under a new enforcement tool granted to the tax department, if parliament passes one of six pending tax reform bills set to take effect on January 1, 2026.

According to a report in Philenews, the bill introduces a strict measure enabling the tax department, with a court order and police assistance, to temporarily shut down companies that fail to meet tax obligations or obstruct tax audits.

The initiative draws inspiration from the Greek model, in use for years by the Independent Authority for Public Revenue (IAPR). 

According to the proposed amendment to the tax verification and collection act, business premises may be sealed when a court is convinced that the business operator repeatedly breaks the law and engages in serious violations.  

The measure targets those who either fail to issue invoices for at least three different transactions or for any single transaction exceeding €500, or deliberately issue inaccurate receipts.

The Research and Innovation Foundation (RIF), in collaboration with the Deputy Ministry of Research, Innovation and Digital Policy, on Monday announced the launch of a new flagship funding programme titled ‘AI in Government‘.

According the announcement, this initiative “marks a new era of digital transformation in the public sector through the deployment of Artificial Intelligence (AI)”.

“The programme is part of the government’s flagship initiatives, as presented by the president of the Republic Nikos Christodoulides, in the 2025 annual governance programme, and constitutes a key step in leveraging innovation as a driving force for state modernisation,” the foundation added.

The Cyprus Securities and Exchange Commission (CySEC) has released its annual statistical bulletin for 2024, providing a detailed overview of the performance of the regulated entities under its supervision.

In its opening section, CySEC chairman George Theocharides said that “the global economic environment in 2024 remained complex and unpredictable”.

He pointed out that this was due the influence of “ongoing geopolitical developments, persistent climate challenges, and continued adjustments in energy and financial markets”.

The CySEC chief explained that “although inflation showed signs of easing compared to the previous year, uncertainty continued to affect international trade and investment flows”.

Bank of Cyprus Holdings Public Limited Company (BOC Holdings) has announced the completion of its acquisition of 100 per cent of Ethniki Insurance Cyprus Ltd, following a binding agreement signed with Ethniki Hellenic General Insurance Company S.A. on 14 April 2025.

The consideration for the transaction amounts to €29.3 million paid in cash, reflecting price adjustments in line with the customary terms of the binding agreement.

The capital impact of the transaction is estimated at approximately 15 basis points.

A spokesperson confirmed that the transaction was executed on normal business terms and said that the determination of the fair values of the identifiable acquired assets and liabilities assumed is currently in progress in cooperation with an independent adviser.

MHV Mediterranean Hospitality Venture Plc, a leading player in the hospitality and real estate space, on Monday announced the approval of a new bond loan programme and subscription agreement amounting to a maximum of €20 million.

According to a filing on the Cyprus Stock Exchange (CSE), the company confirmed that its board of directors examined and approved the agreement on July 25, 2025, before making it public today.

The agreement is between MHV Mediterranean Hospitality Venture Plc as the issuer and Prodea Real Estate Investment Company S.A. as the subscriber and bondholder.

The bond loan will be raised through the issuance of common bonds with a nominal value of €1 each.

The European Union’s extension of its Emissions Trading Scheme (ETS) to shipping has sent ripples across Mediterranean ports, and even Cyprus is feeling the undercurrents.

Starting January 1, 2024, any vessel over 5,000 gross tonnage calling at an EU port is subject to carbon pricing, initially covering 40  per cent of emissions, rising to 70  per cent in 2025 and full coverage by 2026, when methane and nitrous oxide are also included, as mentioned in the European Commission’s ETS FAQ and policy documents, according to Climate Action.  

Shipping lines are responding predictably. Re-routing to ports like Tangier Med and Port Said to escape rising costs, saving as much as $100,000 per voyage or over $5 million annually, according to reports from maritime analysts and industry sources discussing shifts in transshipment following ETS implementation. 

In the period from 2020 to 2024, ports outside the EU in the Mediterranean added roughly 17 million TEU of transshipment capacity, compared to 8 million in EU member states, and about 80  per cent of new cargo volume went to nonEU hubs.

Limassol-based marine fuel trading firm Island Oil has opened a new international trading office in Dubai, marking its seventh trading desk globally and strengthening its presence across key marine fuel markets.

Chief Operating Officer Vangelis Marinakis said the newly established Dubai office is “an important step towards the full coverage of the marine fuel market and the enhancement of our trustful relations with clients and suppliers.”

Total deposits in Cyprus recorded a net increase of €654.7 million in June 2025, compared to a net increase of €20.8 million in May 2025, according to data released by the Central Bank of Cyprus (CBC).

The figures were published in the July 2025 edition of the monetary and financial statistics, which include data from monetary financial institutions (MFIs) for the reference month of June 2025.

The annual growth rate of total deposits reached 7.1 per cent in June 2025, compared to 5.8 per cent in May 2025, while the total outstanding deposits reached €56.6 billion.

The Bank of Cyprus (BoC) on Monday announced that its board of directors will meet on August 4, 2025, to examine the financial results for the Bank of Cyprus Group for the first half of the year.

The meeting will also consider the declaration and payment of an interim dividend for the six months ended June 30, 2025.

Moreover, the bank said that the financial results will be released on August 5, 2025, before the market opens.

They will be published simultaneously to the Athens Stock Exchange (ATHEX) and the Cyprus Stock Exchange (CSE).