The Cyprus Stock Exchange (CSE) Council on Monday expressed “deep concern and disappointment” over what it deems to be “the exclusion of meaningful incentives for the capital market” in the government’s proposed tax reform.

“Despite submitting well-documented recommendations to both the government and the technical team at the University of Cyprus’s Economic Research Centre, the final provisions in the draft bills currently under public consultation fail to include any substantial measures supporting the capital market,” the exchange said.

“On the contrary, the proposed regulations contain clauses that even weaken existing tax incentives, and and especially negatively impacting the emerging companies market,” it added.

One year has passed since the launch of the interbank ESG assessment project for Cypriot businesses, implemented by Artemis Credit Bureau through the Synesgy platform.

According to a statement by the Association of Banks of Cyprus, this project represents a significant step towards integrating the principles of environmental, social, and corporate governance, known as ESG, into Cyprus’s business sector and financial system.

The association explained that “Cyprus, through this initiative, now aligns itself with international and European developments, establishing solid foundations for sustainable financing and transparent reporting of related risks and business performance”.

It added that the response from the business community has been “particularly encouraging“, confirming the gradual adaptation of the market to ESG issues.

Rental prices in Cyprus have not increased significantly, as the market has successfully managed to balance rising demand, particularly from students, with the addition of new housing units, according to the president of the Cyprus Real Estate Agents Registration Council, Marinos Kineyirou.

“This stability is a positive development that benefits both tenants and landlords by offering security and predictability,” he told the Cyprus News Agency (CNA).

Based on figures shared by Kineyirou, the lowest monthly rent for a one-bedroom apartment is recorded in Paphos and Larnaca at €500, while the highest is found in Limassol at €1,100.

Cyprus is losing millions in unpaid taxes after thousands of cases fell outside the legal deadline for assessment, the audit service has warned.

In its latest report on the tax department, the service said 139,078 individual taxes relating to 2014 – 2017 can no longer be imposed or amended, as the superintendent’s authority has expired.

For companies, a further 6,070 outstanding taxes from the same period are also now beyond the legal timeframe.

The Bank of Cyprus is doubling down on its innovation drive this October, launching its sixth fintech hackathon while also joining TechIsland’s donor network to help strengthen the island’s tech ecosystem.

Specifically, the bank announced that it will host its sixth Application Development Innovation Marathon ‘BoC Fintech Hackathon 6.0’ on October 10–12, with physical presence at the IDEA Innovation Centre in Nicosia.

According to the organisers, the hackathon focuses on the implementation of proposals and digital applications related to fintech, also combining themes such as social innovation, smart cities and sustainability, with the main goal of promoting entrepreneurship.  

The Cyprus Chamber of Commerce and Industry (Keve), in its role as coordinator of the Enterprise Europe Network Cyprus, will host a women’s business delegation from Lithuania on September 24, 2025.

The event, which will take place at the Keve building in Nicosia on the first floor, is organised in collaboration with the Klaipeda Chamber of Commerce and Industry and aims to strengthen cross-border cooperation and promote women’s entrepreneurship between Cyprus and Lithuania.

The networking initiative will provide an opportunity for entrepreneurs, senior executives, representatives of professional and business associations, and companies interested in expanding or cooperating with Baltic markets to engage directly with Lithuanian business leaders.

Cybersecurity concerns are intensifying in Cyprus as global Distributed Denial of Service (DDoS) attacks rise sharply, placing pressure on national infrastructure and prompting renewed investment in digital defences.

A new report from Qrator Labs revealed that application-layer DDoS attacks surged by 74 per cent globally in the second quarter of 2025 compared to the same period in 2024.

These types of attacks target web applications, sending malicious traffic that mimics legitimate user requests, making them particularly difficult to detect and mitigate.

VAT revenues from the EU’s e-commerce systems brought €257.9 million into Cyprus’ coffers in 2024, according to tax commissioner Sotiris Markides.

Through the One Stop Shop (OSS) and Import One Stop Shop (IOSS), businesses can declare and pay VAT on cross-border sales within the EU, as well as on low-value imports from outside the bloc, with just one registration in a single member country.

Speaking to local newspaper Politis, Markides said that a Cyprus-registered business selling goods or services to consumers in other EU countries can simply register on the local OSS platform, charge the VAT rate of the consumer’s country, declare the total owed on a quarterly or monthly basis, and make a single payment. Cyprus then forwards each country its share.

The highest construction costs in Cyprus’ private sector last year were recorded in hotels, followed by clinics and medical offices, with tourist apartments in third place, according to the Cyprus Statistical Service (Cystat).

Its report on the cost per square metre of buildings completed in 2023, as well as in previous years, mentions that the figures are not fully representative for all categories, since materials, degree of luxury and functional purpose vary from project to project.

The data are drawn from the annual building permit survey, conducted on a sample basis, with average costs calculated by dividing the total project cost by total area.

The International Maritime Organisation’s (IMO) Maritime Safety Committee (MSC) has called for a comprehensive overhaul of the International Safety Management (ISM) Code, warning that the rules no longer reflect the realities of life at sea. 

According to Columbia Group, the call follows an independent IMO study that exposed inconsistent enforcement of the Code, weak oversight, poor accountability and a disconnect between documented procedures and what crews actually experience, particularly when it comes to fatigue, harassment and excessive workloads. 

Captain Saurabh Mahesh, group director crewing (Operations) at Columbia Group, said this revision is long overdue.  

Cyprus’ trade deficit widened to €3.87 billion in the first half of 2025, compared to €3.65 billion in the same period last year, according to a report released on Monday by the state statistical service.

Total imports of goods in June 2025 reached €1.11 bn, up 21.1 per cent from €920.3m in June 2024.

Imports from other European Union member states amounted to €588.0m in June 2025, compared to €554.3m a year earlier.

The Cyprus Securities and Exchange Commission (CySEC) has announced a series of recent decisions involving investment firms, administrative fines, revocations of earlier rulings and the granting of an exemption under takeover law.

CySEC said that at its meeting on March 17, 2025, it decided to suspend in whole the Cyprus Investment Firm authorisation of Triangleview Investments Ltd, with number 384/20, citing violations of anti-money laundering rules, deficiencies in board and management requirements, and failures to meet organisational obligations.

The regulator explained that the company must, within two months, take the necessary actions to comply with the relevant provisions.

The Cyprus Stock Exchange (CSE) on Monday announced the suspension of trading for several listed companies on the regulated market due to their failure to submit and publish their annual financial report for the year ended December 31, 2024.

In its announcement, the CSE said that the decision follows a previous announcement dated May 8, 2025, and is made under article 183 of the Cyprus Securities and Stock Exchange Laws.

It stated that the companies affected are Cyprus Trading Corporation Plc, Ermes Department Stores Plc, Woolworth (Cyprus) Properties Plc, and Karyes Investment Public Ltd.