Updates

We would like to inform you that the Commissioner of Taxation has issued Circular 1/2023 clarifying that, as from 1 January 2022, Circular No.3, dated 30.06.2017, and Circular No. 5, dated 2.1.2019, in relation to intra-group “back-to-back” financing transactions, are terminated and their provisions will no longer apply.

The European Banking Authority ("EBA") published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire ("RAQ").

The European Insurance and Occupational Pensions Authority ("EIOPA") published technical information on the relevant risk-free interest rate term structures ("RFR") with reference to the end of December 2022.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the 2022 European Single Electronic Format ("ESEF") XBRL taxonomy files and an update to the ESEF conformance suite to facilitate the implementation of the ESEF Regulation.

The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") on the identification of a group of connected clients ("GCC") under the Capital Requirements Regulation ("CRR").

The Council of Ministers of the Republic of Cyprus has issued an order, amending the 8th Schedule of the Cyprus VAT Law N95(I)/2000 (VAT Law), which is referring to the VAT exemptions applicable on the supply of immovable property. The below amendment is effective as from the 11th of November 2022, the date that it was published in the official Gazette of the Republic of Cyprus.

We would like to remind you that the submission deadline for the following Country-by-Country (‘’CbC’’) reporting obligations is on 31^st December 2022:

1. Submission of the CbC Notification for the year 2022 for MNE Groups which have a year end of 31^st December 2022
2. Submission of the CbC Report for the year 2021 for MNE Groups which have a year end of 31^st December 2021

The European Banking Authority ("EBA") published a thematic review on the transparency and level of fees and charges levied by financial institutions ("FIs") on the retail banking products in the EU.

The European Banking Authority ("EBA") launched a public consultation on new guidelines on the effective management of money laundering and terrorist financing ("ML/TF") risks when providing access to financial services.

The ESMA, the EU’s financial markets regulator and supervisor, is publishing the Final Report on the 2022 update of guidelines on MMF stress tests under the Money Market Funds Regulation ("MMFR").

The European Banking Authority ("EBA") published its final guidelines on the use of remote customer onboarding solutions.

The European Banking Authority (EBA) launched a public consultation on its draft guidelines addressed to institutions and resolution authorities on resolvability testing.

The European Banking Authority ("EBA") published its environmental statement in the context of the 2022 United Nations Climate Change Conference (COP27), highlighting its work aimed at increasing sustainability in the banking sector by enhancing market transparency and discipline and by translating sustainability considerations into risk management practices and supervision.

Following our August Newsletter Issue 07/2022 regarding the new employment income tax exemptions, we would like to inform you that the Cyprus Tax Department has issued Circular 10/2022 providing clarifications on the practical application of these exemptions.

The European Banking Authority ("EBA") published a Report, which analyses some qualitative as well as quantitative aspects of the lending trends and riskiness of infrastructure loans which have benefitted from a capital reduction due to the introduction of the so-called infrastructure supporting factor ("ISF") under the Capital Requirements Regulation ("CRR").

The Management of K. Treppides & Co Ltd is committed to develop leaders who derive from own people and who pursue excellence in the provision of high quality specialised and unique services. We are pleased to announce the appointment of the following members on the Board of Management effective as of 1 November 2022.

The European Banking Authority ("EBA") published a report on how to incorporate ESG risks in the supervision of investment firms.

The European Banking Authority ("EBA") published a final set of Guidelines and two final draft Regulatory Technical Standards ("RTS") specifying technical aspects of the revised framework capturing interest rate risks for banking book (I"RRBB") positions.

EBA Clarifies the status of several disclosure guidelines, and ensures continuous transparency of credit quality of exposures by all types of credit institutions.

The European Banking Authority ("EBA") published its quarterly Risk Dashboard covering the main risks and vulnerabilities in the EU banking sector.

The European Banking Authority ("EBA") published its final guidelines on transferability to support the resolvability assessment for transfer strategies.

It is easy to assume that hiring based on similar personalities is the most effective route to follow when building a team. If everyone is the same, we will all get along well and, be highly productive, right? However, there are many reasons why, we need a variation of different personalities in the workplace. Outstanding teams are more than just their hard skills; Outstanding teams are about their different personalities as well.

We would like to inform you that the Council of Ministers issued a Decree (No.373/2022) on 23 September 2022 to exempt individuals with gross annual income not exceeding EUR19,500 from the obligation to submit a personal income tax return (Form TD1) for the tax year 2022.

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has submitted its response to the European Commission ("Commission") regarding the current level of margins and of excessive volatility in energy derivatives markets.

The European Banking Authority ("EBA") published its annual Funding Plans Report. 159 banks submitted their funding plans for a forecast period from 2022 to 2024.

Emotional Intelligence (EI) is the ability to manage both your own emotions and understand the emotions of people around you. Emotional Intelligence is essential for survival and there are people with high levels of EI that are able to identify what they are feeling, know how to interpret their emotions, recognize how their emotions affect others, regulate their own emotions and manage the emotions of other people.

The European Insurance and Occupational Pensions Authority ("EIOPA") published its report on data quality in Solvency II reporting.

The European Banking Authority ("EBA") published its second report on the functioning of AML/CFT supervisory colleges in the EU.

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, published the annual update of its Reporting Manual on the European Single Electronic Format ("ESEF").

Covid-19 pandemic, the Great Resignation era, Russia – Ukraine war, Inflation: Resiliency. What seems to have been greatly affected by the above, having gone through trials and turbulences during the last 2 plus years, is the Employee – Employer relationship. What is certain, is that the future is uncertain, and with it, thriving under it depends on where and in which form this relationship will go moving forward.