Updates

We would like to kindly remind you that the deadline for submitting VAT refund applications for business expenses incurred in another EU Member State during 2024 is approaching.

The European Central Bank ("ECB") and the People’s Bank of China ("PBC") have decided to extend their bilateral euro-renminbi currency swap arrangement for another three years until 8 October 2028.

We would like to inform you about the defensive measures which have been introduced into the Cyprus tax law regarding the payment of dividends, interest and royalties by a Cyprus Company to associated entities in low-tax jurisdictions (LTJs) and EU blacklisted jurisdictions (BLJs).

The European Banking Authority ("EBA") published an Opinion in response to the observations made by European Parliament in its 2023 Discharge Report.

This newsletter provides a brief overview of the Pillar II legislation for the imposition of a 15% minimum effective tax rate on Multinational Enterprise (ΜΝΕ) groups and large-scale domestic groups with consolidated annual revenues of at least €750 million.

The European Banking Authority ("EBA") released an updated set of 13 indicators and supporting data for the 32 largest institutions in the European Union, each with a leverage ratio exposure measure exceeding EUR 200 billion.

The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") on the allocation of off-balance sheet items and the specification of factors that might constrain institutions’ ability to cancel unconditionally cancellable commitments.

The European Banking Authority ("EBA") today launched a consultation on its revised Guidelines on internal governance under the Capital Requirements Directive ("CRD").

​The European Banking Authority ("EBA") today launched a public consultation on its draft Implementing Technical Standards ("ITS") for the supervisory reporting of third-country branches under the Capital Requirements Directive ("CRD").

​The European Banking Authority ("EBA") today published a Report on the direct provision of banking services from third countries.

The European Central Bank (ECB) has published its third progress report on the preparation phase of a digital euro, which was launched on 1 November 2023 and is laying the foundations for the potential issuance of a digital euro.

The Council of the European Union formally approved the accession of Bulgaria to the euro area on 1 January 2026 and determined a Bulgarian lev conversion rate of 1.95583 per euro.

We would like to inform you that the deadline for the electronic submission of personal income tax returns (forms TD1) for employees and pensioners for the year 2024 has been extended from 31 July 2025 to 30 September 2025.

The European Central Bank ("ECB") has published consolidated banking data as at end-December 2024, a dataset for the EU banking system compiled on a group consolidated basis.

We would like to bring to your attention that the deadline for the first temporary tax instalment for the tax year 2025 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is made by the due date.

The Department of Taxation (DoT) issued an announcement informing the public that a campaign will be initiated to ensure that the individuals that applied and got approved to pay a reduced VAT rate of 5% on the acquisition/construction of their main and permanent residence in the Republic are actually using the specific immovable property in accordance with the provisions of the Law.  

The European Banking Authority ("EBA") published three final draft technical standards that are crucial for the implementation of the EU Banking Package and will allow supervisors to monitor institutions’ compliance, thus fostering consistent and enhanced supervision.

The European Central Bank ("ECB") published its third set of climate-related financial disclosures.

According to the European Central Bank ("ECB’s") assessment, Bulgaria is within the reference values of the convergence criteria and complies with the legal requirements.

We would like to inform you about the amendments to the Cyprus Companies Law through which the Directive (EU) 2021/2101 requiring the public disclosure of income tax information of certain multinational enterprises (“MNEs”) has been transposed into national law. 

The European Banking Authority ("EBA")  published the final technical package for version 4.1 of its reporting framework.

The European Banking Authority ("EBA") published an onboarding plan for large and other institutions, setting out the steps required for accessing and submitting information to the new Pillar 3 Data Hub ("P3DH") – the EBA’s centralised platform for public disclosures under the Capital Requirements Regulation ("CRR3").

The EBA updated the list of other systemically important institutions ("O-SIIs") in the EU, which, together with global systemically important institutions ("G-SIIs"), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines.

We would like to inform you that the personal Income Tax Return (T.D.1 form) for the year 2024 is now available for submission through the TAXISnet system.

We would like to inform you that the Cyprus Tax Department (CTD) has announced that no penalties will be imposed if the submission of the following tax returns is made by 30/06/2025:

The EBA published its updated final draft implementing technical standards ("ITS") on resolution planning reporting.

The European Banking Authority ("EBA") launched a public consultation on its draft amending Regulatory Technical Standards ("RTS") on the types of factors to be considered by national authorities in assessing the appropriateness of real estate risk weights.

From 30 April 2025, we'll stop issuing and publishing portfolio letters. Instead, we'll publish a small number of market reports.

The EBA published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide.

The more streamlined and proportionate regime will make it easier for firms to operate globally, while encouraging effective risk management.