Cyprus has been placed at the centre of Europe’s tax policy debate following a two-day visit by a delegation from the European Parliament’s Subcommittee on Tax Matters (FISC).

The delegation visited Cyprus on September 16 and September 17, meeting with the House Speaker Annita Demetriou, members of the House finance committee, the assistant tax commissioner, as well as leading business and professional associations.

The latter included the Cyprus Chamber of Commerce and Industry (Keve), the Employers and Industrialists Federation (Oev), the Institute of Certified Public Accountants of Cyprus (Selk), and the Cyprus Bar Association.

Their discussions focused on key tax policy issues, including combating tax evasion, simplifying tax systems, and boosting competitiveness through targeted tax measures.

Shipping faces a decisive moment as the International Maritime Organisation (IMO) prepares to vote in October on its Net-Zero Framework (NZF), a legally binding package designed to cut greenhouse gas emissions from the sector to net zero by 2050. 

The plan, adopted in principle last April, combines mandatory fuel intensity limits with a global carbon pricing mechanism and financial incentives for compliance.  

If approved, it will come into force in 2027 and cover ships over 5,000 gross tonnes, a segment responsible for 85 per cent of the industry’s emissions. 

However, as mentioned in Newmoney, reactions have been fierce. US president Donald Trump has warned that a new administration in Washington would not hesitate to take measures against countries that support the regulation, opening a front of geopolitical confrontation.  

The Norwegian classification society DNV followed, criticising the IMO for “institutional romanticism” and indifference to market realities.  

The Bank of Cyprus (BoC) this week announced the results of its cash offer to holders of its outstanding €300 million Fixed Rate Reset Tier 2 Capital Notes due October 2031.

According to the announcement, the company invited holders of the existing notes to tender their securities for cash purchase at a price equal to 102.3 per cent of the principal amount.

The company will also pay the accrued interest due on such existing notes up to, but excluding, the settlement date on September 18, 2025.

The bank said that it received valid tenders of approximately €217 million in aggregate principal amount, representing around 72 per cent of the outstanding existing notes.

Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou is travelling to India today for a two-day working visit from September 18 to September 19.

According to an announcement released on Thursday, the minister is accompanied by an extensive business delegation, aiming to strengthen bilateral ties between Cyprus and India.

During the visit, the announcement continued, Damianou will hold a series of meetings and contacts with state officials and business leaders.

The agenda will focus on promoting partnerships and enhancing economic and business relations between Cyprus and India, with particular emphasis on technology and innovation.

What is more, Damianou will take part in the ICC Global Business Summit 2025, where he will deliver an address during a special session dedicated to Cyprus and the bilateral relationship between the two countries.

Minerva Insurance Company Public Ltd this week announced that it will review and approve its preliminary results for the first half of 2025 at a board meeting scheduled for Tuesday, September 30, 2025.

According to the announcement, the board will convene at 10.30am at the company’s offices in Nicosia.

The economic impact of foreign investment in Cyprus’ private healthcare sector took centre stage at the 8th Cyprus Healthcare Conference this week, which was organised by Ygia Polyclinic Private Hospital.

According to InbusinessNews, a roundtable discussion at the event examined how acquisitions by multinational groups are reshaping the industry, bringing new technology, services and practices to the island.

Participants also debated whether Cyprus could position itself as a regional medical reference point.

Another point of discussion revolved around foreign capital, which has been flowing steadily into the sector, with major hospitals changing hands and new facilities being developed.

Cyprus has launched a public consultation on a draft bill to modernise and strengthen rules governing mergers and business concentrations.

The Competition Protection Commission said the draft, titled ‘the Control of Business Concentrations (Amendment) Law of 2025’, will be open for comments from September 15, 2025, until October 20, 2025.

In plain terms, the legislation sets out how large companies can merge or acquire others in Cyprus, ensuring that such deals do not harm competition or consumers.

Cyprus Seeds has released its latest newsletter, recapping a series of milestones and partnerships that underline its growing role in advancing research-based innovation in Cyprus.

In March 2025, the organisation was recognised by the Financial Times as “One of Europe’s Leading Startup Hubs,” ranking 104 out of 3,000 European entries.

It became the first organisation from Cyprus to be included in the list, a distinction hailed as a milestone for the country’s entrepreneurial ecosystem.

Further recognition came in May 2025 when the Cypriot Diaspora honoured Cyprus Seeds with an award in the Startups and Innovation category.

Cyprus-based Columbia Group expects dual-fuel ships to define the next decade of shipping, arguing that the absence of a scalable zero-carbon alternative leaves LNG-powered vessels as the industry’s most viable solution.

According to its statement the group mentioned that by the end of 2025, dual-fuel ships will account for about half of global new-build orders, with LNG propulsion powering nearly 70 per cent of those vessels. Columbia said this surge reflects a pragmatic response by owners and operators to tightening regulations and uncertainty over future fuels.

Duncan McLennan, Group Director, Technical at Columbia Shipmanagement, said owners are facing increasing legislation and LNG has emerged as a bridging technology.

It allows compliance with current standards while offering confidence for the next decade, he noted, adding that dual-fuel designs give operators flexibility and reduce exposure to both regulatory and commercial risks.

The Bank of Cyprus on Thursday announced that it is organising an informational open day for the BoC Fintech Hackathon 6.0, which will take place remotely on September 23, 2025, at 5:30 PM.

The event will present the objectives, thematic areas, and the process of the hackathon, which is now in its sixth edition.

The organisers said the open day is designed for anyone interested in taking part in the Innovation Marathon, including those with ideas or solutions, as well as those wishing to act as mentors, data providers, or communication sponsors.

“Fintech is everywhere,” they said, adding that the use of financial technology spans every sector of society and the economy.

They explained that fintech ranges from social innovation and solutions that improve everyday life, to sustainability and green practices, and even smart cities that leverage data and technology to enhance quality of life.

The Association of Cyprus Banks (ACB) has asked for the declaration process for the supplementary tax to be made simpler.

Their comments were submitted as part of the public consultation on the bill to amend the Administrative Cooperation in Taxation Law of 2012 to 2025.

The association’s comments focus on the need to reduce the administrative burden on companies that ultimately owe no additional tax under the new rules.

“Our main comment is the need or obligation to submit the declaration in a simplified form by companies which fall under exemptions that result in zero additional tax under Pillar 2,” the association said.

It explained that if a company is exempt under the de minimis rule or due to provisions for multinational groups in the early phase of international activity, and ultimately owes no top-up tax, the declaration should be adapted to recognise such cases.

This, it added, would eliminate the need to complete all other fields, significantly reducing compliance workload and simplifying the overall process.

Cyprus’ construction materials price index posted a year-on-year increase of 1.17 per cent in August, according to figures released on Thursday by the statistical service (Cystat).

Specifically, the construction materials price index for August 2025 stood at 119.06 points, based on 2021 as the benchmark year set at 100 points, marking a negligible rise of 0.01 per cent compared with the previous month.

By main product category, mineral products rose by 3.24 per cent and minerals by 3.20 per cent.

Within minerals, stone products increased by 6.36 per cent and mineral aggregates by 9.48 per cent, while cements fell by 2.15 per cent.

Cyprus was the only European Union country to record zero year-on-year inflation in August 2025, according to official data published this week by Eurostat.

The country stood out at a time when the average inflation rate in the euro area was 2.0 per cent, while the European Union overall recorded 2.4 per cent.

According to Eurostat, the lowest annual inflation rates were also observed in France at 0.8 per cent and Italy at 1.6 per cent.

By contrast, the highest inflation rates were registered in Romania at 8.5 per cent, Estonia at 6.2 per cent and Croatia at 4.6 per cent.

The Eurostat data also showed that unlike other member states where prices increased, prices in Cyprus remained stable.