Makis Keravnos

In an inadvertent error by the Cypriot state, support payments totaling 13.82 million euros were extended to 152 cases that had failed to meet subsidy criteria under the terms and conditions of the project to support businesses from the effects of the pandemic. While a significant portion of the reimbursement issue has been addressed, approximately €2-3 million remains outstanding.

Cyprus' Council of Ministers has approved the establishment of a public consultation platform, known as e-consultation, Minister of Finance Makis Keravnos said after a cabinet meeting on Thursday.

He announced that cabinet approved the creation of the public consultation platform, as well as the regulatory framework that governs it.

The financing needs of Cyprus for next year amount to 1.3 billion euros, largely to be covered by the issuance of a €1 billion European medium-term note (EMTN), the Cypriot Finance Ministry's Public Debt Management Office (PDMO) said last week.

In a maneuver to bolster economic collaboration, Cyprus and France are gearing up to sign a pivotal convention on Monday in Nicosia. This deal is key to navigating the complexities of double taxation while working toward preventing fiscal evasion and avoidance.

Cypriot Finance Minister Makis Keravnos submitted several government actions aimed at addressing issues related to nonperforming loans to Parliament on Wednesday.

In a letter addressed to Speaker of the House Annita Demetriou, the Finance Ministry emphasized that the proposed framework is considered satisfactory and provides a "safety net" for vulnerable groups.

Cypriot citizens are in turmoil following the termination of reduced special consumption tax rates on transportation and heating fuels, which resulted in increases of 8.32 cents in gasoline and diesel, and 6.83 cents in heating fuel.

Temporary state fuel subsidies are set to expire before the weekend in the Republic of Cyprus, after the finance minister announced an extension could not be justified.

Finance Minister Makis Keravnos emerged from a President's Cabinet meeting on Wednesday saying fuel subsidies could not be extended beyond June 30.

Cyprus' Cabinet approved several important measures on Wednesday, including a bill on tax rebates for businesses for energy upgrades, an extension of the tax payment deadline and a suspension of the obligation to file tax returns for individuals with a taxable income below 19,500 euros.

The Cyprus Chamber of Commerce and Industry (CCCI) agrees with Nicosia's priority to bring natural gas το Cyprus, in order to produce cheap electricity, said CCCI President Christodoulos Angastiniotis, after a meeting held between the CCCI and the country's President Nikos Christodoulides on Tuesday. 

The Cypriot minister of finance, Makis Keravnos, expressed his satisfaction with the conclusion of negotiations on a double taxation avoidance agreement with the Netherlands in a meeting Thursday with the Dutch ambassador in Nicosia, Elke Merks-Schaapveld, according to a press release by the ministry.