Value-added tax

Some 1,000 tax inspectors will be out in the field in 50 of the country's 81 provinces to check if large companies are complying with tax regulations in key industries, such as retail, transportation, jewelry, energy, health services, hospitality, construction and textile.

The Cypriot Parliament has passed a law enabling beneficiaries to apply for a 5% reduced VAT rate within a year of acquiring a residence.

Finance Minister Kostis Hatzidakis disclosed a new array of economic measures for 2025 during the Delphi Economic Forum on Wednesday, valued at 870 million euros.

Employers in Cyprus are advocating for a comprehensive overhaul of the tax system, proposing significant changes aimed at boosting economic activity and competitiveness.

The state budget primary balance on a modified cash basis amounted to a surplus of 3.38 billion euros in January and February, against the primary surplus target of €1.98 million, according to the Finance Ministry.

Bulgaria is ushering in a new era of digitalization in its retail sector as merchants will soon have the option to issue electronic receipts for goods or services sold. This initiative, outlined in a draft of changes to the regulation of the Ministry of Finance on cash registers, aims to streamline transactions and enhance transparency in financial reporting.

The International Monetary Fund (IMF) has wrapped up its regular mission in Bulgaria, led by Jean-Francois Dauphin, following consultations with Bulgarian authorities on macroeconomic indicators and financial policies.

Bulgaria is on track to meet the inflation benchmark required for Eurozone membership by September, according to Finance Minister Asen Vassilev. Speaking at a conference focused on the currency union, Vassilev expressed confidence in Bulgaria's ability to fulfill the necessary criteria within the specified timeframe.

The ferry tickets are still very expensive, especially on the inner-Cyclades routes, where for example the route Milos - Koufonisi costs €108! The second obstacle for passengers is the VAT, which was reduced due to the pandemic to 13% and this year it is to return to 24% - An Extension is requested by the shipping companies

Confirming that the issue of soaring prices will spearhead the party going into the European elections, SYRIZA leader Stefanos Kasselakis decried inflationary and speculative suffocation policies, which, he said, the government has consciously adhered to.