1. Blog masonry – classic

On 5 January 2026, the OECD/G20 Inclusive Framework (147 jurisdictions) agreed a way forward on Pillar Two and published the Side-by-Side (SbS) Package. The package introduces targeted simplifications and new safe harbours, while reaffirming QDMTTs as the primary mechanism for protecting domestic tax bases, changes that may materially affect Pillar Two compliance and cash tax…

Inflation across the eurozone eased to 2% in December, edging down from November’s 2.1% pace and landing on the European Central Bank’s long-term target. This reflects a broad cooling in goods prices and continued restraint in energy costs, while services inflation remains the main source of underlying momentum. The key takeaway is that price pressures…

The Cyprus Tax Reform is here — and it’s reshaping the way businesses plan, invest, and grow. Are you ready to turn change into opportunity? Join our exclusive client briefing to discover what’s new, what’s next, and how to stay ahead in 2026 and beyond. This comprehensive session will cover all the key changes introduced…

For financial reporting periods beginning on or after 1 January 2027, entities must apply the requirements of IFRS 18 “Presentation and Disclosure in Financial Statements”.  The International Accounting Standards Board has issued the new standard, officially replacing IAS 1 “Presentation of Financial Statements”. Financial Statements will have a different presentation on their financial performance statements…

MHA plc is pleased to announce that the firm has entered into an agreement to acquire Moore Stephens LLC, an audit practice, and Moore Stephens Consulting LLC, a tax and consulting services firm. The two firms are headquartered in Dubai and are collectively known as MS UAE. The acquisition is consistent with MHA’s strategy of…

The European Central Bank’s decision to keep interest rates unchanged at 2% at its final meeting of the year signals a continued commitment to fighting inflation, even as growth across the euro area remains uneven. As 2026 approaches, it appears that rates have reached near the bottom of the cycle — the ECB are unlikely…

Estonia’s Ministry of Finance has said it did not agree (under an OECD Inclusive Framework “silent procedure”) to the proposed Pillar Two side-by-side system package, and that it wants an outcome “acceptable to all parties.” In its announcement, Estonia argues that the OECD minimum tax rules are highly complex, would create a disproportionate administrative burden…

Law no. 239/2025, published in the Official Journal no. 1160/15.12.2025, part of the “Package 2” of fiscal‑budgetary reforms, introduces major changes in taxation, public administration and insolvency procedures, aiming to reduce tax evasion and enhance resource efficiency. The majority of provisions enter into force starting 1 January 2026. Key provisions applicable from 1 January 2026…

Despite global uncertainty and geopolitical shifts, South East Europe’s merger and acquisition (M&A) landscape is shaping up to remain solid, with steady investor appetite and domestic dealmaking to stay active. But what are the key trends shaping the market and what should businesses be preparing for next? Transaction Services Partner, Stela Ivanchova provides insight.  …

Baker Tilly South East Europe is pleased to announce the appointment of Marios Tsiakkis as a Non-Executive Director to the regional Board. Marios brings more than 35 years of leadership experience, most recently serving as Secretary General of the Cyprus Chamber of Commerce and Industry (Keve), where he played a central role in shaping economic…

Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. Eurozone inflation edged up to 2.2% in November, a slight rise from the 2.1% recorded in October. The headline number continues to hover close to the European Central Bank’s 2% target, but the underlying picture remains uneven. For the wider eurozone economy,…

On 4th of June 2025, the European Commission announced that Bulgaria is ready to adopt the euro. The announcement follows the release of the 2025 Convergence Report, which stated that Bulgaria met all nominal convergence criteria of the EU – price stability, public finances criterion, exchange rate and convergence of long-term interest rates. Furthermore, the…

Since January 2024, the European Union’s (EU) Emissions Trading System (ETS) has included maritime transport. What does that mean? According to the European Commission, maritime transport is one of the most energy-efficient modes of transport. However, because of its importance to the EU economy, it is a large and growing source of greenhouse gas emissions.…

What can the EU energy sector do to meet it obligations and aspirations, what role can they play, and how ESG should be at the forefront of their business modelling. There is little doubt that meeting the EU energy sector’s climate change and sustainability obligations and ambitions rest, in no small measure, on placing climate…

E-invoicing – Why it’s a critical consideration for multi-national businesses E-invoicing is fast approaching implementation in the EU as part of the VIDA (VAT in the Digital Age) programme. VIDA is mandatory and requires all B2B transactions between EU-established businesses to adopt e-invoicing across the EU by 2030, with digital real-time reporting to tax authorities…

To meet GHG reduction levels, the number of flights globally will need to be significantly reduced. There are a number of implications. Firstly, the more people who migrate to other countries, the more people will need to travel back to visit family and friends, and the more consequent travel will be required. This will be…

Automotive On Thursday 8th May, 2025 the European Parliament adopted a targeted change to CO2 emissions performance standards for new cars and vans. The amendment was passed with 458 votes for, 101 against and 14 abstentions.   Why was a change necessary? Following consultation and discussion (launched by European Commission President Ursula von der Leyen…

Baker Tilly Cyprus announces the firm’s appointment as the statutory auditor of AstroBank Public Company Limited. This appointment underscores Baker Tilly Cyprus’s commitment to delivering high-quality audit and assurance services, supporting transparency, governance, and regulatory compliance in the banking sector. Commenting on the appointment, Marios Klitou, Regional CEO at Baker Tilly SEE, stated: “We are…

Navigating the fast-changing world of e-invoicing regulations just got easier! We’re excited to announce the launch of our interactive E-Invoicing Navigator, designed to provide you with up-to-date e-invoicing compliance information across key jurisdictions. Ongoing updates User-friendly interface Cross-jurisdictional resource Stay ahead of regulatory changes and ensure your business is always compliant, without the hassle! Whether…

Baker Tilly South East Europe has announced the completion of its merger with MHA, a firm listed on the London Stock Exchange’s AIM market. The agreement, valued at €24 million, was finalized on August 11, 2025, marking a new chapter of growth and international expansion for the company. A Strategic Move with Long-Term Vision The…

MHA has today completed the acquisition of Baker Tilly South-East Europe (BTSEE) in a deal valued at €24 million. MHA which has 23 offices in the UK, Ireland and the Cayman Islands had previously announced on 7 May to the London Stock Exchange (LSE) the intention to make the acquisition. Baker Tilly South-East Europe is…

We are proud to announce that Savvas M. Klitou, Regional Managing Partner & Head of Tax Services at Baker Tilly South East Europe, has been elected as a member of the new Board of Directors of ICPAC (Institute of Certified Public Accountants of Cyprus). The newly appointed board was constituted prior to the official proceedings…

While the EU’s Omnibus proposal aims to reduce the number of companies within the scope of the Corporate Sustainability Reporting Directive (CSRD) by an estimated 80%, it also aims to streamline regulatory demands and give wave 2 and 3 companies more time – helping businesses focus more effectively on sustainability. The ‘stop-the-clock’ directive has officially…

Baker Tilly South East Europe had the honour of hosting this year’s Europe Conference, which took place in Athens from May 7 to 9. More than 150 senior and emerging leaders from the firm’s global network participated in this dynamic three-day event, themed “Leading Change, Creating Value”, highlighting change as a driving force for innovation,…

Regional group to join forces with Baker Tilly International UK member firm Baker Tilly South East Europe (BTSEE), a leading professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South East Europe, announces that it has entered into a heads-of-terms agreement to merge with MHA plc, a leading professional…

The Economic and Financial Affairs Council (ECOFIN) adopted the proposal ‘VAT in the Digital Age’ last year. These new rules aim to make VAT in the EU simpler and more resistant to fraud. Recently, the Council officially approved this new directive. The EU member states must now implement these rules. Our Baker Tilly International network…

The Omnibus package was proposed by the European Commission with the aim of simplifying ESG rules and making EU businesses more competitive. The package, if adopted, will reduce administrative burdens for all companies by 25% and for SMEs by 35%.   What will the legislation do? Omnibus impacts the Corporate Sustainability Reporting Directive (CSRD), the…

On the 26th February, the EU Commission announced its ‘Omnibus’ package, confirming the simplifications to the Carbon Border Adjustment Mechanism (CBAM). The proposal document and supporting ‘Commission Staff Working Document’ (SWD) were released the following day, outlining amendments to CBAM Regulation 2023/956. These changes are in response to discussions on the existing scope of the…

CHANGES TO THE LEGISLATION On 6 December 2024, the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 with number L.141(I)/2024 was published, introducing the below amendments: 1. The penalties for the omission or neglection of the filing / annual confirmation of the UBO Register will only be applicable to the legal…

Many argue that the European Union (EU) is shifting its environmental policy focus from biodiversity protection to prioritizing climate change mitigation. Considering the EU’s use of legal instruments, including the Renewable Energy Directive (RED III) and the Nature Restoration Law, efforts are underway to streamline the renewable energy transition, sometimes at the expense of environmental…