Tax Flash I Cyprus Extends 2025 Personal Income Tax Return Filing Deadline for Individuals Not Required to Prepare Audited Financial Statements
Tax Alert- June 17
ECB set to raise interest rates — have policymakers learnt from their mistakes?
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. When the European Central Bank raised interest rates from 0% to 0.5% in July 2022, Eurozone inflation had already reached 8.7% the month prior. Policymakers were rightly criticised for acting too slowly across 2022 and 2023, allowing inflation to climb above…
OECD Publishes Common Understanding on GIR Filing Relief, Clarifies UTPR Safe Harbour
The OECD has released a common understanding agreed by jurisdictions that implemented the global minimum tax (GMT) with effect from 2024, aimed at mitigating delays in the availability of fully operational filing portals or in the establishment of exchange relationships for the GloBE Information Return (GIR) ahead of forthcoming filing deadlines. Under this understanding, jurisdictions…
Rise in Eurozone inflation puts interest rate hike on the cards
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. Eurozone inflation rose to 3.2% in May as pressure builds on the European Central Bank to act now to combat rising prices. Despite efforts to control it, underlying price pressures remain strong, with service inflation and wage growth persisting, businesses passing on…
Belgium extends filing deadline for qualifying domestic minimum top-up tax & top-up tax under Income Inclusion Rule
The tax authorities in Belgium have announced that the filing deadline for both the qualifying domestic minimum top-up tax and the top-up tax under the income inclusion rule (IIR) has been extended. Qualifying Domestic Minimum Top-Up Tax The filing deadline for reporting years that start on 31 December 2023 or later, and reporting years ending…
Innovation in the Maritime Industry through Start-ups
Incorporating a so-called start-up entity does not necessarily mean that the company operates within the technology sector. Start-ups today are increasingly established as vehicles to promote innovative ideas capable of influencing a wide range of industries and sectors. The shipping industry, one of the most traditional and established industries globally, is progressively embracing innovation through…
Cyprus hospitality: Navigating regional uncertainties
The latest CYSTAT figures show tourist arrivals for the year 2026 up to April down 27.6% compared to the same period in 2025. The regional instability in the Middle East has directly affected nearby markets especially Israel, which dropped by 74.8% while our traditionally primary market, UK, saw a decrease of 21.8%. Further to the…
Why Audit Outcomes Are Shaped Before the Audit Starts
An efficient audit does not start when the audit team arrives. It starts months earlier, with preparation, planning and clarity over what will be required, and when. Many audit overruns are not driven by technical complexity or regulatory change. They arise because audits begin before the underlying building blocks are in place. Here, we set…
FD briefing: The financial reporting impact of global economic shocks
How world events are flowing into financial statements Geopolitical developments, trade policy shifts and structural changes in energy demand are no longer background noise. Even where an entity has no direct exposure to a specific country, contract or supply route, the secondary and tertiary effects of global events are now filtering rapidly into financial results…
The Importance of Quality Accounting Services and Expertise in Today’s Business Reality
In today’s rapidly evolving business environment, companies face an increasing range of challenges—from financial management to regulatory compliance, competitive pressures, and the need for strategic growth. In such a complex landscape, accounting services have become a vital part of every business operation. No longer are accounting professionals simply tasked with managing the books; their role…
Transfer Pricing in Cyprus: When Local Comparables Do Not Exist
Transfer pricing rules are built around a simple principle: transactions between related parties should be priced as if they were carried out between independent companies. In practice, however, applying this principle is not always straightforward — particularly in smaller economies such as Cyprus. Since the introduction of formal transfer pricing documentation requirements in 2022, Cypriot…
Tax Refresher – Issue 35
We are pleased to bring you Issue 35 of Tax Refresher, our bi-monthly newsletter designed specifically for large corporate and international businesses, which aims to keep you updated on the latest developments and challenges in the global tax landscape. In this issue of Tax Refresher, you will find the below insights: Feature: Public Country-by-Country Reporting…