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…
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 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…
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…
Succession planning in Cyprus was always a hot topic, especially in recent years. It was always a critical concern in Cyprus mainly due to the island’s strong culture of family-owned businesses and closely held corporate structures. As we transitioned into the next phase, the implementation process became both increasingly engaging and more challenging. The traditional…
Public Country-by-Country Reporting (CbCR) is an EU-led initiative designed to increase tax transparency by requiring multinational enterprise (MNE) groups to publicly disclose key financial and tax-related information on a country-by-country basis. Who Does It Apply To? Under EU Directive 2021/2101, the public CbCR rules generally apply to MNE groups with consolidated global revenues exceeding €750 million…
The obligation to file a “Public Report on Income Tax Information” by Greek subsidiaries and branches of ultimate parent companies established in third countries was introduced into Greek legislation by Law 5066/2023 (amending Law 4548/2018), transposing Directive 2013/34/EU (as amended by Directive 2021/2101/EU). Specifically, with the introduction of Articles 157A – 157H and 180A into…
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. The latest Eurozone figures tell a worrying story: modest growth, rising inflation and a fresh energy shock that could derail an already fragile recovery. The Eurozone economy expanded by only 0.1% in the first quarter of 2026. While that keeps the…
Emeritus Professor Joe Nellis is economic adviser at MHA, the accountancy and advisory firm. The European Central Bank has held the deposit rate at 2%, a decision that reflects the shifting, and increasingly uncomfortable, inflation picture. Further interest rates were already unlikely before escalation of conflict in the Middle East, with the ECB reaching the…