Cyprus Business Now: subsidies, Fin Min statements, hotel occupancy rate
The decisions were taken during Tuesday’s cabinet meeting, in a bid to promote “sustainable solutions to cover energy and housing needs of households and new families.”
For existing electricity subsidies, which currently offer a special tariff for vulnerable groups and commercial use, the cabinet decided to expand the programme to include low-income pensioners and single-parent households.
The deadline for submitting 2023 tax returns has been extended until November 30, the tax office announced on Wednesday.
This marks the second extension this year, which was decided on Tuesday during the cabinet session.
Income tax declarations are made through the TaxisNet online system.
Demetriou explained that transactions in cash should not exceed €10,000, in line with the provisions of the EU regulation of May 2024, to prevent money laundering and funding terrorism.
The committee heard that over €120 million had passed through Cyprus’ airports and found its way into the market over the past three years.
Speaking at an Akel economic forum, Keravnos said that 13.9 per cent of Cyprus’ population is at risk of poverty, according to 2023 data.
Although this is the third-lowest rate in the EU, Keravnos stressed that “the government recognises the issues troubling our society and is not complacent despite favourable statistics”.
Keravnos also said the government will continue to pursue a “balanced, socially oriented economic policy,” aimed at meeting both the community’s needs and the political expectations.
Cyprus’ participation at the event, the ministry explained, showcased the country’s advancements in technology and promoted it as a Mediterranean hub for AI, cybersecurity, and innovative partnerships.
GITEX Global 2024, now in its 44th year, is recognised as the world’s largest and most established technology exhibition.
In addition, Michaelides said that November bookings are expected to remain strong, potentially extending the summer season.
“October occupancy rates were at 80 per cent and slightly better than October 2023,” Michaelides told the Cyprus News Agency (CNA).
As for November, he explained that “there is interest, and it is expected that the occupancies will move at satisfactory levels”.
Attended by CEO Philippos Soseilos and Chief People Officer Anna Loizou, the event spotlighted trainees who earned top rankings both in Cyprus and worldwide.
Addressing the attendees, CEO Philippos Soseilos said, “In an increasingly competitive environment, recognizing and rewarding excellence is vital as it acknowledges the efforts of our people in reaching their goals.”
The report highlighted declines in several categories, including supplies of oil to ships, which fell by 2.5 per cent, and kerosene sales, which plummeted by 62.3 per cent.
Other reductions were noted in light fuel oil (-17.7 per cent), asphalt (-9.7 per cent), heating oil (-2.1 per cent), and liquefied gas (-0.6 per cent).
The Cyprus Stock Exchange (CSE) ended Wednesday, October 30 with losses.
The general Cyprus Stock Market Index stood at 197.92 points at 12:22, reflecting a decrease of 0.82 per cent.
The FTSE / CySE 20 Index was at 120.57 points, also showing a decline of 0.82 per cent.
The total value of transactions amounted to €75,690 at the aforementioned time during trading.
In terms of the sub-indexes, the main and investment firm indexes fell by 1.18 per cent and 1.66 per cent respectively.
The alternative index rose by 0.75 per cent while the hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (-0.46 per cent), Hellenic Bank (-1.73 per cent), Demetra (-1.69 per cent), Pandora (no change), and Woolworth Properties (-19.48 per cent).