The House of Representatives recently amended the Value Added Tax Law 119(I) of 2016 which allowed for a reduced VAT rate of 5% levied on first homes. The amending value added tax (VAT) Law Ν.42(I)/2023 was published on the 16 June 2023 in the Official Gazette of the Republic of Cyprus after being passed by the House of Representatives.   The revised legislation stipulates that the reduced VAT rate of 5% will be applicable to the initial 130 square metres of constructible res

The European Union (EU) continues to adopt further packages of economic sanctions against Russia due to the continuance of its military...

Sanctions adopted following Russia’s military aggression against Ukraine. In reaction to Russia’s military intervention against Ukraine...