Updates

Remaining uncertainties around trade agreements and the longer-term economic and financial effects of tariffs continue to shape the euro area financial stability landscape, according to the November 2025 Financial Stability Review published today by the European Central Bank ("ECB").

We would like to inform you that the deadline for the payment of the second temporary tax installment for the tax year 2025 is due on 31st of December 2025.

The European Central Bank ("ECB") has just completed a review of its risk control framework for collateralised credit operations to ensure the framework remains protective, consistent and risk-equivalent across asset classes.

The European Banking Authority ("EBA") today launched a consultation on its Guidelines on supervisory independence of competent authorities under the Capital Requirements Directive ("CRD").

The European Banking Authority ("EBA") updated today the aggregated overview on the implementation and transposition of the revised Capital Requirements Directive ("CRD V") and Investment Firms Directive ("IFD") packages.

The European Banking Authority ("EBA") today responded to the European Commission’s Call for Advice on the key components of the new anti-money laundering/countering the financing of terrorism ("AML/CFT") framework.

Corporate finance firms raise capital for businesses, contributing to growth in the UK economy.

On 23 September 2025 the Executive Board of the European Central Bank ("ECB") adopted a Decision on transitional provisions for the application of minimum reserves by the ECB following the introduction of the euro in Bulgaria on 1 January 2026 ("ECB/2025/33").

The EBA's Chairperson will be selected on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial supervision and regulation, following an open selection procedure.

We would like to inform you that fake emails with the logo of the Cyprus Tax Department are circulating, which request verification of the recipient’s personal information as well as their bank account details, under the pretext of a tax refund.

The European Banking Authority ("EBA") published today its Work Programme outlining the key priorities and initiatives for 2026.

The European Banking Authority ("EBA") today published its Q2 2025 Risk Dashboard ("RDB"), which discloses aggregated statistical information for the largest EU/EEA credit institutions.

José Manuel Campa, current Chairperson of the European Banking Authority ("EBA"), announced last week to the EBA Board of Supervisors his decision to step down from his role and leave the Authority at the end of January 2026 because of personal, family-related issues.

On 4 September 2025, the Court of Justice of the European Union (CJEU) delivered a decision in case C-726/23 that will resonate across multinational groups.

We would like to kindly remind you that the deadline for submitting VAT refund applications for business expenses incurred in another EU Member State during 2024 is approaching.

The European Central Bank ("ECB") and the People’s Bank of China ("PBC") have decided to extend their bilateral euro-renminbi currency swap arrangement for another three years until 8 October 2028.

We would like to inform you about the defensive measures which have been introduced into the Cyprus tax law regarding the payment of dividends, interest and royalties by a Cyprus Company to associated entities in low-tax jurisdictions (LTJs) and EU blacklisted jurisdictions (BLJs).

The European Banking Authority ("EBA") published an Opinion in response to the observations made by European Parliament in its 2023 Discharge Report.

This newsletter provides a brief overview of the Pillar II legislation for the imposition of a 15% minimum effective tax rate on Multinational Enterprise (ΜΝΕ) groups and large-scale domestic groups with consolidated annual revenues of at least €750 million.

The European Banking Authority ("EBA") released an updated set of 13 indicators and supporting data for the 32 largest institutions in the European Union, each with a leverage ratio exposure measure exceeding EUR 200 billion.

The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") on the allocation of off-balance sheet items and the specification of factors that might constrain institutions’ ability to cancel unconditionally cancellable commitments.

The European Banking Authority ("EBA") today launched a consultation on its revised Guidelines on internal governance under the Capital Requirements Directive ("CRD").

​The European Banking Authority ("EBA") today launched a public consultation on its draft Implementing Technical Standards ("ITS") for the supervisory reporting of third-country branches under the Capital Requirements Directive ("CRD").

​The European Banking Authority ("EBA") today published a Report on the direct provision of banking services from third countries.

The European Central Bank (ECB) has published its third progress report on the preparation phase of a digital euro, which was launched on 1 November 2023 and is laying the foundations for the potential issuance of a digital euro.

The Council of the European Union formally approved the accession of Bulgaria to the euro area on 1 January 2026 and determined a Bulgarian lev conversion rate of 1.95583 per euro.

We would like to inform you that the deadline for the electronic submission of personal income tax returns (forms TD1) for employees and pensioners for the year 2024 has been extended from 31 July 2025 to 30 September 2025.

The European Central Bank ("ECB") has published consolidated banking data as at end-December 2024, a dataset for the EU banking system compiled on a group consolidated basis.

We would like to bring to your attention that the deadline for the first temporary tax instalment for the tax year 2025 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is made by the due date.

The Department of Taxation (DoT) issued an announcement informing the public that a campaign will be initiated to ensure that the individuals that applied and got approved to pay a reduced VAT rate of 5% on the acquisition/construction of their main and permanent residence in the Republic are actually using the specific immovable property in accordance with the provisions of the Law.