Updates

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.  

The European Banking Authority ("EBA") published three final draft technical standards that are crucial for the implementation of the EU Banking Package and will allow supervisors to monitor institutions’ compliance, thus fostering consistent and enhanced supervision.

The European Central Bank ("ECB") published its third set of climate-related financial disclosures.

According to the European Central Bank ("ECB’s") assessment, Bulgaria is within the reference values of the convergence criteria and complies with the legal requirements.

We would like to inform you about the amendments to the Cyprus Companies Law through which the Directive (EU) 2021/2101 requiring the public disclosure of income tax information of certain multinational enterprises (“MNEs”) has been transposed into national law. 

The European Banking Authority ("EBA")  published the final technical package for version 4.1 of its reporting framework.

The European Banking Authority ("EBA") published an onboarding plan for large and other institutions, setting out the steps required for accessing and submitting information to the new Pillar 3 Data Hub ("P3DH") – the EBA’s centralised platform for public disclosures under the Capital Requirements Regulation ("CRR3").

The EBA updated the list of other systemically important institutions ("O-SIIs") in the EU, which, together with global systemically important institutions ("G-SIIs"), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines.

We would like to inform you that the personal Income Tax Return (T.D.1 form) for the year 2024 is now available for submission through the TAXISnet system.

We would like to inform you that the Cyprus Tax Department (CTD) has announced that no penalties will be imposed if the submission of the following tax returns is made by 30/06/2025:

The EBA published its updated final draft implementing technical standards ("ITS") on resolution planning reporting.

The European Banking Authority ("EBA") launched a public consultation on its draft amending Regulatory Technical Standards ("RTS") on the types of factors to be considered by national authorities in assessing the appropriateness of real estate risk weights.

From 30 April 2025, we'll stop issuing and publishing portfolio letters. Instead, we'll publish a small number of market reports.

The EBA published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide.

The more streamlined and proportionate regime will make it easier for firms to operate globally, while encouraging effective risk management.

Compared with January 2025 it was identified that the median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged.

The European Banking Authority ("EBA") published the 9th edition of its biennial Consumer Trends Report for 2024/25.

The EBA published its Q4 2024 Risk Dashboard ("RDB"), which discloses aggregated statistical information for the largest EU/EEA institutions, including data on various indicators such as return on equity, net interest margin, CET1 ratio, and more.

The EBA issued a revised list of validation rules in its Implementing Technical Standards ("ITS") on supervisory reporting.

The European Banking Authority ("EBA") launched a public consultation on four draft Regulatory Technical Standards ("RTS") that will be part of the EBA’s response to the European Commission’s Call for Advice.

The European Banking Authority ("EBA") launched a consultation to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2026 exercise.

The use of digital wallets has rapidly grown in recent years with the proportion of card transactions using a digital wallet increasing significantly from 8% in 2019 to 29% in 2023.

The European Banking Authority ("EBA") published its final draft Implementing Technical Standards ("ITS") on the Pillar 3 data hub for large and other institutions, which will centralise prudential disclosures by institutions through a single electronic access point on the EBA website.

The European Banking Authority ("EBA") published an Opinion on the amendments proposed by the European Commission ("EC") to the EBA draft Regulatory Technical Standards ("RTS") on conflicts of interests for issuers of asset-referenced tokens.

The Financial Conduct Authority ("FCA") has set out proposals to make it easier for listed companies to issue corporate bonds that wealth managers and retail investors can buy.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, the European Commission ("EC") and the European Central bank ("ECB") launched a new governance structure to support the transition to the T+1 (one business day framework) settlement cycle in the European Union.

The EBA today repealed its Guidelines on major incidents reporting under the Payment Services Directive ("PSD2") due to the application of harmonised incident reporting under the Digital Operational Resilience Act ("DORA") from 17 January 2025.