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Keve To Host Lithuanian Women Business Delegation In Nicosia

by THEFUTURE.TEAM
August 11, 2025

Event Overview And Strategic Importance

The Cyprus Chamber of Commerce and Industry (Keve), acting as coordinator for the Enterprise Europe Network Cyprus, is set to host a high-profile women’s business delegation from Lithuania on September 24, 2025. This initiative, organized in collaboration with the Klaipeda Chamber of Commerce and Industry, underscores a commitment to strengthening cross-border cooperation and advancing women’s entrepreneurship within the European economic landscape.

Opportunities For Meaningful Networking And Expansion

Held on the first floor of the Keve building in Nicosia, the event will convene a diverse group of entrepreneurs, senior executives, and representatives from professional associations. Participants will have the invaluable opportunity to engage with Lithuanian business leaders, explore potential collaborative ventures, and tap into new market insights pertinent to the Baltic region. The forum is designed to foster robust international partnerships backed by strategic dialogue and market intelligence.

Enabling Global Business Connectivity

In line with the objectives of the Enterprise Europe Network, the event advocates internationalization, innovation, and networking, specifically targeting small and medium-sized enterprises and women entrepreneurs. The session, conducted in English and scheduled to commence at 10:00 a.m., will offer a detailed agenda to registered participants by early September. In addition, key Lithuanian companies have been listed in the official circular, serving as a testament to the event’s depth and regional relevance.

Call To Action For Interested Parties

Participation is offered free of charge, and those interested are encouraged to register by September 22, 2025. Organizations that champion entrepreneurship and international relations are also invited to join this initiative, which promises to be a catalyst for strategic European collaboration. For further details, interested parties may contact the organizers directly via phone or email.

EU E-Commerce VAT Systems Generate €257.9 Million Revenue for Cyprus in 2024

by THEFUTURE.TEAM
August 11, 2025

Robust Revenue Growth Through Streamlined VAT Collection

Cyprus has demonstrated a significant fiscal boost in 2024 with €257.9 million generated from the European Union’s e-commerce VAT systems, according to Tax Commissioner Sotiris Markides. This impressive performance underscores the effectiveness of the One Stop Shop (OSS) and Import One Stop Shop (IOSS) frameworks in simplifying cross-border tax compliance.

Simplified Procedures for EU and Non-EU Businesses

The OSS system allows Cyprus-registered businesses to streamline VAT declaration and payment on sales to consumers in other EU countries. Companies simply register on the local OSS platform, apply the consumer’s VAT rate, aggregate their submissions quarterly or monthly, and remit a single consolidated payment. Subsequently, Cyprus allocates the appropriate share to each respective EU country. This efficient process extends to non-EU sellers as well, who can have their intra-EU distance sales managed under the Union Scheme.

Breakdown of VAT Revenue Streams

Last year’s declarations under the various schemes illustrate the system’s broad reach: €217.9 million was collected via the Union Scheme, €36.9 million through the Non-Union Scheme, and €3.1 million via the Import Scheme. While the Union Scheme caters to both EU and non-EU sellers engaging in distance sales, the Non-Union Scheme specifically accommodates non-EU firms delivering services to EU consumers. Furthermore, the Import Scheme targets goods valued at less than €150 that are imported from outside the EU.

Implications and Broader Impact

Implemented in July 2021 as an evolution from the more limited MOSS system, these reforms have not only consolidated tax collection through an expansive OSS but also integrated the IOSS for low-value imports. By designating certain online marketplaces as “deemed suppliers,” the new framework ensures that VAT collection is both efficient and equitable. Across the EU, these mechanisms have generated over €33 billion in VAT revenues in 2024, reflecting a successful effort to simplify tax compliance, reduce administrative burdens, and promote fair taxation across the bloc.

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