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Navigating Cyprus’ Tax Reform: Essential Webinar Guide For Payroll Executives

by THEFUTURE.TEAM

January 7, 2026

Overview Of The Tax Reform Initiative

Cyprus is set to implement significant tax reforms affecting individual taxation as of 2026. To aid payroll administrators and employers in understanding these changes, the office of the Tax Commissioner and the Employers and Industrialists Federation (Oev) have partnered to host a series of informative webinars.

Understanding The Key Changes

The webinars will provide a detailed walkthrough of the new tax regulations with an emphasis on the revised Form T.F. 59. Attendees will gain clarity on the declaration process for tax deductions during the forthcoming 2026 tax year, ensuring that payroll professionals are well-prepared to implement these changes within their organizations.

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Session Details And Format

Designed specifically for company personnel responsible for payroll management, each session will accommodate multiple participants from the same firm. To maximize accessibility, both sessions will be conducted via Zoom on consecutive days. The first session is scheduled for Thursday, January 15, 2026, and the second for Friday, January 16, 2026, with both sessions running from 9:00 AM to 11:00 AM.

Interactive Q&A And Ongoing Briefings

During the webinars, participants will have the opportunity to pose questions relevant to the presentation content, ensuring that discussions remain focused and actionable. Additionally, the organizers have indicated that further briefings covering other facets of the tax reform related to business operations will be provided later in the year, reinforcing a commitment to ongoing support and clarity.

Registration And Further Information

Registration for these sessions is mandatory and can be completed through an online registration form. Upon registration, participants will receive distinct Zoom links corresponding to their chosen session date.

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Cyprus Fuel Prices Jump 20.5% As Energy Costs Rise Across The EU

Cyprus recorded a 20.5% year-on-year increase in the prices of fuels and lubricants for personal transport in May 2026, according to Eurostat data released on Monday.

The increase was broadly in line with the European Union average of 20.7%, with fuel and lubricant prices rising across all EU member states during the period.

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Cyprus Tracks The EU Average

Among EU countries, the largest annual increases were recorded in Bulgaria (33.9%), Luxembourg (32.2%), Lithuania (30.8%) and Romania (30.4%). At the other end of the scale, Hungary registered the smallest increase at 3.5%, while annual growth ranged from 12.7% in Poland to 29.2% in France across the remaining member states.

Eurostat noted that fuel and lubricant prices generally declined across the EU until February 2026 before moving higher in subsequent months.

Diesel And Petrol Follow Different Paths

Across the European Union, diesel prices increased by 29% in May 2026 compared with the same month a year earlier, while petrol prices rose by 16.2%. Monthly trends, however, were more mixed. Between April and May 2026, diesel prices across the EU fell by 5.8%, whereas petrol prices increased by 0.8%.

In Cyprus, diesel prices declined by 1.5% over the same period. Although lower than in April, the decrease was less pronounced than in Germany (-11.9%), Greece (-8.5%), Estonia (-8.4%) and Ireland (-8.1%).

Petrol prices moved in the opposite direction, rising by 2.1% between April and May. A similar pattern was observed across much of the EU, with 23 member states reporting monthly increases. Italy recorded the largest monthly rise in petrol prices at 6.9%, while decreases were reported in Germany (-5.6%), Ireland (-2.0%) and Sweden (-0.7%).