Cyprus Banks Advocate For Streamlined Supplementary Tax Declaration Process

by THEFUTURE.TEAM

September 19, 2025

Simplified Declarations For Exempt Entities

The Association of Cyprus Banks (ACB) has called for a simplification of the declaration process under the supplementary tax regime. The ACB’s submission, part of a public consultation on amending the Administrative Cooperation in Taxation Law from 2012 to 2025, emphasizes reducing the administrative burden on companies that ultimately incur no additional tax under the new rules.

Targeted Relief For De Minimis And Multinational Entities

ACB’s comments underscore the need to tailor the declaration process for companies exempt under the de minimis rule and for multinational groups in the early stages of international operations. According to the association, if a company qualifies for exemptions that result in a zero top-up tax, the declaration should be adapted to recognize such cases, thereby eliminating unnecessary fields and significantly reducing the compliance workload.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Clarifications On DAC9 And Submission Protocols

In addition to advocating for simplified declarations, the association has requested further clarifications regarding the draft declaration annexed to the bill. Key issues include the method for submitting supplementary tax information, whether special tools or software will be required, and if manual submission remains an option. The ACB stressed the importance of timely notifications and provided guidance from the Cyprus Tax Department to help taxpayers adjust to any new technical requirements.

Enhancing Cross-Border Transparency

Another area of concern is the process for Cypriot groups to notify local tax authorities about foreign entities expecting to receive information through exchange channels. The association seeks confirmation on how the Cypriot parent entity can indicate that its foreign subsidiaries fall under the de minimis exemption. By clarifying these points before the implementation deadline, companies will have sufficient time to make the necessary adjustments.

Transposition Of The EU Directive And Broader Implications

The revised bill aims to transpose EU Directive 2025/872 (DAC9) into national law. In line with the new EU mandates, DAC9 introduces standardized reporting for the automatic exchange of top-up tax information, targeting a uniform declaration process across member states. With a June 30, 2026 deadline for the first top-up tax submission and an automatic exchange starting December 31, 2026, the directive also expands reporting obligations for financial institutions including banks, investment firms, fund managers, and insurance companies.

The directive and the accompanying national legislation represent a significant step toward enhanced transparency and streamlined compliance for multinational enterprises and large domestic groups. With all EU member states required to implement DAC9 by December 31, 2025, and effective from January 1, 2026, stakeholders are urged to prepare for the impending changes in the regulatory landscape.

The Future Forbes Realty Global Properties

NERDs Replace FIRE As Young Workers Lose Confidence In Retirement

by THEFUTURE.TEAM

September 4, 2026

The FIRE movement promised younger workers a path to financial independence and early retirement. Now, a different group is emerging in the UK: NERDs, or the “Never Ever Retiring Demographic.”

Growing pessimism among Gen Z and millennials is driving the shift, with many questioning whether retirement will ever be financially achievable. Some are responding by reducing or abandoning pension contributions altogether.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Young Workers Are Losing Confidence In Retirement

Research from People’s Pension, a major UK workplace pension provider, found that 47% of Gen Z respondents aged 18 to 27 do not engage with their pension. Another 12%, equivalent to about 2.2 million young people, have stopped saving for retirement because they expect to work indefinitely.

Wider financial pressures are contributing to that outlook. High living costs have pushed milestones such as homeownership, marriage, having children and retirement further away for many younger workers, while inflation, layoffs and stagnant wages have added to uncertainty.

Pension Providers Face A Communication Gap

Financial pressure is only part of the problem. Young workers also say pension providers are failing to explain long-term saving in ways that feel relevant to them.

About 36% of respondents said providers do not explain retirement saving effectively. Among them, 27% said companies appear more focused on selling products than educating customers, while 16% cited complicated language and jargon.

A clear generational difference emerges in the responses. Some 29% of Gen Z respondents said providers fail to explain why pension saving matters, compared with 13% of Gen Xers and Baby Boomers. Similarly, 17% of Gen Z said providers do not use channels they engage with, versus 4% among older generations.

Clearer information could influence behavior. About 70% of Gen Z respondents said they would have started saving earlier if they had known that beginning in their 20s could potentially double their retirement pot compared with starting in their 30s. Another 63% said learning about tax relief and employer contributions motivated them to save.

“In a world where financial doom dominates pension conversations, young savers are tuning out,” said Kirsty Ross, proposition director at People’s Pension. “Our research shows they are not disengaged because they don’t care, they are disengaged because the messages aren’t working.”

Young Savers Want Simpler Tools

Progress bars and goal trackers were among the most popular tools respondents said could make pensions more relevant, cited by 31%. Another 26% wanted reassurance that they could start with small amounts, while 23% wanted examples of what people their age are doing.

Clear, bite-sized steps were cited by 22%, while 19% said light-hearted and relatable stories could make pensions more accessible.

People’s Pension has responded with Pension Drop, a campaign using social media influencers, live events and lifestyle personalities to encourage conversations about retirement saving.

“Looking back, I really wish I’d started earlier,” said Iain Stirling, comedian, TV presenter and Pension Drop ambassador. He said contributions made in someone’s 20s or 30s can make a significant difference later, while employer contributions and tax relief can increase the value of smaller payments.

Small Changes Can Improve Long-Term Saving

Stirling urged younger workers to check their pension provider, establish whether they have multiple pension pots and make sure they are contributing enough to receive the full employer match.

He also recommended increasing contributions after a pay rise or bonus, allowing workers to raise long-term savings without making a large immediate change to their spending.

For younger workers facing high living costs and uncertain career prospects, pension saving remains a difficult sell. Clearer information about employer contributions, tax relief and the long-term effect of starting early could help make retirement planning more tangible.

Breaking news