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Cyprus Hospitality Awards 2025: Recognizing Excellence In Tourism And Hospitality

by THEFUTURE.TEAM

July 25, 2025

This week, the Deputy Ministry of Tourism unveiled the nomination process for the Cyprus Hospitality Awards 2025, a landmark initiative designed to recognize and reward excellence in the tourism and hospitality sectors. In a robust partnership with the Cyprus Hospitality Body (Kypria Filoxenia), this program underscores Cyprus’ commitment to delivering exceptional visitor experiences.

Celebrating Superior Hospitality

The first pillar of the awards emphasizes the hospitality experience. The public is invited to nominate individuals or teams that went above and beyond in 2024 to create unforgettable moments for visitors. Nominees must submit a comprehensive proposal highlighting outstanding achievements in categories such as accommodation, catering, travel, agrotourism, and overall hospitality excellence. A dedicated panel of judges will rigorously review each submission until the August 22, 2025 deadline.

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Recognizing Digital Excellence

The second pillar focuses on online reputation, a critical component of modern tourism. This category leverages the Deputy Ministry’s advanced Online Reputation Management (ORM) system, which automatically assesses guest reviews and ratings across digital platforms. By eliminating the need for nominations, this process ensures a fair and transparent evaluation of the digital landscape, reinforcing Cyprus’ image as a premier destination.

The Cyprus Hospitality Awards 2025 serves not only to honor exceptional service providers but also to enhance Cyprus’ international reputation as a quality destination. This dual approach highlights the importance of both personalized excellence and digital credibility in today’s competitive tourism industry.

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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.

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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.