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Cyprus’ Outstanding Tax Debt Rises To €4.64 Billion

by THEFUTURE.TEAM

July 22, 2026

Cyprus’ outstanding tax debt reached €4.64 billion at the end of 2025, up from €3.93 billion a year earlier, according to Tax Department data reported by Philenews. Immediately collectable debt totalled €3.32 billion, while €1.31 billion was classified as not immediately recoverable.

Collectable Arrears Continue To Grow

Nearly one-third of immediately collectable debt, or €979.4 million, relates to tax arrears outstanding for less than one year. Another €992.6 million, representing 29.9% of the total, has remained unpaid for between one and four years.

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Liabilities outstanding for more than four years account for the remaining €1.32 billion, or about 40% of immediately collectable debt.

Immediate Recovery Potential Improves On Paper

Debt classified as immediately recoverable increased from €2.29 billion at the end of 2024 to €3.32 billion a year later.

Around €901.5 million is already subject to enforcement measures, including €325.9 million in court proceedings and €575.4 million under administrative recovery measures such as MEMOs and bank account seizures.

Bank account seizures have so far recovered €263,000. After deducting debt already under enforcement and amounts recovered through bank account seizures, €2.42 billion remains immediately payable.

New Powers Expand The State’s Leverage

Tax reforms that took effect on January 1, 2026, expanded the Tax Department’s enforcement powers. Businesses with unpaid tax exceeding €20,000 can now have their premises sealed, while the same measure also applies to businesses that fail to issue receipts or invoices.

Beginning in 2027, taxpayers who fail to submit tax returns will also face the same sanction.

Criminal proceedings continue against cases involving unpaid value-added tax (VAT), Pay As You Earn (PAYE) deductions, the Special Defence Contribution and failures to submit tax returns.

Convictions may result in court-imposed penalties, repayment agreements or out-of-court settlements linked to compliance measures.

Debt Age Signals A Deeper Structural Problem

Some outstanding liabilities have been incorporated into repayment plans, although not all agreements have been completed.

Average collectable tax debt reached an age of 80.3 months, or about 6.7 years, by the end of December 2025, compared with 58.3 months a year earlier.

According to the Tax Department, that figure is influenced by large volumes of long-standing unpaid liabilities accumulated over many years and considered difficult to recover.

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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.