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Cyprus Ports Authority Initiates OPS System Study for Limassol Port

by THEFUTURE.TEAM
July 29, 2025

Strategic Move for Maritime Decarbonisation

The Cyprus Ports Authority (CPA) has embarked on a pivotal step towards environmental sustainability by commissioning a detailed study in collaboration with DBA S.p.A. The firm is tasked with analysing the development of an onshore power supply (OPS) system at Limassol Port—a critical component in Cyprus’ strategy to reduce maritime emissions.

Comprehensive Evaluation for Future Readiness

The study will meticulously assess the technical, economic, and environmental dimensions of the planned OPS installation. This analysis includes the evaluation of necessary upgrades to the existing port infrastructure. The goal is to establish a robust framework that will enable vessels to connect to the local power grid, thereby powering down engines during docking and minimizing idling emissions.

Alignment With EU Climate Mandates

This initiative is intrinsically linked to the European Union’s climate agenda, including the objectives laid out in the Green Deal and the broader drive to decarbonise maritime transport. Recognised as a project of strategic importance for Cyprus, the OPS system is expected to play a crucial role in reducing the carbon footprint of port operations while bolstering the island’s commitment to sustainable practices.

Collaborative Effort Under the DecarbonLIM Project

The OPS study forms part of the extensive DecarbonLIM project—’Decarbonising Limassol Port Through OPS and Renewable Energy Solutions’—which receives co-funding from the European Union. The project reflects a collaborative effort involving CPA, Frederick University, the Electricity Authority of Cyprus (EAC), the Transmission System Operator (TSOC), the Municipality of Limassol, and key operational partners such as DP World Limassol Ltd and Eurogate Container Terminal Limassol Ltd. Together, these stakeholders are set to drive a significant transformation, positioning Limassol Port at the forefront of eco-friendly maritime operations.

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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