Breaking news

Cyprus Tax Compliance At Risk: Deadline Nears For 2024 Declarations

by THEFUTURE.TEAM

September 29, 2025

With the submission deadline for 2024 income tax declarations rapidly approaching, a significant number of Cyprus taxpayers remain non-compliant. Approximately 47,000 individuals have yet to fully execute their tax obligations, raising concerns as authorities enforce stringent filing protocols.

Overview Of Filing Compliance

Recent data from the Tax Department indicates that around 84% of taxpayers have definitively submitted their income declarations. In total, 269,737 taxpayers have completed the process—comprising 245,008 salaried individuals and 24,729 self-employed professionals. This marks a notable decrease compared to the 317,400 completed filings recorded in the previous tax year.

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

Analysis Of Submission Data

In addition to the definitive submissions, another 17,849 tax declarations—including 15,605 from salaried employees and 2,244 from the self-employed—are currently classified as provisional. Such provisional submissions imply that while the declarations have been processed, they have not yet been formally finalized. This classification leaves approximately 5,000 taxpayers vulnerable to a €100 fine should no corrective action be taken.

Strict Deadlines And Enforcement Measures

The final deadline for submission is set for Tuesday, September 30 at midnight, with no further extensions permitted. The Director of Taxation, Sotiris Markidis, has urged all taxpayers to adhere strictly to the established timelines. He emphasized that the five-month window provided has been ample for compliance. Taxpayers who submit their declarations after October will face statutory penalties, including the aforementioned €100 fine.

Implications Of Upcoming Tax Reforms

This filing period may represent the final instance for declarations based on the existing tax framework. Pending legislative reforms aim to overhaul the current system, with new regulations scheduled to take effect on January 1, 2026. These reforms will introduce significant changes, such as an increase in the tax-exempt threshold to €20,500 for all taxpayers and revised family-based tax relief measures. Enhancements include additional allowances for dependent children and special provisions for single-parent families. Taxpayers should note that these reforms will alter the landscape for the 2025 tax declarations.

In summary, as the deadline looms, both individual and business taxpayers must accelerate their compliance efforts to avoid penalties and adapt to an evolving tax environment.

The Future Forbes Realty Global Properties

EU Moderates Emissions While Sustaining Economic Momentum

by THEFUTURE.TEAM

November 15, 2025

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

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

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.