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Cyprus Tax Inspectors Find 60 Businesses Violating Receipt Rules

by THEFUTURE.TEAM

August 25, 2026

Cyprus tax inspectors found 60 businesses violating receipt and invoice rules during more than 100 surprise inspections in Paphos, Ayia Napa, Protaras and Larnaca. Checks targeted tourist businesses as activity increased during the summer season.

Inspections Target Tourist Businesses

The inspections covered marine sports and excursion operators, souvenir shops and food and beverage outlets. They form part of the Tax Department’s revenue-protection measures, including the power to seal business premises, which has been in force since June.

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Businesses Failed To Issue Receipts

In 60 cases, businesses failed to issue lawful receipts or invoices after providing goods or services. Some did not issue receipts at all, while others reported transaction values that did not match the actual amounts.

Inspectors also received complaints about businesses refusing card payments for small purchases or accepting only cash.

Businesses Face Sealing After Repeated Violations

Businesses found in breach receive a first warning and 15 days to comply. A second notice provides another 15 days, followed by a five-day grace period before officials can seal the premises.

Once the business complies, the seal can be removed after the Tax Commissioner issues the relevant certificate. Continued non-compliance can result in the premises remaining sealed for up to 20 days.

Follow-Up Checks Show Compliance

During inspections in July, 15 of the 30 businesses checked were found to be in breach. Follow-up inspections found that those businesses were issuing receipts and accepting card payments.

The Tax Department plans to continue inspections to prevent repeat violations and address tax evasion and tax avoidance.

Large Tax Debtors Next

The Tax Department plans to extend the sealing measure to businesses with tax debts exceeding €20,000. Authorities have identified 500 businesses that each owe more than €1 million in taxes.

From Jan. 1, 2027, the measure is also expected to cover failures to submit tax returns, VAT returns and withholding tax and contribution declarations. Taxpayers have been given a one-year period to settle outstanding obligations and submit overdue declarations.

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Cyprus Business Electricity Prices Rank Among The EU’s Highest

by THEFUTURE.TEAM

November 6, 2026

Electricity prices for a defined group of non-household consumers in Cyprus reached €0.23 per kilowatt-hour in the first half of 2026, placing the country among the most expensive in the EU, according to Eurostat.

The rate matched Italy and exceeded the EU average of €0.18. Ireland recorded the highest price at €0.27 per kilowatt-hour.

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The figures cover non-household consumers with annual electricity consumption of between 500 and 2,000 megawatt-hours, rather than all businesses or households.

EU Electricity Prices Continued To Fall

Across the EU, average prices for this consumer group declined by 2% compared with the second half of 2025 and were 5.4% lower year on year.

The lowest rates were recorded in Finland (€0.09 per kWh) and Sweden (€0.12), followed by Denmark, Spain and Portugal, all at €0.13.

Prices Fell In Most Member States

Electricity prices declined year on year in 19 EU countries during the first half of 2026. Luxembourg recorded the largest fall, at 23.8%, followed by Czechia (11.9%) and Greece (11.8%).

Prices increased in eight member states, led by Sweden (18.8%), Finland (18.7%) and Bulgaria (14.2%). Despite the sharp increases, Finland and Sweden continued to have the lowest electricity prices in the bloc.