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Football Clubs Accumulate Significant Tax Debts

by THEFUTURE.TEAM

July 9, 2024

A concerning financial trend has emerged within Cyprus’ top-tier football clubs, as 18 out of 21 first-division teams have amassed over €4.8 million in unpaid taxes. This situation arises from missed instalments and current liabilities under a tax repayment plan introduced by the government in April 2023. The clubs with the highest outstanding debts include APOEL, Apollon, AEL, and Pafos FC.

Government Efforts and Club Non-Compliance

Despite governmental measures to provide tax relief and establish manageable payment plans, many clubs have continued to struggle with compliance, not only failing to meet their repayment obligations but also accruing additional debts. This persistent issue highlights significant challenges in the financial management practices of these organisations.

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Impact on Financial Stability

The accumulation of tax debts by these clubs raises critical questions about their financial stability and the sustainability of their operations. The repeated failure to adhere to tax repayment schedules suggests deeper systemic issues within the financial structures of these clubs, necessitating a review and potential overhaul of their fiscal strategies.

Government Plans and Future Outlook

In response to the ongoing non-compliance, the government is considering stricter measures, including the potential increase of the betting tax, which could impact the revenue streams of these football clubs. The government remains committed to ensuring that these clubs fulfil their tax obligations, which is crucial for maintaining fiscal order and supporting the broader economic framework.

The continued financial difficulties faced by Cyprus’ football clubs underline the need for more robust financial oversight and management practices. As these clubs play a significant role in the cultural and social fabric of the country, ensuring their financial health is of paramount importance.

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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.