MP stresses importance of public investments for Cyprus

by THEFUTURE.TEAM

October 8, 2024

Cypriot MP Christiana Erotokritou stressed the importance of public investments for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change.

Erotokritou who is the President of the Cyprus House Finance and Budget Committee, intervened in Budapest during a meeting of the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the European Union.

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In her intervention regarding Cyprus, she noted that the country is on a steady path of public debt reduction, maintaining healthy fiscal surpluses, however, it presents a large current account deficit.

She pointed out that the country-specific recommendations of the European Commission for Cyprus highlight the imperative need for full and timely implementation of the Recovery and Resilience Plan to reduce the country’s excessive dependence on oil and accelerate the completion of the necessary reforms and investments.

In this context, Erotokritou said it is important to have public investment for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change.

Erotokritou stressed that the key challenge is to balance fiscal discipline and sustainable development, ensuring that fiscal responsibility, sustainable development and social cohesion go hand in hand and that the economic governance framework contributes to addressing current and emerging challenges of the EU and shaping a more hopeful future for all European citizens.

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Cyprus Aligns With EU Initiative To Tax Low-Value Imports

by THEFUTURE.TEAM

June 15, 2026

Overview

Cyprus will introduce a temporary flat fee of €3 per item on goods imported from outside the European Union starting July 1, 2026. The measure forms part of a broader EU customs reform and applies to low-value consignments worth up to €150 arriving from non-EU countries. It replaces the duty exemption that remained in place until June 30, 2026. Scheduled to remain in effect until July 1, 2028, the temporary charge will eventually be replaced by standard customs duties based on product categories.

Modernizing Customs Procedures

Introduced as part of the EU’s wider customs reform, the new rules are intended to modernize procedures through digitalization and improved data transparency. Under the previous system, exemptions for low-value imports helped limit administrative costs. Advances in electronic tracking and customs systems have reduced the need for such exemptions, according to the European Commission.

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Ensuring Fair Competition And Consumer Safety

Concerns over product safety have also contributed to the changes. According to the European Commission, inspections carried out across the EU in 2025 found that more than 60% of tested low-value products failed to meet safety and compliance requirements. Items ranging from cosmetics and toys to electronic devices lacked proper documentation or labeling, while some products contained prohibited substances.

Besides raising concerns for consumers, non-compliant imports have created challenges for European businesses that operate under stricter regulatory standards. Authorities say the new regime is intended to establish more equal conditions for importers and domestic companies.

Future Implications And Enhanced Regulatory Measures

Additional measures will accompany the temporary fee. Mandatory product identifiers will be introduced on November 1, 2026, while voluntary declarations will be permitted from July 1, 2026. Exemptions will continue to apply to non-commercial gifts valued at up to €45 exchanged between private individuals, provided no payment is involved. Calculated on a per-item basis, the €3 charge will be included in the taxable value used for VAT purposes and will ultimately be borne by consumers.

Conclusion

The changes reflect broader efforts by the European Union to strengthen customs oversight and increase transparency in cross-border trade. Updated procedures are expected to improve the detection of non-compliant products while providing a more consistent regulatory framework for businesses operating within the EU market.

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