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Nicosia’s Night-Time Economy: A New Avenue for Growth and Opportunity

by THEFUTURE.TEAM

October 7, 2024

Nicosia and other cities across Cyprus are witnessing a dynamic shift in their local economies, driven by the expansion of the night-time economy. This emerging sector, encompassing businesses and activities that thrive during evening and night hours, has created new opportunities for economic growth, particularly in entertainment, dining, and retail. The rising prominence of this sector not only highlights changing consumer preferences but also signals a strategic avenue for urban development and investment.

The concept of a night-time economy is not new, but its potential in Cyprus is becoming more evident as cities increasingly embrace a 24-hour lifestyle. In Nicosia, for instance, the flourishing scene of bars, restaurants, clubs, and cultural events is attracting a wide range of consumers, from local residents to tourists. This transformation has led to a significant boost in spending, creating ripple effects across various sectors, including hospitality, retail, and transport.

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According to recent data, night-time economic activities are contributing to job creation and offering businesses a chance to diversify their revenue streams. The increase in late-night dining options, entertainment venues, and extended retail hours is providing consumers with more flexibility, leading to higher foot traffic in city centres during evening hours. This shift is particularly beneficial for businesses looking to maximise profitability by tapping into different market segments, including younger demographics who are more likely to engage in night-time activities.

The development of a robust night-time economy also presents an opportunity for cities to enhance their cultural offerings. Nicosia, for example, has seen a growing number of cultural events and performances taking place at night, enriching the city’s social fabric and positioning it as a vibrant urban hub. These events not only draw in local crowds but also attract international visitors, boosting the city’s tourism appeal.

However, with these opportunities come challenges. One of the key concerns raised by local authorities and business owners is the need to ensure safety and maintain a balance between economic activity and quality of life for residents. As the night-time economy grows, cities must address issues such as noise, security, and transportation to create a sustainable environment that benefits both businesses and communities. Effective urban planning and public policy will be essential in managing these challenges while promoting the growth of this sector.

Moreover, businesses that operate during night hours must adapt to the unique demands of this market. This includes offering services that cater to late-night customers, ensuring accessibility, and maintaining a strong focus on customer experience. For retailers and hospitality providers, creating a safe, welcoming, and engaging atmosphere is key to capitalising on the opportunities presented by the night-time economy.

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Cyprus Tax Reform Ushers In Revised Deductions And Elevated Penalties

by THEFUTURE.TEAM

February 12, 2026

Effective January 1, Cyprus has implemented significant changes to its tax legislation. The reform adjusts rates and deductions and imposes substantially higher penalties, signaling a robust commitment to boosting compliance and deterring evasion.

Enhanced Deterrence Measures

The revised framework significantly raises administrative fines across a wide range of activities. One of the most notable changes concerns the obligation to accept credit card payments. The penalty for non-compliance has increased to €6,000, up from €4,000 previously and €2,000 when the requirement was first introduced in 2021. The rule applies across retail, services, hospitality, and leisure sectors and forms part of broader efforts to limit undeclared transactions and protect public revenue.

Adjustments To Reporting And Submission Deadlines

Penalties for failures related to tax filings and data submissions have also been tightened. The daily fine for a continuing violation has risen from €17 to €20, while the penalty for unjustifiably omitting income from a tax return now reaches €5,000, compared with €2,000 under the previous regime. Non-compliance with invoicing and receipt requirements is subject to the same ceiling, replacing the earlier fine of €450. These measures reinforce stricter expectations around accurate reporting and documentation.

Graduated Consequences For Late Payments And Serious Breaches

A tiered penalty system now applies to late submissions. Individuals face a fine of €150, small companies with a turnover below €1 million are charged €250, and larger businesses incur a fine of €500. If deadlines set by the tax commissioner are missed, the penalties escalate further to €300, €500, or €1,000, respectively. No fine is imposed, however, when an official extension is granted, and returns along with self-assessed taxes are filed within the approved timeframe, typically by July 31 or January 31.

Strict Penalties For Serious Tax Offenses

The reform also strengthens sanctions for more serious violations. Where business premises are sealed due to breaches such as failure to issue lawful receipts or outstanding tax debts, any attempt to tamper with the seal constitutes a criminal offense. Such actions may result in fines of up to €30,000 and imprisonment of up to two years. In cases of unpaid taxes, company executives, board members, or financial officers may also be held personally liable.

Penalties linked to the extraordinary defence contribution have been significantly increased. A first conviction may lead to a fine of up to €5,000, together with payment of up to double the amount owed. A second conviction carries far heavier consequences, including fines of up to €100,000, imprisonment of up to two years, and payment of up to four times the original contribution. Offences related to defence procurement or associated financial benefits are punishable by fines of up to €30,000, rising to €100,000 when a public official or person acting on behalf of the Republic is involved.