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Tax Department Targets 500 Companies With Over €1 Million In Outstanding Tax Debt

by THEFUTURE.TEAM

May 18, 2026

Targeting Major Tax Defaulters

Cyprus’ Taxation Department is preparing to target an initial group of 500 companies with tax arrears exceeding €1 million as part of newly approved enforcement measures aimed at recovering unpaid liabilities. Under the updated framework approved by parliament, businesses with significant outstanding tax debts could face operational suspension and the sealing of their premises.

Debt And Enforcement Timeline

Authorities have identified companies across sectors, including retail, betting, luxury yacht sales and manufacturing, that have failed to settle substantial tax debts despite previous warnings and recommendations. The sealing measure legally applies to businesses owing more than €20,000, although the first phase will focus on companies with the largest outstanding liabilities.

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Officials said affected firms will receive three warnings over a period of 25 days before stricter measures are enforced. The aim is to encourage companies either to fully settle their debts or agree to an instalment plan.

Comprehensive Debt And Collection Measures

Outstanding liabilities include income tax, extraordinary defence contribution, capital gains tax, VAT, withholding taxes and related contributions. The amounts are based either on taxpayer self-assessments or final determinations issued by the tax office after all legal and procedural deadlines have expired.

Enhanced Compliance Through Documentation

The sealing measures will also apply to businesses that fail to issue invoices and receipts, submit inaccurate documentation or obstruct auditors during compliance checks. To support the process, the Taxation Department has procured tablets connected to the relevant software systems, while personnel are undergoing training focused on invoice and receipt verification.

Consequences For Non-Filing Of Returns

The enforcement policy will additionally apply to businesses that fail to submit mandatory tax, VAT and withholding declarations. Taxpayers have until the end of the year to regularise outstanding filings, after which operational suspensions are expected to begin on January 1, 2027.

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Cyprus Promotes Ship Registry In Asia As Fleet Grows To 25-Year High

by THEFUTURE.TEAM

October 19, 2026

Cyprus is stepping up efforts to attract international shipowners, with Shipping Deputy Minister Marina Hadjimanolis holding high-level meetings in China and Japan as the country’s ship register reaches its strongest level in 25 years.

Running from October 14 to 29, the Asian mission focuses on expanding commercial ties, promoting the advantages of the Cyprus flag and strengthening cooperation with shipowners, shipbuilders and maritime authorities.

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China Meetings Target Shipowners And Industry Leaders

In Shanghai, Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of the North Bund International Shipping Forum on October 20–21. Organisers expect around 4,000 participants from more than 50 countries and regions, with discussions covering international shipping, maritime safety, financing, insurance, digitalisation and the transition to cleaner fuels.

The minister also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc. to present the Cyprus registry’s advantages and explore registration opportunities for vessel owners. On October 20, she is scheduled to speak at the 10th Annual Capital Link International Shipping Forum in Pudong, joining a ministerial roundtable on international maritime leadership.

A visit to Zhoushan is also planned for the naming ceremony of Kypros Island, a new vessel for the Cyprus register owned by Safe Bulkers. Launched in June at the Tsuneishi shipyard on Xiushan Island, the 81,200-deadweight-tonne methanol dual-fuel bulk carrier is scheduled for delivery at the end of October. According to the Zhejiang Maritime Safety Administration, sea trials were due to take place between October 11 and 16.

Japan Engagements Strengthen Maritime Ties

Before travelling to China, Hadjimanolis met Japan’s Parliamentary Vice-Minister for Land, Infrastructure, Transport and Tourism, Kenta Aoshima, in Tokyo on October 16. Her programme also included meetings with senior representatives of Shoei Kisen Kaisha, Nihon Shipyard, NYK Line, ITOCHU Corporation and SSY Projects, focusing on cooperation with Japanese shipowners, shipbuilders and shipping operators.

At the 5th Annual Capital Link Japan Maritime Forum, held at the Tokyo American Club, Hadjimanolis discussed maritime leadership, competitiveness, policy and international cooperation with Capital Link founder and president Nicolas Bornozis. Other sessions examined Japan’s shipbuilding strategy, new-vessel financing and the development of ammonia-powered ships.

The Tokyo programme followed a Cyprus Ship Registry reception on October 15 for representatives of Japan’s maritime and business communities. Hadjimanolis outlined the country’s shipping services and regulatory framework, while Polys Hajioannou, chief executive of Safe Bulkers and president of the Cyprus Union of Shipowners, delivered the opening remarks.

Registry Reaches Highest Level In 25 Years

At the reception, Hadjimanolis said the Cyprus Ship Registry had grown by 27% since September 2023, reaching its highest level in a quarter of a century. She attributed the expansion to efforts to improve competitiveness, simplify administrative procedures and provide more responsive services to international shipowners.

Cyprus’s inclusion on the White Lists of the Paris and Tokyo Memoranda of Understanding was another point highlighted by the minister. These lists reflect the safety and inspection performance of ships flying a national flag.

Existing commercial links with Japan include Safe Bulkers’ announcement in May of four Japanese-built dry bulk vessels scheduled for delivery in 2029.

South Korea Next On The Maritime Agenda

Hadjimanolis’ mission will continue in South Korea, where she is expected to attend the 2026 World Maritime Day Parallel Event and Korea Maritime Week alongside International Maritime Organization Secretary-General Arsenio Dominguez and government representatives from several countries.

Her programme will also include discussions on implementing international maritime conventions and bilateral talks aimed at strengthening Cyprus’s shipping ties with South Korea.

The Asian outreach comes as maritime centres compete for shipowners amid geopolitical uncertainty, fleet renewal and pressure to reduce shipping emissions. For Cyprus, the strategy combines promotion of its registry with closer relationships across Asia’s shipbuilding and shipping sectors.