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

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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Eurobank Launches First UPI Cross-Border Payment From Greece To India

by THEFUTURE.TEAM

July 10, 2026

Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.

The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.

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A Strategic Bet On India’s Digital Payments Ecosystem

According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.

UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.

“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”

He added: “Innovation creates value when it delivers a genuine benefit for the customer.”

Building A Financial Bridge Between Europe And India

The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.

Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.

Mumbai Office Serves As A Regional Business Hub

Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.

For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.

Aiming To Strengthen The India-Europe Corridor

Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.

“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.

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