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EBA’s Work Programme 2025
Quantitative Risk EBA’s Work Programme 2025
On 02 October 2024, the European Banking Authority (EBA) published its Work Programme for 2025, outlining its plan to fulfil its mission and mandates for the upcoming year, based on EU legislation and its founding regulation. The Programme supports broader EU financial sector priorities, organized into five key areas for the next three years: (i) the EU Single Rulebook, (ii) Financial stability, (iii) Data management, (iv) Oversight of DORA and MiCAR and (v) conduct and AML/CFT supervision. In more detail, in 2025, EBA will address a wide range of mandates related to the financial sector, with a strong focus on implementing the EU banking package (CRR III/CRD VI) to further develop the EU Single Rulebook. Its ongoing analyses, risk metrics and stress – testing methodologies aim to ensure financial stability and address risks from economic and geopolitical developments. Additionally, the EBA will begin overseeing critical 3rd party IT services under DORA and supervising significant crypto – asset providers under MiCAR. It will also establish a new EU AML – CFT framework.
21 Oct 2024
Blockchain and Artificial Intelligence
Distributed Ledger Technology Blockchain and Artificial Intelligence
Blockchain is a shared, immutable ledger that provides an immediate, shared and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. Artificial intelligence (AI) uses computers, data and sometimes machines to mimic the problem-solving and decision-making capabilities of the human mind.
11 Oct 2024
World Food Day: Reducing Food Waste through the "Pay As You Throw" System
Sustainability World Food Day: Reducing Food Waste through the "Pay As You Throw" System
With the slogan "Right to food for a better life and a better future," World Food Day brings to the forefront one of the most serious challenges of our time: food waste. Every year, millions of people suffer from hunger and food insecurity, while about one-third of the food produced globally ends up in the trash. This paradox not only highlights social inequalities but also worsens environmental issues such as climate change, as food waste also means wasting resources like water, energy, and labor.
16 Oct 2024
Trending articles
Transfer Pricing Alert Update on the submission of the Summarized Information Table (SIT) for 2022
George Karavis
George Karavis
| 1 min read | 05 Jun 2024
VAT Update Amendments in Cyprus VAT Law
25 Aug 2020
Transfer Pricing Alert Extension of the submission date for persons who are obliged to submit a Summarized Information Table (SIT) for tax years 2022 and 2023
George Karavis
George Karavis
| 1 min read | 30 Oct 2024
Transfer Pricing Alert Extension to the deadline for the submission of the 2022 Income Tax Return for persons that have an obligation to submit a Summary Information Table
George Karavis
George Karavis
| 1 min read | 26 Feb 2024
Our latest insights
Extension of the submission date for persons who are obliged to submit a Summarized Information Table (SIT) for tax years 2022 and 2023
Transfer Pricing Alert Extension of the submission date for persons who are obliged to submit a Summarized Information Table (SIT) for tax years 2022 and 2023
On 25 October 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the Council of Ministers in their latest meeting decided to extend the date of submission of the Income Tax Return, for persons who have an obligation to submit a SIT for their controlled transactions for 2022 and 2023 as follows: • Income Tax Return 2022: extension until 28 February 2025 • Income Tax Return 2023: extension until 30 November 2025
George Karavis
George Karavis
| 1 min read | 30 Oct 2024
EBA’s Work Programme 2025
Quantitative Risk EBA’s Work Programme 2025
On 02 October 2024, the European Banking Authority (EBA) published its Work Programme for 2025, outlining its plan to fulfil its mission and mandates for the upcoming year, based on EU legislation and its founding regulation. The Programme supports broader EU financial sector priorities, organized into five key areas for the next three years: (i) the EU Single Rulebook, (ii) Financial stability, (iii) Data management, (iv) Oversight of DORA and MiCAR and (v) conduct and AML/CFT supervision. In more detail, in 2025, EBA will address a wide range of mandates related to the financial sector, with a strong focus on implementing the EU banking package (CRR III/CRD VI) to further develop the EU Single Rulebook. Its ongoing analyses, risk metrics and stress – testing methodologies aim to ensure financial stability and address risks from economic and geopolitical developments. Additionally, the EBA will begin overseeing critical 3rd party IT services under DORA and supervising significant crypto – asset providers under MiCAR. It will also establish a new EU AML – CFT framework.
21 Oct 2024
World Food Day: Reducing Food Waste through the "Pay As You Throw" System
Sustainability World Food Day: Reducing Food Waste through the "Pay As You Throw" System
With the slogan "Right to food for a better life and a better future," World Food Day brings to the forefront one of the most serious challenges of our time: food waste. Every year, millions of people suffer from hunger and food insecurity, while about one-third of the food produced globally ends up in the trash. This paradox not only highlights social inequalities but also worsens environmental issues such as climate change, as food waste also means wasting resources like water, energy, and labor.
16 Oct 2024
Blockchain and Artificial Intelligence
Distributed Ledger Technology Blockchain and Artificial Intelligence
Blockchain is a shared, immutable ledger that provides an immediate, shared and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. Artificial intelligence (AI) uses computers, data and sometimes machines to mimic the problem-solving and decision-making capabilities of the human mind.
11 Oct 2024
Net Zero: A Business Imperative for a Resilient Future
Sustainability Net Zero: A Business Imperative for a Resilient Future
In an era defined by climate change, businesses are increasingly recognizing the critical need to take real action. "Net zero" has evolved from an environmental goal to a core business imperative, shaping strategies for long-term success and resilience. As the global economy slowly but steadily shifts toward sustainability, companies that fail to adapt, risk being left behind. Achieving net zero emissions is no longer just about environmental responsibility—it's a pathway to innovation, financial stability, and future-proofing operations in an unpredictable world. A resilient future depends on businesses that lead the charge toward carbon neutrality.
21 Sep 2024
Climate Scenario Analysis and Emerging Regulatory Standards
Quantitative Risk Climate Scenario Analysis and Emerging Regulatory Standards
The publication from BIS highlights the significance of climate scenario analysis in financial institutions, particularly in the context of emerging regulatory standards. The increasing awareness of climate change as a global risk has led to a need for more advanced methods of assessing potential financial impacts. Climate Scenario analysis provides a forward – looking approach, which is crucial in navigating the uncertain landscape of climate – related risks. The publication also emphasizes the growing challenges associated with the adoption of these methods. To address these challenges and enhance transparency, regulatory bodies such as the ISSB, have introduced new standards, which aim to improve the quality of climate – related disclosures.
11 Sep 2024
The EBA sets 2025 priorities for resolution authorities and reports on the progress achieved in 2023.
Quantitative Risk The EBA sets 2025 priorities for resolution authorities and reports on the progress achieved in 2023.
The publication from the EBA sets out the priorities for resolution authorities for 2025 and reports on the progress achieved in 2023. It focuses on ensuring the effective implementation of resolution strategies, enhancing management information systems for valuation, and improving liquidity strategies during resolution. The report also highlights the challenges encountered and the measures taken by resolution authorities to improve banks' resolvability and readiness to handle financial crises effectively.
05 Sep 2024
Cypriot Influencers and VAT - Staying compliant in a changing landscape
VAT Alert Cypriot Influencers and VAT - Staying compliant in a changing landscape
It’s not a surprise that nowadays the rise of influencers has reshaped the landscape of traditional marketing worldwide, including Cyprus. Influencers, utilise social media platforms – Instagram, Facebook, YouTube, TikTok – to become powerful faces for different brands. However, as the influencer industry continues to grow, so do the complexities surrounding its taxation, particularly Value Added Tax (VAT).
Kyriakos Fili
Kyriakos Fili
| 2 min read | 01 Jul 2024
Update on the submission of the Summarized Information Table (SIT) for 2022
Transfer Pricing Alert Update on the submission of the Summarized Information Table (SIT) for 2022
On 20 May 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the final version of the Summarized Information Table(“SIT”) is now available and can be submitted through the Tax For All (“TFA”) portal
George Karavis
George Karavis
| 1 min read | 05 Jun 2024
DPO Survey 2024: Cyprus Insights, and the role of the DPO
Digital Risk DPO Survey 2024: Cyprus Insights, and the role of the DPO
Since the enforcement of the General Data Protection Regulation (GDPR) in May 2018, European Union member states, have been dealing with the implications and requirements of this landmark legislation. The GDPR is an improved reconstruction of data protection directives and laws from the past, for member states to keeping up pace with the rapid technological developments and globalisation that have been changing the way in which personal data are collected, accessed, and used. In Cyprus, as in other EU member states, Data Protection Officers (DPOs) play a crucial role in overseeing GDPR compliance within organizations.
20 May 2024
Exploring Shadow Rating Models in Credit Risk Modelling
Quantitative Risk Exploring Shadow Rating Models in Credit Risk Modelling
In the realm of financial risk management, particularly within the ambit of Basel regulations, the Advanced Internal Rating-Based (AIRB) approach stands as a cornerstone for banks and financial institutions aiming to optimise their capital allocation while adhering to stringent regulatory standards.
03 Apr 2024
AI: What is it really?
AI and Data Lab AI: What is it really?
Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. AI of course stands for Artificial Intelligence! But what does it really mean?
02 Apr 2024
AI: What is it really?
AI and Data Lab AI: What is it really?
Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. AI of course stands for Artificial Intelligence! But what does it really mean?
02 Apr 2024
Extension to the deadline for the submission of the 2022 Income Tax Return for persons that have an obligation to submit a Summary Information Table
Transfer Pricing Alert Extension to the deadline for the submission of the 2022 Income Tax Return for persons that have an obligation to submit a Summary Information Table
On 23 February 2024, a Decree was published in the Official Gazette of the Republic, extending the statutory deadline for the submission of the Income Tax Return for the tax year of 2022 from 31 March 2024 to 30 November 2024.
George Karavis
George Karavis
| 1 min read | 26 Feb 2024
Cyprus Tax Facts 2024
Tax/ VAT Cyprus Tax Facts 2024
Welcome to the 2024 edition of Cyprus Tax Facts. We are delighted to present our updated comprehensive guide, offering essential insights into the latest advancements in tax legislation.
23 Feb 2024
Revised Local File Thresholds
Transfer Pricing Alert Revised Local File Thresholds
On 01 February 2024, the Cyprus Tax Department (“CTD”) published a letter from the Commissioner of Taxation to the Institute of Certified Public Accountants of Cyprus, the Cyprus Chamber of Commerce and Industry and Cyprus Employers & Industrialists Federation regarding their intention to revise the designated thresholds for the preparation of a Cyprus Local File, effective from tax year 2022.
George Karavis
George Karavis
| 2 min read | 06 Feb 2024
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