The Cyprus Tax Department has released a circular clarifying procedures for the certification of company reorganisation plans, detailing the requirements and deadlines for obtaining tax exemptions under Part VI of the Income Tax Law.

On 21 November 2024, the Cyprus Parliament approved a landmark amendment to the Prevention and Suppression of Money Laundering Activities Law. The legislation introduces a comprehensive framework for the enforcement of penalties related to beneficial ownership compliance, addressing longstanding challenges and providing relief for businesses, especially small and medium-sized enterprises (SMEs).

The institution of arbitration, as an alternative means of dispute resolution, is heading towards substantial reform following a relevant draft bill by the Ministry of Justice and Public Order, with the adaptation of the legislation to the new circumstances and modern requirements of the time being the primary concern.

The accession and successful implementation of the Hague Convention of 2 July 2019 on the Recognition and Enforcement of foreign judgments in civil or commercial matters (the Hague Convention 2019 or the Convention) between the European Union member states (excluding Denmark) and Ukraine on 1 September 2023, signals the commencement of the establishment of a potentially international framework on the cross-border recognition and enforcement of court judgments as other states embark on the same direction.

Following the scrutiny of the whiplash reform report, the Supreme Court has upheld the Court of Appeal’s decision in Hassam & Anor v Rabot & Anor [2023] EWCA Civ 19, providing clarity on the correct approach to assessing damages in mixed injury cases. While this ruling brings certainty to the UK legal landscape, it also highlights the broader issue of how whiplash injuries are treated in other jurisdictions. In Cyprus, for example, a comprehensive framework for addressing whiplash injuries remains absent from the public discussion—despite the need for it. As car insurers continue to benefit from the UK’s whiplash reforms, drivers are still grappling with rising premiums. For further information regarding the whiplash reform report, click here.