Cyprus Business Now: PwC, taxes, EBA presidency, Limassol chamber, bounced cheques
PwC Cyprus hosted the event ‘Driving Innovation and Growth’ on Wednesday January 14, at the PwC Experience Center, as part of the Cyprus–India AI Impact Pre-Summit.
Held under the auspices of the High Commission of India in Nicosia, the event brought together over 100 leaders from the public sector, business and academia to explore how Artificial Intelligence (AI) can transform industries, stimulate growth, foster innovation and strengthen bilateral collaboration, according to its statement.
Against this backdrop, the summit commenced with opening remarks from Philippos Soseilos, CEO and Chairman of PwC Cyprus, Manish, High Commissioner of India in Nicosia, and Demetris Skourides, Chief Scientist for Research, Innovation and Technology of Cyprus.
In his welcoming speech, Soseilos thanked High Commissioner Manish and his team for their support and said that PwC Cyprus sees AI as “a transformative force that fosters sustainable growth and enhances human potential”.
Together, he added, “we can leverage AI’s potential to drive economic growth, enhance efficiency, and create new opportunities” across Banking and Finance, Shipping and Maritime, Retail and Distribution and manufacturing sectors.
Amendments to the capital gains law extend existing exemptions beyond traditional property exchanges to cases where real estate is transferred as consideration. In such cases, capital gains tax will no longer be payable at the time of transfer.
Instead, taxation will arise when the property received in return becomes available, placing these transactions on the same tax footing as property exchanges.
At the same time, the reform expands the tax-free thresholds applicable to property sales.
The general exemption on profits from the sale of property and shares has been increased to €30,000, up from £10,000 under the previous, pre-euro framework.
Herodotou, the former governor of the Central Bank of Cyprus (CBC) and current chairman of the board of Greek CrediaBank, is one of two candidates still in the race after progressing through four rounds of selection, as mentioned in Politis.
The EBA, which is headquartered in Paris, is an independent EU authority responsible for banking regulation across the bloc and is best known for conducting Europe-wide stress tests.
The selection process began in November, following the resignation of Spaniard Jose Manuel Campa in September, and has now entered its final phase with the involvement of EU political institutions.
The appointment of the new EBA president will be formally ratified by the European Parliament.
In that context, the initiative was emphasised at a small gathering where representatives of the foundations met with the chamber’s leadership.
Addressing those present, Evel’s president Andreas Tsouloftas spoke about the everyday realities faced by vulnerable groups and the role local organisations play in supporting people when they need it most.
At the same time, those representing the foundations briefly outlined their activities and the challenges they continue to face, while also thanking the chamber for its ongoing support, which they said makes a tangible difference to their ability to deliver social services.
This compares with 300 in 2024, 356 in 2023 and 473 in 2022, based on CBC data related to the Central Information Register (CIR).
Despite the lower volume, the total value of outstanding cheques increased slightly in 2025, reaching €630.2 thousand, up from €617.9 thousand in 2024.
In earlier years, the value of bounced cheques stood at €1.8 million in 2023 and €1.5 million in 2022.
According to the announcement, Erwin Derlagen brings more than 40 years of senior maritime and technical leadership experience, combining extensive seagoing expertise with long-standing shore-based executive management.
Having progressed from Marine Engineer to Chief Engineer, and later into senior leadership roles, he has overseen diverse international fleets and complex operations across multiple regions, building a strong track record in operational excellence, safety, and reliability.
Prior to joining InterMaritime Shipmanagement, he held a number of executive technical leadership positions, with responsibility for fleet performance, technical governance, and strategic development.