Tax Updates

Cyprus entered 2026 with one of its most substantial tax reforms in recent years. The changes affect personal income tax calculations, employee declarations, payroll withholding and the records businesses must retain. For individuals, the reform changes the income tax bands and introduces targeted deductions that may reduce taxable income. For…

The EU Carbon Border Adjustment Mechanism, better known as CBAM, entered its definitive phase on 1 January 2026. That means it has moved beyond the transitional reporting period and now carries financial as well as administrative obligations for businesses importing certain carbon-intensive goods into the European Union. If your business…

The European Commission has introduced a major package of proposals intended to simplify direct taxation and reduce reporting burdens across the European Union. Announced in June 2026, the package consists of two legislative proposals: a Direct Taxation Omnibus and a recast of the Directive on Administrative Cooperation, commonly known as…

The European Union has changed the customs treatment of low-value goods purchased from suppliers outside the EU. From 1 July 2026, qualifying e-commerce consignments valued at no more than €150 are subject to a temporary €3 customs duty. The measure ends the previous customs-duty exemption for low-value imports and forms…

Crypto-asset businesses operating in Cyprus have entered a new era of tax transparency. From 1 January 2026, DAC8 extends the European Union’s automatic exchange of tax information framework to reportable crypto-asset transactions. The rules affect more than tax return preparation. Reporting businesses may need to identify users, determine their tax…

The UAE tax environment continues to develop in 2026, and several recent changes deserve the attention of business owners, finance teams and tax professionals. Small Business Relief has been extended, giving qualifying businesses more time to benefit from simplified Corporate Tax treatment. At the same time, the UAE’s electronic invoicing…