Nicosia, Cyprus. Cyprus’ tax reform revised rates and deductions and substantially increased financial penalties, with the changes entering into force on January 1. Separately, Zela Jet announced a partnership with Fly Cycladic in Greece, while Eurobank took part in the Money Conference 2026 as a platinum sponsor.
Tax reform increases fines and compliance measures
According to Philenews, the objective of the reform is to make fines more deterrent and strengthen tax compliance.
The administrative fine for breaching the decree on card payments has increased to €6,000 for businesses that do not accept credit cards. Previously it stood at €4,000, while during the first implementation phase it was €2,000.
The obligation, in place since autumn 2021 across retail, services, catering and leisure venues, forms part of efforts to combat tax evasion, protect public revenues and facilitate consumers.
Financial penalties have also risen for refusal or failure to submit declarations, statements or data, or for breaching duties under the certification and collection law.
Zela Jet and Fly Cycladic announce strategic partnership in Greece
A new strategic partnership is set to upgrade the private travel experience within Greece, as Zela Jet, owned by Cypriot entrepreneur Andreas Christodoulides, announced its collaboration with Fly Cycladic, described as one of Greece’s most dynamic airlines in the field of flexible private flights.
According to the companies, the partnership is intended to connect Greek destinations that until now were served only by ferries, helicopters or commercial flights with time-consuming connections.
Under the agreement, Zela Jet, a member of the Zela Aviation Group, will act as the exclusive General Sales Agent (GSA) of Fly Cycladic in Cyprus for private flights operating from Greek airports to selected destinations within Greece. The service is designed for travellers seeking flexibility, comfort, privacy and time savings.
Cypriot travellers will be able to board a Fly Cycladic aircraft from any Greek airport, including island airports, and transfer to their final destination without delays or connections.
Eurobank participates in Money Conference 2026
Eurobank took part in the Money Conference 2026 as a platinum sponsor this week, contributing to discussions on global economic developments and the evolving landscape of alternative investments.
How do you expect the higher penalties and expanded card-payment enforcement to affect businesses in Cyprus?
