This is the weekly information bulletin, with comprehensive briefing in matters of direct and indirect taxation. Due to the pandemic, certain relevant government decisions are also included, where applicable. The links will be valid until 16/09/2023.

PDF Circular – Tax Department – Announcement 17-08-2023

Reflect Festival is the largest technology & innovation event in Cyprus and one of the fastest growing in the Mediterranean area.

In its 6th edition this year, the festival will bring together over 8.000 entrepreneurs, investors, and tech enthusiasts, creating the must attend place for building networks across Southern Europe, Middle East & North Africa. The festival has a direct impact on the growth of the startup ecosystem on the island and in partnering countries, fostering synergies between cultures and economies. It annually showcases Cyprus’ rapid progress in innovation and business opportunities while connecting local entrepreneurs to global prospects and vice versa.

The Cyprus Chamber of Commerce and Industry, member of the Enterprise Europe Network Cyprus, within the framework of the Reflect festival, will organize an on-site matchmaking event on the 20th – 21st of September 2023.

The EEN Cyprus match-making event aims to bring together buyers, suppliers/providers and researchers from a large number of European countries. This is a unique opportunity to generate new business contacts and contracts. The meetings will take place in a dedicated area and will be scheduled in advance HERE.

For this matchmaking event the Organizers are interested in attracting established companies, startups & investors, from countries active in the technology sector. The aim of the event is to showcase start-ups but also to facilitate partnerships of already established SMEs looking for new technological solutions.

Learn more here: PDF Circular – REFLECT FESTIVAL 2023 – Technology and Innovation Event

Προϊόντα με επικίνδυνες χημικές ουσίες, τα οποία θεωρείται ότι περικλείουν κινδύνους για τους εργαζόμενους και τους καταναλωτές, έχουν εντοπισθεί στην Ευρωπαϊκή αγορά. Το Τμήμα Επιθεώρησης Εργασίας του Υπουργείου Εργασίας και Κοινωνικών Ασφαλίσεων διευκρινίζει ότι οι σχετικές πληροφορίες που ακολουθούν έχουν καταχωρηθεί στο Σύστημα Ταχείας Ανταλλαγής Πληροφοριών για Ασφάλεια Προϊόντων πλην τροφίμων (RAPEX) της Ευρωπαϊκής Ένωσης.

PDF Circular – Announcement By The Department of Labour Inspection

We would like to inform you that Sicindustria, in cooperation with Enterprise Europe Network, Agrifood Sector Group, and sponsored by Unioncamere Sicilia (Union of the Chambers of Sicily) are organizing the second Food&Drinks Mission2Sicily!

This match-making event brings together Sicilian producers and international buyers.

This is a unique opportunity to generate new business contacts in a time – and cost efficient way! Meetings will take place in a dedicated area and will be arranged in advance HERE.

Event Details

• Location: Unioncamere Sicilia, Via E. Amari, 11, 90139 Palermo
• Date: 25-28/10/2023
• Registration Deadline: 20/10/2023

Who can participate?

• International Buyers: Importers, distributors, wholesalers of food and drinks (including wine and spirits); Food chains representatives, Hypermakets/Supermarkets, Purchase agents for hotels and restaurants, Specialty food&wine stores, E-commerce marketplace, and others.
• Sicilian Producers

Read the complete circular here: PDF Circular_Food & Drinks Mission2Sicily 2023

The EU has implemented rules to address IBAN discrimination within Member States with the Single Euro Payments Area Regulation (SEPA Regulation).

According to Article 9 of Regulation (EU) No. 260/2012 (SEPA) the following are defined:

• a payer, who performs a credit transfer to a payee who holds a payment account within the European Union shall not specify in which member state the payment account is to be held, provided that such payment account is reachable in accordance with the rules of a European Union-wide payment scheme.
• a payee, who accepts a transfer or uses a direct debit to collect funds from a payer, who holds a payment account within the European Union shall not specify in which member state this payment account is to be held, provided that the payment account is reachable in accordance with the rules of a European Union-wide payment scheme.

Although the Regulation has been in force since March 2012, citizens and businesses operating across borders are faced with the rejection of their IBAN because it starts with the letters of their country of origin (for example CY, GR, FR, etc.) or the digit length of the IBAN differs from the domestic one (for example, it has less than 34 alphanumeric characters).

To solve this, they are forced to obtain a new bank account in the host member state. That is not always easy. Especially if the company is not established or the citizen does not reside in the member state from/to which the payment is made. For businesses, this can even lead to the closure of their economic activity.

IBAN discrimination occurs in both the private sector and public services. According to information from the EC, most complaints of IBAN discrimination concern telecommunications providers.

However, the consequences of discrimination by public authorities can be more severe because there is often no alternative to public service. Businesses may not be able to pay their taxes, get their VAT money back, apply for promotions, or obtain certificates. While citizens may face difficulties, for example, with tax authorities and receiving pensions or reimbursement of healthcare expenses.

The European Commission’s Single Market Enforcement Task Force (SMET) is exploring this issue with a view to taking action to eliminate discrimination.

That is why, to support the efforts of the Task Force, we would like you to inform us whether you have faced similar treatment. That is, if you tried to make credit transfers within the Single Euro Payments Area (SEPA) or direct debits within SEPA to pay bills, purchase products or services online, pay taxes or collect tax refunds, unemployment benefits, or other benefits, and your account was rejected because it is located in an EU country other than the country of the other party. Please note that the information collected will be given anonymously to the Task Force.

The survey will be open until August 16, 2023, and you can participate by completing the form found HERE.

PDF Circular – Survey to address IBAN discrimination