With an announcement, the Ministry of Energy, Commerce, and Industry invites applications to be submitted in the context of its 2nd Call for Proposals for the Funding Scheme for the Establishment, Modernization, and Digital Transformation of Enterprises engaged in Manufacturing and Trading of Agricultural Products.
As a result of savings from the 1st Call of the Plan, the total amount to be allocated will amount to at least €3 million, to which any other savings from the completion of the implementation of the 1st Call, will be added.

Applications will be accepted only through the Ministry’s electronic Funding Scheme System, at https://fundingapps.meci.gov.cy, using Chrome, Firefox, and Edge browsers, until May 31, 2024, at 11.59 pm or until the available budget is exhausted. It is clarified that due to the additional savings expected from the 1st Call, applications for a total budget of €7 million will be accepted, however, the maximum amount of approvals will not exceed the available budget of the Funding Scheme. The order of priority will be determined based on the order of submission of proposals (direct evaluation).

The Scheme aims to support existing and new SMEs, as defined in Annex I to the Treaty on the Functioning of the European Union, which are or will be active in the manufacturing and/or trading of agricultural products. Activities related to the fisheries and aquaculture sectors, wines, and wine vinegar listed in Part II of Annex VII of the Regulation (EU) 1308/2013, are not covered by the Scheme.

You can see the Ministry’s announcement by clicking here. For more information, interested parties may contact the competent Officers at telephone numbers 22867275/ 22867279/ 22867243/ 22867154/ 22867388.

PDF Circular – Funding Scheme – Modernization and Digital Transformation – Agricultural

Total imports of goods in February 2024 were €841,1 mn as compared to €770,5 mn in February 2023, recording an increase of 9,2%. Imports from other EU Member States were €543,8 mn and from third countries €297,3 mn, compared to €536,2 mn and €234,2 mn respectively in February 2023. Imports in February 2024 include the transfer of economic ownership of vessels, with total value of €1,9 mn as compared to €56,8 mn in February 2023.

Total exports of goods in February 2024 were €243,1 mn as compared to €260,8 mn in February 2023, recording a decrease of 6,8%. Exports to other EU Member States were €116,2 mn and to third countries €126,9 mn, compared to €65,1 mn and €195,7 mn respectively in February 2023. Exports in February 2024 include the transfer of economic ownership of vessels, with total value of €21,7 mn as compared to €87,6 mn in February 2023.

Total imports of goods in January–February 2024 amounted to €1.698,4 mn as compared to €2.505,6 mn in January–February 2023, recording a decrease of 32,2%. Total exports of goods in January-February 2024 were €554,1 mn compared to €576,0 mn in January–February 2023, registering a decrease of 3,8%. The trade deficit was €1.144,4 mn in January–February 2024 compared to €1.929,6 mn in the corresponding period of 2023.

View the full announcement here (PDF)

This is the weekly information bulletin, for the week up to 29/3/2024 with comprehensive briefing in matters of direct and indirect taxation.

PDF – KEBE Tax Update to 29 03 24

We wish to inform you that after the relevant approval of the Council of Ministers, the Ministry of Energy, Commerce, and Industry announced the Circular Economy Funding Scheme for Small and Medium Enterprises.

The Scheme will be funded by the Recovery and Resilience Facility of the European Union, with the total amount of funding amounting to €14.4 million and with the maximum total amount of funding per company amounting to €400,000.

The Plan aims to support existing and new Small and Medium Enterprises through the promotion of new circular economy investments so that these enterprises will make their products, production processes, and business practices more environmentally friendly. The funding will concern defined eligible costs related to the transition/start-up of a business based on a circular business model.

Interested parties can obtain the Plan Guide, which includes all the details, by clicking here. The deadline for submitting the relevant application will be announced at a later stage.

To better inform you, the CCCI in cooperation with the Ministry will organize a presentation during which the provisions of the Plan will be explained and all relevant questions will be answered.
The date and venue will be announced in due course.

For more information on the Scheme please contact the Competent Officer of the Ministry at 22867247.

PDF Circular – Circular Economy Funding Scheme for Small and Medium Enterprises