The agreements were signed at the Presidential Palace

The modernization of the state technological infrastructure and the acceleration of the adoption of cloud services in the public and private sector of Cyprus are the main objectives of the Memorandum of Cooperation signed on Tuesday at the Presidential Office between the Ministry of Research, Innovation and Digital Policy of Cyprus and Amazon Web Services. (AWS).

Undersecretary Kyriakos Kokkinos said after the signing ceremony that the cooperation with Amazon Web Services opens a new era of opportunities for the country, allowing and facilitating the adoption of the cloud in all areas of government and industry.

On behalf of Amazon Web Services, European Public Sector Director Cameron Brooks stated that AWS is part of the wider digital transformation of Cyprus, as the country launches a new era of innovation, with entrepreneurs, public organizations and companies sharing the vision of a modern

“Through this Memorandum of Understanding, we are committed to supporting this vision by offering initiatives that will promote innovation, help grow local businesses, support the modernization of technology infrastructure and develop digital skills for future generations “, he added.

As per DIRECTIVE 2011/83/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October 2011, on consumer rights:

EU consumer protection rules ensure that when you buy goods and services in the EU you have clear information on the product or service you’re buying, its price, shipping and delivery costs as well as on your rights when things go wrong.

Under EU rules, a trader must repair, replace, reduce the price or give you a refund if goods you bought turn out to be faulty or do not look or work as advertised.

If you bought a product or a service online or outside of a shop (by telephone, mail order, from a door-to-door salesperson), you also have the right to cancel and return your order within 14 days, for any reason and without a justification.

The below website may give further guidance as to EU consumers rights and complaints:

https://europa.eu/youreurope/citizens/consumers/shopping/guarantees-returns/faq/index_en.htm 

Cyprus government approves new tax scheme for foreign workers and companies

The Cabinet of Ministers of Cyprus on Tuesday 11 of May approved a new tax incentives scheme aimed at attracting foreign companies and high-quality workers to Cyprus to relocate their headquarters in Cyprus.

In statements made after the Cabinet meeting, Finance Minister Constantinos Petrides said additional measures are expected to be implemented in order to further incentivise foreign workers into relocating to Cyprus to be implemented by the Ministry of Interior.

“We are convinced that this scheme is one of the most competitive of its kind in the European Union,” Petrides said.

“There is already a lot of interest, and it particularly concerns high-tech companies, which in recent years seem to choose the island as a place to relocate their headquarters,” the minister added.

Petrides also explained that the government is confident that the scheme will further promote the development of the technology sector in Cyprus, as both a medium and long-term strategic objective. The main advantages are the following:

a.50 per cent tax break for workers receiving upwards of €55,000 in annual wages.

1. The time period for which the tax break would be applicable will be extended to 17 years, up from its current period of 10 years.
2. Spouses of employees of third countries, to be able to work in Cyprus.

The time period for the tax break kicks in the worker’s first year of employment in Cyprus.

Moreover, the above terms will also be applied retroactively to current eligible workers making more than €55,000 in annual wages, provided that they resided abroad for 12 straight years before they started working in Cyprus. A grace period of two years will be given to new employees, as well as a period of six months to existing workers, in order for them to gain the necessary prerequisite criteria for the scheme.

This concerns cases where an employee’s initial remuneration started at an amount below the minimum annual salary of €55,000.

“Through this relocation, the tax base is expanded and consequently the state’s tax revenues,” the minister concluded.