Update on Cyprus merchant fleet, fuel prices and tax enforcement

Cyprus retains the fifth largest merchant fleet in Europe and the fourteenth largest globally, controlling over 4 percent of the world fleet. Cyprus-based firms manage more than 20 percent of global third-party shipmanagement activity. Regarding energy costs, retail prices for diesel have decreased by an average of 13.5 cents per litre, while unleaded 95 petrol fell by 2.4 cents per litre due to lower refinery prices. In the business sector, developers highlighted the Limassol Del Mar project as a significant contributor to the city's modern infrastructure and international positioning. Meanwhile, tax authorities announced intensified inspections targeting businesses in high-traffic tourist areas. Effective January 1, 2026, the new legal framework allows for the temporary closure of businesses, legal entities, or individuals with tax debts exceeding €20,000. Additionally, companies failing to issue mandatory receipts face similar sanctions to ensure compliance with the law. These measures are designed to enhance tax collection efficiency across the country.