Cyprus parliament to vote on business development agency and landfill tax

On July 14, the plenary session of the Cypriot Parliament is scheduled to vote on two legislative bills linked to the Recovery and Resilience Plan. The first bill proposes the creation of the Cyprus Business Development Agency (KOAE), a public law entity designed to provide financing for small and medium-sized enterprises, startups, and self-employed individuals. This agency will be managed by a seven-member board appointed by the Council of Ministers and will have an initial state capital of 60 million euros. The enactment of this law is a prerequisite for requesting the ninth and final installment of funding from the European Commission. The second bill involves an amendment to waste management laws, specifically introducing a tax of 10 euros per ton on municipal waste sent to landfills. Both reforms are considered critical milestones for the country's economic modernization, green transition, and digital transformation.