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Geostrategic and financial interests regarding gas exploration and exploitation
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The Republic of Cyprus issued an invitation to all interested persons to apply for hydrocarbon exploration licenses and subsequent hydrocarbon exploitation licenses in respect of certain acreage in the Exclusive Economic Zone of Cyprus.
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On Saturday, February 11th 2012, the Official Gazette of the European Community published Notice 2012/C 38/10 of the Republic of Cyprus, regarding the conditions for the granting and the use of Licenses for the prospection, exploration and production of hydrocarbons.
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The second licensing round for offshore exploration of hydrocarbons in Cyprus's exclusive economic zone has now officially begun. The invitation to apply for licences was published in the Official Journal of the European Union on 11 February and has subsequently been published on the website of the Ministry of Commerce, Industry and Tourism of the Republic of Cyprus.
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By Elias Neocleous
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In December 2011 a number of amendments were made to the laws regarding income tax, special defence contribution (SDC) tax and value added tax (VAT) in order to reduce
the government deficit. The main changes are as follows.
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by Christos Floridis
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which Cyprus
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The House of Representatives has ratified on January 27 of 2012 the Framework Agreement between the Republic of Cyprus and the Arab Republic of Egypt relating to the development of cross-median line hydrocarbon resources signed in 2006.
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In December 2011 the Parliament of Cyprus voted on certain amendments to various Tax Laws aimed at increasing the revenues of the government as well as reducing government expenditure. Most of the amendments affect residents of Cyprus and were designed in such a way so not to affect Cyprus’ position as an international business center.