The Omnibus package was proposed by the European Commission with the aim of simplifying ESG rules and making EU businesses more competitive. The package, if adopted, will reduce administrative burdens for all companies by 25% and for SMEs by 35%. What will the legislation do? Omnibus impacts the Corporate Sustainability Reporting Directive (CSRD), the…
On the 26th February, the EU Commission announced its ‘Omnibus’ package, confirming the simplifications to the Carbon Border Adjustment Mechanism (CBAM). The proposal document and supporting ‘Commission Staff Working Document’ (SWD) were released the following day, outlining amendments to CBAM Regulation 2023/956. These changes are in response to discussions on the existing scope of the…
CHANGES TO THE LEGISLATION On 6 December 2024, the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 with number L.141(I)/2024 was published, introducing the below amendments: 1. The penalties for the omission or neglection of the filing / annual confirmation of the UBO Register will only be applicable to the legal…
Many argue that the European Union (EU) is shifting its environmental policy focus from biodiversity protection to prioritizing climate change mitigation. Considering the EU’s use of legal instruments, including the Renewable Energy Directive (RED III) and the Nature Restoration Law, efforts are underway to streamline the renewable energy transition, sometimes at the expense of environmental…
“Think due diligence guarantees a risk-free deal? Or that it is simply about crunching numbers? Think again – there is much more at stake.” Due diligence reduces risks by providing insights but does not guarantee a risk-free deal. It goes beyond numbers by analyzing trends, assessing the sustainability of revenue, understanding working capital needs and…
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On 26th of February 2025, the Economics Research Center of the University of Cyprus, presented its proposal regarding the envisaged tax reform. Explore key proposed amendments and changes in our latest tax flash. CY-Alert-Cyprus-Tax-Reform-proposed-amendments
A double materiality assessment (DMA) is the cornerstone for determining a company’s ESG strategy and it is one of the main requirements of the Corporate Sustainability Reporting Directive (CSRD). Explore the process of conducting a DMA step-by-step in this practical playbook. DMA-playbook-ENG
