ICPAC Quality Award We are pleased to announce that our office has been awarded the prestigious Quality Checked Award by the Institute of Certified Public Accountants of Cyprus (ICPAC) in association with the Association of Chartered Certified Accountants (ACCA). Our…
Law amending the Income Tax Law in Cyprus The corporation tax rate is increased from 10% to 12.5%- effective 1 January 2013. Pursuant to the Resolution of Credit and other Institutions Law, when the operations of one credit institution are…
Νόμος που τροποποιεί τον Περί Φορολογίας του Εισοδήματος Νόμο Ο συντελεστής του εταιρικού φόρου έχει αυξηθεί από 10% σε 12.5%- ισχύει από 1 Ιανουαρίου 2013. Με βάση τον περί Εξυγίανσης Πιστωτικών και άλλων Ιδρυμάτων Νόμο, για σκοπούς φόρου εισοδήματος, στην…
The House of Representatives has recently voted on various amendments regarding the Special Levy Tax of €350 which is paid by companies. Specifically, the following amendments have been made: The maximum amount of €20.000 for groups of companies has been…
Η Βουλή των Αντιπροσώπων έχει πρόσφατα ψηφίσει τροποποιήσεις σχετικά με το Ετήσιο Τέλος των €350 που καταβάλουν εταιρείες. Ετήσιο Τέλος – 5/2/2013 Συγκεκριμένα οι ακόλουθες τροποποιήσεις έχουν ψηφιστεί: Επαναφέρεται το ανώτατο ποσό των €20.000 για συγκροτήματα εταιρειών Η τελευταία ημερομηνία…
In December 2012 the House of Representatives voted on a number of new and amending laws, as a consequence of the Memorandum of Understanding between Cyprus and Troika. The most important amendments are described below. Increase in VAT rates From…
Στα πλαίσια του μνημονίου μεταξύ Κύπρου και Τρόικας, η Βουλή των Αντιπροσώπων ψήφισε καινούργια και τροποποιητικά νομοσχέδια, τα πιο σημαντικά εκ τον οποίον παραθέτονται πιο κάτω. Αύξηση στο Φόρου Προστιθέμενης Αξίας Από 14 Ιανουαρίου 2013 αυξάνεται ο κανονικός συντελεστής ΦΠΑ…
A tax treaty, which is based on the OECD Model Convention on Income and Capital, has been signed between Cyprus and Portugal in November 2012. Its signature follows the removal of Cyprus from Portugal’s tax haven “blacklist” and will encourage…
Following an amendment to the BVI Mutual Legal Assistance (Tax Matters), Act 2003 on 26 November 2012 the requirements for record-keeping for BVI companies have been revised as explained below. “Records and underlying documentation” must now be kept by a…
A new tax treaty has been signed between Cyprus and Ukraine. The treaty will come into effect on the 1st of January following the year in which the parties exchange notifications of ratifications. The main provisions of the treaty are…
An amendment to the VAT law was published in the Government Gazette of the Republic on the 19th of October 2012 and refers to the refund of VAT amounts together with interest. The provisions of this Law will come into…
Τροποποιήσεις σχετικά με τόκους σε επιστροφές φόρου εισροών έχει δημοσιευτεί στην Επίσημη Εφημερίδα της Δημοκρατίας στις 19 Οκτωβρίου 2012. Οι πρόνοιες του Άρθρου 20 του περί Φόρου Προστιθέμενης Αξίας Νόμου του 2000 μέχρι 2012 θα εφαρμόζονται από την 19η Φεβρουαρίου…
In an effort to attract foreign investors the Republic of Cyprus has put in place new and accelerated procedures for granting Immigration Permits to applicants who are third party nationals and intend to invest in the Republic. It is estimated…
On 24th May 2012, the House of Representatives of Cyprus voted on a number of amendments to the Income Tax Law in order to establish Cyprus as a favorable jurisdiction for companies owning any kind of intellectual property rights, patents,…
Back to back are loans which the Cyprus tax resident company borrows, and in turn, lends this amount to related parties. This arrangement is widely favored by international companies that use a Cyprus company to redistribute their profits, leaving a…
Following the ratification of the DTT Protocol between Cyprus and Russia, Cyprus has officially been removed from Russia’s “blacklist” of offshore jurisdictions meaning that dividends received by Russian companies from Cyprus subsidiaries can qualify for the Russian dividend participation exemption….
On 24th May 2012, the House of Representatives voted on a number of amendments to the law in order to promote foreign investments. AMENDMENTS TO THE INCOME TAX LAW Intellectual property (IP) rights 80% of the net profit from the…
Τροποποιήσεις που ψηφίστηκαν στις 24/5/2012 – Τροποποιήσεις του Φόρου Εισοδήματος Ειδικό Καθεστώς για τα δικαιώματα πνευματικής ιδιοκτησίας Παρέχεται φορολογική έκπτωση 20% επί των κεφαλαιουχικών δαπανών. Αφαιρείται ως εκπιπτόμενο έξοδο το 80% από το κέρδος που πηγάζει από τα δικαιώματα πνευματικής…
Law Providing for the Special Settlement of Tax Liability up to the years 2008- Extension The above Law provided that a flat penalty of 5% is imposed on taxes due for the tax years up to 2008. All other penalties…
Cyprus has been officially removed from the Portuguese so-called “blacklist”- a list of jurisdictions with privileged tax regimes. This development has been issued by the Portuguese Ministry of Finance on 8th November 2011, Decree No. 292/2011 and is the result…
Amendments to Income Tax Law When a company director or individual shareholder or his/her spouse or any relative up to second degree receive a loan or other financial assistance from the company, then that person is deemed to have obtained…
Τροποποιήσεις στον Περί Φορολογίας του Εισοδήματος Νόμο Όταν οποιαδήποτε εταιρεία παραχωρεί δάνειο ή οποιαδήποτε άλλη χρηματική διευκόλυνση, εξαιρουμένου υπολοίπου που προέρχεται από εμπορικές συναλλαγές, σε διευθυντές ή μετόχους που είναι φυσικά πρόσωπα, ή των συζύγων τους ή σε συγγενείς τους…
We would like to bring to your attention the following matters which concern Cyprus companies. Stock takes Under the current legislation, companies which maintain stocks should carry out a stock take during the year-end and the results of the stocktake…
Θα θέλαμε να σας υπενθυμίσουμε για τα πιο κάτω θέματα που αφορούν Κυπριακές εταιρείες Καταγραφή αποθεμάτων Σύμφωνα με την εν ισχύουσα νομοθεσία, εταιρείες οι οποίες έχουν αποθέματα, πρέπει να προβούν σε καταγραφή τον αποθεμάτων τους κατά το τέλος του έτους…
In light of the imposition of the special levy tax on Cyprus Companies, you are kindly requested to arrange payment of €350. You are kindly requested to make the relevant payment before 30/11/2011 so that we proceed with filings before…
PERSONAL INCOME TAX IN CYPRUS Where an individual is a resident in the Republic, tax is imposed on income accruing or arising from sources both within and outside the Republic. Where an individual is not a resident in the Republic,…
Αναφορά: Υπενθύμιση για καταβολή ετήσιου τέλους ύψους €350,00 για όλες τις εγγεγραμμένες κυπριακές εταιρείες. Σύμφωνα με την πρόσφατη νομοθεσία Ν117(Ι)/2011 θα θέλαμε να σας υπενθυμίσουμε ότι όλες οι εγγεγραμμένες εταιρείες στο αρχείο του Εφόρου Εταιρειών και Επίσημου Παραλήπτη υποχρεούνται στην…
On Friday 26 August 2011 the House of Representatives voted as a first step, amendments to various tax legislation, in order to raise revenues and decrease government spending to enable the Government to deal with the economic crisis which Cyprus…
Article 33 (Arm’s length principle) of the Cyprus Income Tax Law gives power to the Commissioner of Income Tax to adjust a company’s taxable profit where it believes that the financial result of a certain transaction was influenced by the…
A Cyprus Holding Company can be effectively utilized for international tax planning purposes and at the same time enjoy the status of being located at a reputable business center within the European Union. In summary, a Cyprus Holding Company offers…