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…
Synopsis – Cyprus has become a center through which many leading international companies conduct their business activities. Among the benefits which accrue in using Cyprus as a corporate vehicle is the lowest corporate tax rate in Europe, the extensive double…
The tax reform act of 2002 was inevitable in order to harmonize Cyprus’ laws and practices with the European Union laws and directives, the Code of Conduct and the Organization for Economic Cooperation and Development. The end result of this…
New tax compliance obligations arise from Circular 2011/1 dated 15 February 2011 which has been issued by the Commissioner of Income Taxes. The circular states that as from 1 April 2011 annual income tax returns for all companies as well…
On 1 January 2010, a number of important VAT rules will change following the implementation of various European Directives and Regulations (the “VAT Package’), mainly concerning the place of supply rules for services. These changes may have an impact on…