Implementation of the new EU Package Travel Directive

The Organised Travel and Associated Travel Arrangements Law of 2017, number 186(I) of 2017, transposes the provisions of EU Directive 2015/2302 of 25 November 2015 on package travel and associated travel arrangements into Cyprus law. The new law extends coverage beyond traditional package holidays organised by tour operators to other forms of combined travel such […]

Payment of second instalment of tax liabilities for 2017 under self-assessment

The Cyprus Tax Department has issued a reminder that 31 December 2017 is the final date for payment of the second instalment of income tax for 2017 under the self-assessment scheme, which applies to companies, self-employed and other individuals whose remuneration is not taxed by deduction at source by the employer, and for Special Defence […]

Extension of country-by-country reporting deadlines

 [gdlr_row] [gdlr_column size=”1/4″][/gdlr_column] [gdlr_column size=”3/4″] Dec 21, 2017 Author: PHILIPPOS ARISTOTELOUS Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row]

Reduction of non-performing loans in the Cyprus banking sector

The Central Bank of Cyprus (CBC) has released its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 August 2017, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. During the month of August non-performing facilities fell by […]

Tonnage tax – maintenance of prescribed levels of Community-flagged vessels

he Merchant Shipping (Fees and Taxing Provisions) Law of 2010, usually referred to as the tonnage tax law, requires that, in order to qualify for Cyprus’s favourable tonnage tax scheme, Community-flagged ships (ships registered in and flying the flag of an EU or EEA member state) must account for at least the same percentage of […]

Cyprus Tax Round-Up 2017: Part 2 in “Global Tax Weekly”

 [gdlr_row] [gdlr_column size=”1/4″]  [/gdlr_column] [gdlr_column size=”3/4″] Dec. 18, 2017 Author:PHILIPPOS ARISTOTELOUS Law Firm: Elias Neocleous & Co LLC Publisher: Wolters Kluwer Practice area:TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row]

Only completed actions are subject to administrative review

 [gdlr_row] [gdlr_column size=”1/4″]  [/gdlr_column] [gdlr_column size=”3/4″] Dec. 18, 2017 Author: ELENA RIGA MICHAEL Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: LITIGATION, DISPUTE RESOLUTION AND ARBITRATION [/gdlr_column] [/gdlr_row]

Supporting the Russian-speaking community in Cyprus

On 1 December 2017 Elias Neocleous & Co LLC and the Russian Centre for Science and Culture signed a Memorandum of Cooperation to support Russian-speaking people living in Cyprus and promote bilateral cultural, humanitarian and scientific cooperation between Russia and Cyprus, under which Elias Neocleous & Co LLC will provide legal advice to Russian-speaking residents […]

Taxation of deemed benefits on loans and advances to directors and shareholders

Interpretative Circular 14, issued by the Cyprus Tax Department on 14 November 2017, clarifies the application of article 5(2)(g) of the Income Tax Law, which provides for a deemed benefit to be assessed on any drawings, loan or other financial facilities granted by a company to a non-resident director or shareholder or their spouses or […]

ESMA Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II

The Cyprus Securities and Exchange Commission (“CySEC”) has notified Cyprus Investment Firms, credit institutions, market operators of trading venues and Approved Reporting Mechanisms subject to its supervision of the guidelines published by the European Securities and Markets Authority on 2 October 2017 under Directive 2014/65/EU on markets in financial instruments (“MiFID II”) and Regulation (EU) […]