Transformation of the Cyprus Department of Merchant Shipping into a Deputy Ministry
The Cyprus Department of Merchant Shipping (DMS) has announced that with effect from 1 March 2018 it will be transformed into a Deputy Ministry and renamed as the Deputy Ministry of Shipping by reason of the entry into effect of Law 123(I) of 2017. The headquarters of the Deputy Ministry of Shipping will be in […]
Repeal of the Privatisation Law of 2014
Following the decision of the Supreme Court confirming the legality of a proposed law to abolish the privatisation arrangements established in 2014 as a condition of international financial support, the law has now been enacted and published in the Official Gazette. The Law repealing the Privatisation Law, Number 5 (I) of 2018, repeals the Privatisation […]
Electronic submission of tax returns for 2017
The Cyprus Tax Department has issued a further reminder that tax returns for the year 2017 must be submitted electronically, by means of its TAXISnet web portal. As this is the first year of mandatory electronic submissiService centres are being established to provide help and support, and if necessary, the deadline for submission of returns […]
Supreme Court disapproves strict interpretation of Order 30 of Civil Procedure Rules
Author: Antonis Glykis Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: LITIGATION AND DISPUTE RESOLUTION
Cyprus Securities and Exchange Commission adoption of ESMA Guidelines on the management body of market operators and data reporting services providers
The Cyprus Securities and Exchange Commission has issued a circular notifying market operators and data reporting service providers that it has adopted the Guidelines on the management body of market operators and data reporting services providers issued by the European Securities and Markets Authority in December 2017, and that they should therefore make every effort […]
New safety requirements for coastal passenger vessels enter into force
Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: ADMIRALTY AND SHIPPING
Cyprus Securities and Exchange Commission circular on priority issues for financial statements and annual reports for 2017
The Cyprus Securities and Exchange Commission has issued a circular notifying issuers of securities which are listed for trading on the Cyprus Stock Exchange or another regulated market of the latest Public Statement on European Common Enforcement Priorities, published by the European Securities and Markets Authority. The Public Statement sets out the priorities jointly agreed […]
New arrangements for payment of tax deducted under PAYE
The Cyprus Tax Department has announced that with effect from 1 March 2018 monthly payments of tax deducted by employers from employees’ remuneration under PAYE must be made through the JCCsmart electronic payments service, unless the payment includes interest or penalties. Payments which include interest or penalties must be made through District Tax Offices.
Proposals for Implementation of the EU Anti-Tax Avoidance Directives in Cyprus in “Global Tax Weekly”
Author: Constantinos Christofi Law Firm: Elias Neocleous & Co LLC Publisher: Wolters Kluwer Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING
Reference rates for Notional Interest Deduction for 2018
Article 9(B) of the Income Tax Law of 2002 as amended provides for a notional interest deduction for tax purposes on new equity capital (paid-up share capital and share premium) injected into companies and permanent establishments of foreign companies on or after 1 January 2015 to finance business assets, calculated by applying a reference rate […]
