Electronic payment of tax liabilities

As part of its modernisation programme the Cyprus Tax Department has encouraged online payment of tax liabilities. Online payment of PAYE deducted from wages and salaries became mandatory from March 2018, and with effect from 1 June 2018 it will no longer be possible to pay several other categories of tax other than by online […]

Cyprus Securities and Exchange Commission announces new quarterly statistical reporting procedures

The Cyprus Securities and Exchange Commission (“CySEC”) has announced new quarterly statistical reporting procedures for entities it regulates. They apply to Cyprus Investment Firms, Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed Alternative Investment Funds, Self-Managed Alternative Investment Funds with Limited Number of Persons and companies whose sole purpose is the management of AIFLNPs. These […]

Elias Neocleous & Co LLC – leading the Legal 500 rankings in Cyprus

We are delighted that the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 12 April, confirm Elias Neocleous & Co LLC as the leading firm in Cyprus, with the highest overall rankings. The Legal 500 rankings are the most authoritative guide to lawyers across the widest range of practice areas. […]

Reduction of non-performing loans in the Cyprus banking sector

The Central Bank of Cyprus (CBC) has recently published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 December 2017, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. In December 2017, NPFs […]

Certificates of proficiency in training for ships operating in polar waters

The Cyprus Deputy Ministry of Shipping (DMS) has announced that, in accordance with Regulation V/4 of The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 as amended, with effect from 1 January 2020 masters, chief officers and officers in charge of a navigational watch serving on board Cyprus-flagged vessels operating in […]

New “federal” EU Tax rules on the table

In 2011, in response to public concerns over large multinational companies exploiting differences in national tax rules, the European Commission published a proposal for a Common Consolidated Corporate Tax Base (CCCTB) to unify tax rules throughout the EU. Individual countries would still be free to set their own tax rates, but anomalies between countries in […]