Reference rates for notional interest deduction for 2019
Article 9(B) of the Income Tax Law 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 1 2015 to finance business assets, calculated by applying a reference rate […]
Cyprus-Saudi Arabia double tax agreement enters into force
Author: CONSTANTINOS CHRISTOFI Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area:TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING
Amendments to the Code of the Maritime Labour Convention enter into force
Author: COSTAS STAMATIOU Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: ADMIRALTY AND SHIPPING
Court dismisses defendants’ application in limitation period case
Author: LOUIZA PETROU Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: LITIGATION AND DISPUTE RESOLUTION
VAT on transfer of right to dispose of immovable property
The Cyprus Tax Department has issued a circular (EE 229 dated 27 December 2018) explaining the application of Law 39(1) of 2018, which amended the VAT Law of 2000 to 2018 to bring the transfer of the effective right to dispose of immovable property as owner within the scope of VAT with effect from 1 […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, is […]
“Cyprus Rolls Out Anti-Tax Avoidance Directive” in Bloomberg Tax International Tax News
Author: ELIAS NEOCLEOUS, NATASA POLYVIOU Law Firm: Elias Neocleous & Co LLC Publisher: Bloomberg Tax Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING
Time extension for financial institutions to submit 2017 corporate tax returns
Author: CONSTANTINOS CHRISTOFI Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING
National Risk Assessment of Money Laundering and Terrorist Financing Risks
The Ministry of Finance has announced the outcome of the first National Risk Assessment of Money Laundering and Terrorist Financing Risks (NRA), which was undertaken by the Cyprus authorities to identify, assess and understand the country’s money laundering and terrorist financing threats and vulnerabilities, in compliance with the recommendations of the Financial Action Task Force […]
Absence of claimant, who was the only witness, results in dismissal of claim
Author: GEORGIA ELEFTHERIOU Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: LITIGATION AND DISPUTE RESOLUTION
