Strengthening of our presence in Western Europe
We are delighted to announce that we have strengthened our presence in Western Europe with the acquisition of Jurispectrum, a niche business law firm which operates in Belgium and Luxembourg. From the beginning of the new year, our expanded Brussels office will be headed by the experienced EU Law attorney Nikos Korogiannakis. Nikos, a member […]
New tax exemptions and allowances for the film and audio-visual production industry
In September 2017 the Cyprus government approved an initiative to encourage the development of the film and audio-visual production industry in Cyprus by means of grants, tax incentives and other assistance. Law 139(I) of 2018, which took effect on 11 December 2018, amends the Income Tax Law to provide tax exemption of income from production […]
Tonnage tax: countries whose ships are subject to surcharge
In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable on qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]
Strengthening of investor protection
The law governing the Cyprus Securities and Exchange Commission has been amended to improve the Commission’s corporate governance and strengthen its investor protection powers. Law 137(I)/2018 provides for the CySEC board to be enlarged from five members to seven and for the appointment of an audit committee. It also expands CySEC’s information-gathering and investigatory powers […]
Amendments to Cyprus-San Marino double tax treaty enter into force
The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 19 May 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and San Marino have been completed, and that the protocol entered into force on 27 June 2018. The protocol replaces the text of Article 25 of […]
New tax exemptions and allowances for the film and audio-visual production industry
In September 2017 the Cyprus government approved an initiative to encourage the development of the film and audio-visual production industry in Cyprus by means of grants, tax incentives and other assistance. Law 139(I) of 2018, which took effect on 11 December 2018, amends the Income Tax Law to provide tax exemption of income from production […]
Cyprus Securities and Exchange Commission announcement on Registered Alternative Investment Funds
The Cyprus Securities and Exchange Commission (“CySEC”) has issued an announcement reiterating the legal and regulatory framework applicable to Registered AIFs (“RAIFs”). According to CySEC, communications and promotional material issued by several market participants contain incorrect information about the regulatory requirements that apply to RAIFs, and CySEC wishes to correct any misunderstanding. RAIFs are governed […]
Cyprus Tax Department announcement on Country by Country Reporting
The Cyprus Tax Department announced on 22 November that Constituent Entities of Cyprus Ultimate Parent Entities will not be subject to local filing in their jurisdiction of tax residence, provided the information exchange arrangement under the CRS Multilateral Competent Authority Agreement has been activated. In addition, local filing will not be applicable for Cyprus-resident Constituent […]
Implementation of Directive (EU) 2017/1852 of 10 October 2017 on tax dispute resolution mechanisms
The Cyprus Tax Department has published draft legislation to implement Directive (EU) 2017/1852 for consultation. The draft legislation comprises an amending law, which adds two new articles to the Income Tax Law of 2002, and regulations to be issued under the second of those articles. The draft law and regulations replicate the Greek language text […]
Latest Central Bank of Cyprus investment funds statistics
On 19 November the Central Bank of Cyprus released its latest statistics on Cyprus-based investment funds, produced on the basis of the revised European System of Accounts 2010 and giving information as at 30 September 2018. During the 12 months ended 30 September the number of investment funds increased to 142, compared with 108 at […]
