Reduction of non-performing loans in the Cyprus banking sector
On 14 September the Central Bank of Cyprus (CBC) published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 May 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month […]
Submission of 2017 tax returns
The Cyprus Tax Department has issued a further reminder that 31 October 2018 is the last date for submission of tax returns for 2017 by employees and self-employed persons with an annual turnover below € 70,000 and payment of any tax due by self-assessment. Returns may only submitted online via the department’s TAXISnet portal. Up […]
The Russian tax authorities’ guidance on determination of tax residence between Cyprus and Russia
In 2017 Cyprus introduced an additional route to tax residence for individuals. With effect from 1 January 2017 individuals who meet all the following conditions in respect of a given tax year will be deemed to be tax-resident in Cyprus: They are physically present in Cyprus for one or more periods amounting to at least […]
Taxation of earnings of insurance agents
The Cyprus Tax Department has issued a new circular (EE26, dated 7 September 2018) clarifying the taxation of earnings of insurance agents. A representative of an insurance company who is not in an employment relationship with the company is treated as a commercial enterprise whose revenue is derived from fees or commissions for the conclusion […]
Tax treatment of non-returnable capital contributions
The Cyprus Tax Department’s Interpretative Circular EE 25 dated 3 September 2018 clarifies the tax treatment of non-returnable capital contributions by Cyprus taxpayers to companies which are tax-resident abroad. Article 33 of the Income Tax Law N.118 (I)/2002 allows the tax authorities to adjust transactions between related entities onto an arm’s length basis and assess […]
Communication with the Cyprus Tax Department
On 7 September the Tax Department announced further steps in its programme to improve efficiency and speed communication with taxpayers. Form ΤΦ 1006 , the reminder to submit a VAT return, which was previously sent by mail to taxpayers who had not submitted a VAT return by the due date, will now be sent only […]
Supporting “Days of Cyprus in Ukraine”
Elias Neocleous & Co LLC has been proud to support a series of events organised by the Embassy of Cyprus in Ukraine to mark the fifty-eighth anniversary of Cyprus’s independence under the title of “Days of Cyprus in Ukraine”. As part of the programme, in conjunction with the Ukrainian Chamber of Commerce and Industry, Elias […]
Chrysanthos Christoforou named as “dispute resolution star” in inaugural Benchmark Litigation rankings
Chrysanthos Christoforou, head of our firm’s dispute resolution department, has been selected as a national “dispute resolution star” for Cyprus in Benchmark Litigation Europe 2019 – The guide to the region’s leading dispute resolution and litigation firms. Now in its eleventh year of publication, Benchmark originated in the USA and has expanded its geographical coverage […]
Automatic extension of the due date for submission of returns and payments to the Tax Department
On 5 September 2018 the Tax Department issued an announcement informing taxpayers that in the event that the due date for filing a tax return with the department or paying a tax or other liability falls on a Saturday, Sunday, or bank holiday, then the deadline for submission or payment is extended until the next […]
Concert and seminar in Kiev
In September the Embassy of Cyprus in Ukraine is organising a series of events around the fifty-eighth anniversary of Cyprus’s independence under the title of “Days of Cyprus in Ukraine”. One of the principal events is a concert of traditional and modern Cypriot music performed by the National Symphony Orchestra of Ukraine on 5 September […]
