New law on data system security
The Security of Networks and Information Systems Law, Number 17(I) of 2018, implements articles 8 and 9 of EU Directive 2016/1148 on measures to achieve a high common level of security of network and information systems throughout the EU. It designates the Commissioner for Electronic Communications and Postal Regulation (Commissioner), appointed under article 5 of […]
The European Securities and Markets Authority’s measures in relation to marketing, distribution or sale of binary options and contracts for difference to retail clients
The Cyprus Securities and Exchange Commission has issued an announcement notifying Cyprus Investment Firms of the European Securities and Markets Authority’s recent decision to prohibit the marketing, distribution or sale of binary options to retail clients and to impose restrictions on the marketing, distribution or sale of contracts for difference to retail clients. These restrictions […]
Adoption of ESMA Guidelines on MiFID II product governance requirements
The Cyprus Securities and Exchange Commission has recently issued an announcement to entities it regulates that it has adopted the ESMA Guidelines on MiFID II product governance requirements, which are intended to promote consistency in the implementation and application of the MiFID II requirements on product governance and strengthen investor protection. Regulated entities are required […]
Contact details for the new Deputy Ministry of Shipping
The Deputy Ministry of Shipping (DMS) has announced that the email addresses of personnel and departments of the DMS have been changed following its conversion from a department of the Ministry of Transport, Communications and Works to a Deputy Ministry. The part of the email address which precedes the @ symbol is the same as […]
Income tax exemption for new taxpayers earning more than €100,000 per year
The Cyprus Tax Department has recently issued a circular clarifying its earlier circular EE 2017/4 dated 24 July 2017 regarding the income tax exemptions for persons taking up employment in Cyprus under article 8(23) of the Income Tax Law 118(I)/2002 as amended. Under article 8(23), 50% of the first ten years’ earnings from employment in […]
Signature of revised double taxation agreement between Cyprus and the United Kingdom
On 22 March 2018 Cyprus and the United Kingdom signed a revised double taxation agreement, based on the OECD Model Convention. When it enters into force it will replace the current agreement, which dates back to the mid-1970s, and introduce modern-day standards on exchange of tax information and base erosion and profit shifting. The new […]
Extension of final date for submission of tax returns by companies
The Cyprus Tax Department has announced on its website that the deadline by which companies and self-employed individuals who are required to submit annual accounts must file their tax returns for the year ended 31 December 2016 has been extended to 30 June 2018.
Elias Neocleous & Co LLC leads the Legal 500 Hall of Fame for Cyprus
The Legal 500 is one of the most trusted and respected providers of information on law firms around the world, with a comprehensive research programme revised and updated every year to bring the most up-to-date vision of the global legal market. The recently-introduced Legal 500 Hall of Fame highlights individuals who are at the pinnacle […]
Re-registration in the Cyprus Securities and Exchange Commission’s Public Register of Certified Persons
Persons registered in the Public Register of Certified Persons maintained by the Cyprus Securities and Exchange Commission (CySEC) are required to renew their registration by the end of February each year via the CySEC website by paying the renewal fee of €80 and providing confirmation of having met the prescribed requirements regarding continued professional training. […]
Running for the community
The PrimeTel 5KM Corporate Race has become an established feature of the annual Limassol Marathon event, acting as a platform to support local charities. As part of our firm’s commitment to our local community, a team of 35 of our staff participated in the race this year.
