Extension of Country-by-Country reporting deadlines
The Cyprus Tax Department has announced an extension of the time allowed to submit Country-by-Country (CbC) reports which were due to be filed by the end of 2017. The deadline for Reporting Entities to submit CbC reports in respect of MNE groups for the fiscal year ended 31 December 2016 has been extended by two […]
Visit from the Nation-Building Institute of Thailand
We recently welcomed a delegation from the Nation-Building Institute of Thailand to our offices in Limassol. The Nation-Building Institute is a non-profit organisation tasked with training senior executives in the public, private and civic sectors to enhance their qualities of leadership, management and morality to facilitate the development of the organisations they lead and of […]
Assistance with research for the Personal Information Protection Commission of Japan
Nicholas Ktenas, partner of the firm who specialises in data protection, and Michael Ioannou, our IT manager, recently contributed to a research project undertaken by Namura Research Institute on behalf of the Personal Information Protection Commission of Japan examining the practices of national data protection authorities and the legal, technical and organizational aspects of data […]
The EU list of non-cooperative jurisdictions
The EU Economic and Financial Affairs Council, which is made up of the economics and finance ministers of all member states, has approved the EU Commission’s recommendations on a unified EU list of non-cooperative jurisdictions in taxation matters, more familiarly referred to as a blacklist. Inclusion in the list is based on three sets of […]
Extension of registration deadline under the Auditors Law of 2017
Under the transitional provisions of the Auditors’ Law, Law 53(I) of 2017, statutory auditors or statutory audit firms authorized before 29 June 2008 under the Companies Law were deemed to have been authorised under the new law and were required to register as members of recognized bodies within six months of the law entering into […]
The new Cyprus-India agreement on merchant shipping
The new reciprocal agreement on merchant shipping between Cyprus and India entered into force on 29 November 2017, replacing an earlier agreement dated 11 February 1997. The most significant provisions of the new agreement are summarised below. Each country will treat the other country’s vessels in the same way as it treats its own vessels […]
Ratification of education agreement with Armenia
Cyprus has formally ratified its agreement with Armenia dated 15 March 2016 regarding cooperation in the field of education and reciprocal recognition of academic qualifications. The ratification law, number 19(III)/2017, was published in the official gazette on 1 December 2017.
VAT registration for insolvency office-holders
The Cyprus Tax Department has issued guidance to professional bodies and other potential stakeholders about VAT registration issues and procedures affecting insolvency office-holders in companies in receivership, liquidation or other insolvency proceedings, taking account of the prohibition in the Insolvency Advisers Law of 2015 against companies acting as insolvency practitioners, and the fact that many […]
Extension of accelerated writing down allowances for tax purposes
The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and machinery was doubled from 10 percent to 20 percent (if a higher rate than 20 percent applied to the category […]
Ratification of the Council of Europe Convention on Offences relating to Cultural Property
Law 16(III) of 2017, which was published in the official government gazette on 24 November 2017, ratifies the Council of Europe Convention on Offences relating to Cultural Property, which combats the illicit trafficking of cultural property such as historical artefacts. The convention opened for signature on 19 May 2017 under the Cyprus chairmanship of the […]
