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Final date for submission of tax returns by companies
The Cyprus Tax Department of Taxation has issued a reminder on its website that companies and self-employed individuals who are required to submit annual accounts must file their tax returns for the year ended 31 December 2016 no later than 31 March 2018. Taxpayers are urged to do so without delay so as to avoid […]
New standards for recreational craft and personal watercraft
The Cyprus Department of Merchant Shipping has announced the publication of the Essential Requirements (Recreational Craft and Personal Watercraft) Regulations 2017. The new regulations repeal the earlier version and align Cyprus law with the latest EU directive on the matter. Like the earlier regulations, the new regulations set required standards for design and construction, exhaust […]
Extension of transitional provisions of the Auditors Law of 2017
Article 113 of the Auditors Law number 53(I) of 2017 provides a “grandfathering” provision for audit firms registered before 29 June 2008 to re-register under the new law. Such firms were initially required to re-register within 6 months of the law entering into effect, that is, by 2 December 2017. Law 171(I) of 2017 extended […]
Cyprus Securities and Exchange Commission assessment of anti-money laundering procedures
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular notifying entities it regulates of the most common weaknesses, deficiencies and best practice standards identified during its latest round of onsite inspections in relation to the prevention of money laundering and terrorist financing. The inspections found a significant improvement in the internal procedures applied […]
Transformation of the Cyprus Department of Merchant Shipping into a Deputy Ministry
The Cyprus Department of Merchant Shipping (DMS) has announced that with effect from 1 March 2018 it will be transformed into a Deputy Ministry and renamed as the Deputy Ministry of Shipping by reason of the entry into effect of Law 123(I) of 2017. The headquarters of the Deputy Ministry of Shipping will be in […]
Repeal of the Privatisation Law of 2014
Following the decision of the Supreme Court confirming the legality of a proposed law to abolish the privatisation arrangements established in 2014 as a condition of international financial support, the law has now been enacted and published in the Official Gazette. The Law repealing the Privatisation Law, Number 5 (I) of 2018, repeals the Privatisation […]
Electronic submission of tax returns for 2017
The Cyprus Tax Department has issued a further reminder that tax returns for the year 2017 must be submitted electronically, by means of its TAXISnet web portal. As this is the first year of mandatory electronic submissiService centres are being established to provide help and support, and if necessary, the deadline for submission of returns […]
Cyprus Securities and Exchange Commission adoption of ESMA Guidelines on the management body of market operators and data reporting services providers
The Cyprus Securities and Exchange Commission has issued a circular notifying market operators and data reporting service providers that it has adopted the Guidelines on the management body of market operators and data reporting services providers issued by the European Securities and Markets Authority in December 2017, and that they should therefore make every effort […]
Cyprus Securities and Exchange Commission circular on priority issues for financial statements and annual reports for 2017
The Cyprus Securities and Exchange Commission has issued a circular notifying issuers of securities which are listed for trading on the Cyprus Stock Exchange or another regulated market of the latest Public Statement on European Common Enforcement Priorities, published by the European Securities and Markets Authority. The Public Statement sets out the priorities jointly agreed […]
New arrangements for payment of tax deducted under PAYE
The Cyprus Tax Department has announced that with effect from 1 March 2018 monthly payments of tax deducted by employers from employees’ remuneration under PAYE must be made through the JCCsmart electronic payments service, unless the payment includes interest or penalties. Payments which include interest or penalties must be made through District Tax Offices.
Reference rates for Notional Interest Deduction for 2018
Article 9(B) of the Income Tax Law of 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 2015 to finance business assets, calculated by applying a reference rate […]
Cyprus Investment Firms’ operations outside the European Economic Area
The Cyprus Securities and Exchange Commission has issued a further reminder to Cyprus Investment Firms it supervises regarding the procedures to be followed by firms intending to provide investment services or undertake investment activities in countries outside the EEA. Investment firms intending to provide investment services or undertake investment activities in such countries must notify […]