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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Cyprus Securities and Exchange Commission moves to electronic communications
The Cyprus Securities and Exchange Commission (‘CySEC’) has expanded the functionality of its web portal to enable Alternative Investment Fund Managers and UCITS Management Companies to submit digitally signed letters and documents to CySEC. According to CySEC this will have a double benefit of reducing costs and improving security. The portal does not replace the […]
Entry into force of amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers
The Department of Merchant Shipping (DMS) has issued a notification to owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag, and to foreign-flagged vessels visiting ports in Cyprus, regarding the latest amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) of 1978, as amended, and the […]
Renewal of registrations in the Public Register of Certified Persons
The Cyprus Securities and Exchange Commission (CySEC) has announced the arrangements for the renewal of registrations in the Public Register of Certified Persons (the “public register”) for 2018. Paragraph 17(1) of Directive 174(I)/2015 regarding the Certification of Persons and the Certification Registers requires persons registered in the public register to renew their registration by the […]
Further extension of the period allowed for submitting applications to settle tax arrears by instalments
The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including: • income tax; • value added tax; • special defence contribution tax; • capital gains tax; […]
New double tax agreement between Cyprus and Saudi Arabia
On 3 January 2018 Cyprus and Saudi Arabia signed an agreement for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion. The agreement, which was signed during the official visit of the President of Cyprus to Saudi Arabia, is based on the OECD Model Convention for […]
Implementation of the new EU Package Travel Directive
The Organised Travel and Associated Travel Arrangements Law of 2017, number 186(I) of 2017, transposes the provisions of EU Directive 2015/2302 of 25 November 2015 on package travel and associated travel arrangements into Cyprus law. The new law extends coverage beyond traditional package holidays organised by tour operators to other forms of combined travel such […]
Payment of second instalment of tax liabilities for 2017 under self-assessment
The Cyprus Tax Department has issued a reminder that 31 December 2017 is the final date for payment of the second instalment of income tax for 2017 under the self-assessment scheme, which applies to companies, self-employed and other individuals whose remuneration is not taxed by deduction at source by the employer, and for Special Defence […]
Extension of country-by-country reporting deadlines
[gdlr_row] [gdlr_column size=”1/4″][/gdlr_column] [gdlr_column size=”3/4″] Dec 21, 2017 Author: PHILIPPOS ARISTOTELOUS Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row]
Reduction of non-performing loans in the Cyprus banking sector
The Central Bank of Cyprus (CBC) has released its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 August 2017, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. During the month of August non-performing facilities fell by […]
Tonnage tax – maintenance of prescribed levels of Community-flagged vessels
he Merchant Shipping (Fees and Taxing Provisions) Law of 2010, usually referred to as the tonnage tax law, requires that, in order to qualify for Cyprus’s favourable tonnage tax scheme, Community-flagged ships (ships registered in and flying the flag of an EU or EEA member state) must account for at least the same percentage of […]
Supporting the Russian-speaking community in Cyprus
On 1 December 2017 Elias Neocleous & Co LLC and the Russian Centre for Science and Culture signed a Memorandum of Cooperation to support Russian-speaking people living in Cyprus and promote bilateral cultural, humanitarian and scientific cooperation between Russia and Cyprus, under which Elias Neocleous & Co LLC will provide legal advice to Russian-speaking residents […]
Taxation of deemed benefits on loans and advances to directors and shareholders
Interpretative Circular 14, issued by the Cyprus Tax Department on 14 November 2017, clarifies the application of article 5(2)(g) of the Income Tax Law, which provides for a deemed benefit to be assessed on any drawings, loan or other financial facilities granted by a company to a non-resident director or shareholder or their spouses or […]