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New tax exemptions and allowances for film and audiovisual production industry
Jan. 16, 2019 Author: CONSTANTINOS CHRISTOFI Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row]
Substantial reduction of non-performing loans in the Cyprus banking sector
On 11 January 2019 the Central Bank of Cyprus (CBC) published on its website its latest monthly analysis of data on non-performing loans in the Cyprus banking sector, covering the period ended 30 September 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations […]
Guidance on use of pre-printed VAT receipts
The VAT Law of 2000 and the VAT (General) Regulations of 2001 require VAT invoices to be issued for all taxable transactions. Recognising that the nature of their business makes it difficult for some traders, such as canteens and mobile traders selling items with a low unit price, to provide a legal proof of supply […]
Tax Department guidance on transfers of ownership rights to immovable property
Law 39(I) of 2018 amended the VAT Law to make VAT chargeable on the transfer of the effective right to dispose of real estate or immovable property as owner. With effect from 1 January 2019 a long-term assignment of the right of ownership of immovable property (long-term lease), or the transfer of such a right […]
Pledges of share certificates will no longer be accepted for registration by the Registrar of Companies
The Cyprus Registrar of Companies has announced that, following advice from the Attorney General, a number of categories of charges will no longer be accepted for registration, namely pledge of company share certificates, assignments of rights deriving from company shares or any other charge on company share certificates, company shares or rights deriving from shares […]
Maria Kyriacou speaks at Institute of Certified Public Accountants of Cyprus insolvency seminar
Maria Kyriacou, head of our Nicosia office, was one of the principal speakers at a recent seminar organised by the Institute of Certified Public Accountants of Cyprus for its members on the subject “Private Debt and Personal Insolvency”. Maria explained the current legislation on bankruptcy and personal insolvency and the latest developments in rehabilitation schemes […]
Extension of time for financial institutions to submit corporate tax returns for 2017
The Cyprus Tax Department has announced an extension of the time allowed for banks and other financial institutions to submit their corporate tax returns for the tax year 2017. Unlike other companies, which must submit their tax returns electronically, banks and other financial institutions are required to submit a hard-copy tax return, giving additional details […]
Central Bank of Cyprus countercyclical capital buffer for the first quarter of 2019
The countercyclical capital buffer (CCB) was introduced as part of the Basel III regime to help counter cyclicality in the financial system. Capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialise. This will help […]
Reduction of non-performing loans in the Cyprus banking sector
On 11 December 2018 the Central Bank of Cyprus (CBC) published on its website its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 August 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are […]
Submission of reports under the Alternative Investment Fund Managers Directive
Article 3 (Exemptions) and Article 24 (Transparency Requirements) of Directive 2011/61/EU on Alternative Investment Fund Managers require AIFMs to report specified information (“transparency information”) to regulatory authorities about their activities and the funds they are managing and, where relevant, marketing. The Cyprus Securities and Exchange Commission’s review of the transparency information reported by AIFMs under […]
Extension of submission deadline for country by country reports
On 18 December 2018 the Cyprus Tax Department announced that the submission deadline for country by country reports for the year ended 31 December 2017 has been extended, from 31 December 2018 to 31 January 2019. For further information please contact Constantinos Christofi or your usual contact at Elias Neocleous & Co LLC.
Amendment of the double taxation convention between the United Kingdom and Cyprus
The United Kingdom and Cyprus signed a new double taxation convention on 22 March 2018. That convention is now in force and will take effect in 2019. One of the main substantive changes it makes relates to the taxation of pensions paid in respect of employment in the public service. Under the 1974 agreement which […]