Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Removal of Palau from EU list of non-cooperative tax jurisdictions
On 2 October 2018 the committee of European Union finance ministers agreed to remove the Pacific island of Palau from the EU list of non-cooperative tax jurisdictions not meeting required standards of transparency and good practice. When it was issued in December 2017 the EU blacklist included 17 jurisdictions, but several have been removed after […]
Entry into force of the new double taxation agreement between Cyprus and the United Kingdom
The new double taxation agreement between Cyprus and the United Kingdom entered into force on 18 July 2018 following completion of the requisite ratification procedures. The provisions of Article 25 (Mutual Agreement Procedure) and Article 26 (Exchange of Information) took effect immediately from 18 July 2018, without regard to the taxable year or chargeable period […]
Countdown to the Limassol Economic Forum
The Limassol Economic Forum will take place on Friday, 19 October at the Four Seasons Hotel in Limassol. As in previous years, Elias Neocleous & Co LLC will be a principal sponsor of the event. Now in its ninth year, the forum is the biggest and most important business gathering in Cyprus, and has become […]
The Cyprus Funds Roadshow – presenting the opportunities offered by the new Cyprus law on investment funds
A team from our firm, led by managing partner Elias Neocleous, played a key role in the Cyprus Funds Roadshow, which took place on 19 September 2018 at the Thomson Reuters Auditorium in Canary Wharf, London. The event presented the opportunities that Cyprus offers following the enactment of the new law on alternative investment funds […]
New quarterly reporting requirements for funds management companies and self-managed funds
Circular C281 issued by the Cyprus Securities and Exchange Commission (CySEC) on 25 September 2018 sets out new reporting dates and additional statistical information required by CySEC for compilation of its quarterly statistics relating to management companies and self-managed funds. The new arrangements apply to all Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed UCITS, […]
Reduction of non-performing loans in the Cyprus banking sector
On 14 September the Central Bank of Cyprus (CBC) published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 May 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month […]
Submission of 2017 tax returns
The Cyprus Tax Department has issued a further reminder that 31 October 2018 is the last date for submission of tax returns for 2017 by employees and self-employed persons with an annual turnover below € 70,000 and payment of any tax due by self-assessment. Returns may only submitted online via the department’s TAXISnet portal. Up […]
The Russian tax authorities’ guidance on determination of tax residence between Cyprus and Russia
In 2017 Cyprus introduced an additional route to tax residence for individuals. With effect from 1 January 2017 individuals who meet all the following conditions in respect of a given tax year will be deemed to be tax-resident in Cyprus: They are physically present in Cyprus for one or more periods amounting to at least […]
Taxation of earnings of insurance agents
The Cyprus Tax Department has issued a new circular (EE26, dated 7 September 2018) clarifying the taxation of earnings of insurance agents. A representative of an insurance company who is not in an employment relationship with the company is treated as a commercial enterprise whose revenue is derived from fees or commissions for the conclusion […]
Tax treatment of non-returnable capital contributions
The Cyprus Tax Department’s Interpretative Circular EE 25 dated 3 September 2018 clarifies the tax treatment of non-returnable capital contributions by Cyprus taxpayers to companies which are tax-resident abroad. Article 33 of the Income Tax Law N.118 (I)/2002 allows the tax authorities to adjust transactions between related entities onto an arm’s length basis and assess […]
Communication with the Cyprus Tax Department
On 7 September the Tax Department announced further steps in its programme to improve efficiency and speed communication with taxpayers. Form ΤΦ 1006 , the reminder to submit a VAT return, which was previously sent by mail to taxpayers who had not submitted a VAT return by the due date, will now be sent only […]
Supporting “Days of Cyprus in Ukraine”
Elias Neocleous & Co LLC has been proud to support a series of events organised by the Embassy of Cyprus in Ukraine to mark the fifty-eighth anniversary of Cyprus’s independence under the title of “Days of Cyprus in Ukraine”. As part of the programme, in conjunction with the Ukrainian Chamber of Commerce and Industry, Elias […]