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Extension of temporary licences issued under the Law on Broadcasting Organisations
Law 64(I) of 2018, which took effect on 29 June 2018, amends the Law on Broadcasting Organisations of 1998 to 2017 to extend the validity of temporary licences issued under article 56 of the law by a further year. Temporary licences, which were due to expire on 30 June 2018, will now expire on 30 […]
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, stamp duty and special […]
Consultation on proposed CySEC guidance under the Alternative Investment Funds Law
In preparation for the implementation of amendments to the Alternative Investment Funds Law, the Cyprus Securities and Exchange Commission has opened the consultation process on the text of directives it proposes to issue under the amended law. Twelve draft directives have been published, dealing with: the conditions and procedure for the distribution of units […]
Payment of tax liabilities
One of the Cyprus Tax Department’s main current priorities is to streamline and modernise its processes and make it more convenient for taxpayers to deal with the department by facilitating electronic submission of tax returns and payments, so removing the need to visit a tax office. Electronic submission of income tax and VAT returns is […]
Amendment to the VAT Law
The VAT Law has been amended to provide for the reduced rate of VAT of 9 per cent to apply to non-exempt supplies provided by nursing homes. The Value Added Tax (Amendment) (No. 2) Law of 2018, Number 60(I) of 2018, amends the Twelfth Annex to the VAT Law of 2000 to 2018 to include […]
Kyriacos Xenophontos elected to the committee of STEP Cyprus
At the recent annual general meeting of STEP Cyprus, the local branch of the Society of Trust and Estate Practitioners, Kyriacos Xenophontos, partner in the firm’s private client and corporate departments, and CEO of affiliated Neocleous Trust company, was elected as a member on the board of directors of STEP Cyprus. Since its foundation in […]
Cyprus Securities and Exchange Commission regulatory priorities for the second half of 2018
The Cyprus Securities and Exchange Commission (CySEC) has recently announced its main priorities for the second half of 2018 in the context of its regulatory responsibilities to ensure maximum investor protection and the healthy development of the securities market. CySEC’s principal objective for 2018 is to establish, monitor and sustain a healthy and stable environment […]
VAT refunds
The Cyprus Tax Department has announced that its new system for electronic payment of VAT refunds by bank transfer will shortly be in operation. In preparation for the new system, taxable persons who have VAT refund requests awaiting examination or who anticipate submitting refund requests in the future should complete form T.F. 1900 2017 with […]
Digitising business processes – Cyprus aligns national law with EU Regulation 910/2014
A fundamental component of the EU digital single market and the facilitation of public services across borders is EU Regulation 910/2014 of 23 July 2014 on electronic IDentification, Authentication and trust Services, known as eIDAS. eIDAS has been directly applicable in all EU member states since 1 July 2016. It aims to facilitate the development […]
Mondaq award for Contributor Most Read in Cyprus
Mondaq, launched in 1994, is one of the most comprehensive Internet repositories of professionals’knowledge and expertise. It disseminates legal, regulatory and financial commentary and information supplied directly by hundreds of the world’s leading professional advisors, covering more than 80 countries, and tracks detailed readership of this information through its website and distribution network. At the […]
Elias Neocleous & Co LLC – the sole Cyprus firm among the 100 elite law firms of Europe
Legal Business is the market-leading glossy monthly magazine for senior decision-makers in the UK and global legal market. Published ten times a year, the magazine reaches thousands of senior lawyers at major commercial firms across the UK and key financial centres of Europe, Asia and the US. It is published by Legalease, the publishers of […]
Publication of tax appeals
The Assessment and Collection of Taxes Law (Law 4 of 1978) and the Income Tax Law (Law 118(I) of 2002) have been amended to allow the publication of appeals rulings by the independent tax tribunal. When submitting the appeal the taxpayer may request anonymity. The amendment to the Assessment and Collection of Taxes Law was […]