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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Central Bank of Cyprus countercyclical capital buffer for the third quarter of 2018
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 […]
Filing of 2017 individual tax returns
The Cyprus Tax Department has announced that 31 October 2018 is the deadline for employees and self-employed individuals who are not required to submit audited financial statements to file their tax returns for the year 2017 and settle any tax liability for the year. Returns may only submitted online via the department’s TAXISnet system and […]
Cyprus Securities and Exchange Commission risk-based reporting for Cyprus Investment Firms
The Cyprus Securities and Exchange Commission (“CySEC”) has announced the detailed arrangements for regulated Cyprus Investment Firms (“CIFs”) to submit information regarding the year 2017 for the purposes of risk-based supervision. All CIFs which were authorised and undertaking activities at 31 December 2017 are required to complete form RBSF-CIF, which is available on the CySEC […]
Amendment of the Assessment and Collection of Taxes Law of 1978
The Assessment and Collection of Taxes Law of 1978 has been amended in preparation for the completion of the transition to mandatory online filing of all tax returns and self-assessment declarations by electronic means. The Assessment and Collection of Taxes (Amendment) Law of 2018 (Law 44(I) of 2018) deletes article 12B of the existing law […]
Electronic submission of tax returns for 2017
The Cyprus Tax Department has announced that the system for electronic submission of tax returns for 2017 by employees and self-employed individuals is now live. Electronic submission of returns by means of the department’s Taxisnet system is now mandatory. In order to help taxpayers adapt to the new system the Tax Department is organising workshops […]
The new double taxation agreement between Cyprus and Andorra
On May 18, 2018, Cyprus and Andorra signed a double taxation agreement, the first between the two countries. The agreement is closely based on the latest OECD Model Convention and, in line with the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS, also includes a preamble making clear that it is […]
New double tax agreement between Cyprus and Andorra signed
The Ministry of Finance has announced that Cyprus has signed an agreement for the avoidance of double taxation with the Principality of Andorra. Negotiations on the agreement had been in progress for several years. The text of the agreement has not yet been published, but according to the announcement it is based on the OECD […]
Cyprus Securities and Exchange Commission guidance on binary options and contracts for difference
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular (C271 dated 4 June 2018) to regulated Cyprus Investment Firms informing them that following publication of the European Securities and Markets Authority’s product intervention decision on binary options and contracts for difference in the Official Journal of the European Union on 1 June 2018, […]
Amendments to the VAT Law
The VAT Law has been amended to explicitly bring the transfer of the effective right to dispose of immovable property within the scope of VAT. The Value Added Tax (Amending) Law of 2018 (Law 39(I) of 2018) amends the second and eighth schedules to the VAT law to effect the change, which will take effect […]
Entry into force of Cyprus – Luxembourg double taxation agreement
The new double taxation agreement between Cyprus and Luxembourg, which was signed on 8 May 2017, has now been ratified by both countries. It will be applicable to taxes withheld at source on income arising after 1 January 2019 and other taxes chargeable for any taxable year beginning on or after that date. For further […]
Amendments to the law relating to deposit guarantees and the resolution of credit and other financial institutions
The Cyprus parliament recently approved new legislation to align domestic law with articles 1, 2, 3, 4, 7, 10, 11 and 14 of Directive 2014/49/EU of the European Parliament and Council of 16 April 2014 in relation to deposit guarantee schemes and articles 1, 2, 105 and 110 of Directive 2014/59/EU of the European Parliament […]
Supporting the Russian-speaking community in Cyprus
In 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, including organising a series of seminars provide information about the legal and business environment in […]