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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Latest Central Bank of Cyprus investment funds statistics
On 24 May the Central Bank of Cyprus released its latest statistics on Cyprus-based investment funds, produced on the basis of the revised European System of Accounts 2010, giving information as at 31 March 2018. During the quarter ended 31 March the number of investment funds increased to 123, compared with 110 at 31 December […]
Maria Kyriacou’s presentation to the “International Exchange of Experience on Insolvency Law”
The “International Exchange of Experience on Insolvency Law” (IEEI), an international network of insolvency experts, was established in 2000 under the auspices of the Ministry of Justice of the German land North Rhine-Westphalia. The purpose of the network is the efficient and reliable exchange of information and experience in the area of insolvency law. The […]
Cyprus Securities and Exchange Commission guidance on derivatives based on virtual currencies
Following the decision by the European Securities and Markets Authority (ESMA) to bring contracts for difference (CFDs) on virtual currencies within the scope of its product intervention measures, the Cyprus Securities and Exchange Commission (CySEC) has announced that it considers such CFDs to be financial instruments falling within the scope of the Investment Services and […]
Reduction of non-performing loans in the Cyprus banking sector
The Central Bank of Cyprus (CBC) has recently published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 January 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. The figures for total […]
Alignment of domestic law with EU directive on mandatory automatic exchange of tax information
The recently-enacted Law 33(I)/2018 amends the Law regarding Administrative Cooperation in the Field of Taxation of 2012 to 2017 to align domestic law with EU Directive 2016/881/EU, which amended EU Directive 2011/16/EU on administrative cooperation in the field of taxation. The amending law replaces the definition of ‘automatic exchange’ contained in Article 2 of the […]
Mandatory electronic tax payment
The Cyprus Tax Department has issued a further reminder that with effect from 1 June 2018 both interim and final payments of Special Defence Contribution, commonly known as SDC tax, and income tax can only be made online through the JCCsmart website. District tax offices will only accept payments when they are overdue and include […]
Elias Neocleous & Co LLC is very proud to support the Legal 500 GC Powerlist for Greece and Cyprus
Recognising the crucial role of the in-house general counsel, Elias Neocleous & Co LLC was delighted to co-sponsor the inaugural Legal 500 GC Powerlist: Greece and Cyprus. The list, developed by the leading legal publisher Legal 500, focuses on the people driving commerce forward from within, highlighting the most influential in-house lawyers in business today. […]
Applications for payment of overdue taxes for 2015 and prior years by monthly instalments
The Cyprus Tax Department has issued a reminder that 3 July 2018 is the final date for submitting applications for payment of overdue taxes by monthly instalments under the Process of Adjustment of Tax Arrears Law of 2017. The instalment scheme covers arrears of taxes which were payable on or before 31 December 2015. It […]
Careers Fair
Within the context of our corporate social responsibility, we were pleased to support the Annual Careers Fair, organized by the University of Cyprus on the 26 April. Anna Mylona, our Head of Human Capital, represented the firm and provided support and guidance to the students, by giving advice on how to enhance their individual skills […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’ imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, […]
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 […]
Cyprus Securities and Exchange Commission risk-based reporting for Administrative Service Providers
The Cyprus Securities and Exchange Commission (“CySEC”) has announced the detailed arrangements for regulated Administrative Service Providers (“ASPs”) to submit information regarding the year 2017 for the purposes of risk-based supervision. All ASPs which were authorised and undertaking activities at 31 December 2017 are required to complete form RBSF-ASP, which is available on the CySEC […]