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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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 […]
Streamlining of company forms and procedures
A number of company forms and procedures, including those related to the transfer of seat of companies to and from Cyprus, have been revised and updated in accordance with the Companies (Fees and Rights) (Amendment) Regulations of 2018. In addition, the capital duty of 0.6% which was previously payable on the authorised share capital of […]
Strengthening of our presence in Western Europe
We are delighted to announce that we have strengthened our presence in Western Europe with the acquisition of Jurispectrum, a niche business law firm which operates in Belgium and Luxembourg. From the beginning of the new year, our expanded Brussels office will be headed by the experienced EU Law attorney Nikos Korogiannakis. Nikos, a member […]
New tax exemptions and allowances for the film and audio-visual production industry
In September 2017 the Cyprus government approved an initiative to encourage the development of the film and audio-visual production industry in Cyprus by means of grants, tax incentives and other assistance. Law 139(I) of 2018, which took effect on 11 December 2018, amends the Income Tax Law to provide tax exemption of income from production […]
Tonnage tax: countries whose ships are subject to surcharge
In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable on qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]