Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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 […]
Chrysanthos Christoforou named as “dispute resolution star” in inaugural Benchmark Litigation rankings
Chrysanthos Christoforou, head of our firm’s dispute resolution department, has been selected as a national “dispute resolution star” for Cyprus in Benchmark Litigation Europe 2019 – The guide to the region’s leading dispute resolution and litigation firms. Now in its eleventh year of publication, Benchmark originated in the USA and has expanded its geographical coverage […]
Automatic extension of the due date for submission of returns and payments to the Tax Department
On 5 September 2018 the Tax Department issued an announcement informing taxpayers that in the event that the due date for filing a tax return with the department or paying a tax or other liability falls on a Saturday, Sunday, or bank holiday, then the deadline for submission or payment is extended until the next […]
Concert and seminar in Kiev
In September the Embassy of Cyprus in Ukraine is organising a series of events around the fifty-eighth anniversary of Cyprus’s independence under the title of “Days of Cyprus in Ukraine”. One of the principal events is a concert of traditional and modern Cypriot music performed by the National Symphony Orchestra of Ukraine on 5 September […]
Exemptions from the requirement to publish a prospectus under the EU Prospectus Regulation
The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a reminder to supervised entities and other stakeholders that article 1(3) of the new EU Prospectus Regulation, which took effect on 21 July 2018, exempts offers of securities to the public with a total consideration in the Union of less than EUR 1 million over a […]