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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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 […]
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 […]