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