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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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 […]
Extension of limitation on enforcement of financial guarantees
A series of laws enacted in 2015 introduced limitations on creditors’ ability to enforce guarantees in prescribed circumstances, particularly as regards individuals with assets below a specified threshold. The Insolvency of Natural Persons (Personal Repayment Plans and Debt Exemption Decree) Law (No. 65(I)/2015) prohibits credit institutions from instituting proceedings to enforce guarantees against natural persons […]
Electronic submission of 2017 income tax returns
In April 2018 the Cyprus Tax Department announced that income tax returns for 2017 must be submitted online via its TAXISnet portal, and that paper returns will not be accepted. Disquiet has been expressed by some taxpayers that the returns for 2017 are not yet available, causing them concern that they will not have sufficient […]
Alignment of domestic law with EU Directive 2016/881 of 25 May 2016 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation
Law 33(I) of 2018 amends the Law Regarding Administrative Cooperation in the Field of Taxation of 2012 to 2017 to bring it into line with the latest EU directive on mandatory automatic exchange of information in the field of taxation . The amendments to the law include a new definition of “automatic exchange” identical to […]
Publication of the latest Central Bank of Cyprus ship management survey
Cyprus is one of the world’s most important locations for ship management, with around 60 ship management companies operating in its territory, several of which rank among the largest of their kind in the world. Cyprus-based ship management companies employ almost 40,000 seafarers including 5,000 EU nationals, and the total fleet managed from Cyprus is […]