Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Income tax exemption for new taxpayers earning more than €100,000 per year
The Cyprus Tax Department has recently issued a circular clarifying its earlier circular EE 2017/4 dated 24 July 2017 regarding the income tax exemptions for persons taking up employment in Cyprus under article 8(23) of the Income Tax Law 118(I)/2002 as amended. Under article 8(23), 50% of the first ten years’ earnings from employment in […]
Signature of revised double taxation agreement between Cyprus and the United Kingdom
On 22 March 2018 Cyprus and the United Kingdom signed a revised double taxation agreement, based on the OECD Model Convention. When it enters into force it will replace the current agreement, which dates back to the mid-1970s, and introduce modern-day standards on exchange of tax information and base erosion and profit shifting. The new […]
Extension of final date for submission of tax returns by companies
The Cyprus Tax Department has announced on its website that the deadline by which companies and self-employed individuals who are required to submit annual accounts must file their tax returns for the year ended 31 December 2016 has been extended to 30 June 2018.
Elias Neocleous & Co LLC leads the Legal 500 Hall of Fame for Cyprus
The Legal 500 is one of the most trusted and respected providers of information on law firms around the world, with a comprehensive research programme revised and updated every year to bring the most up-to-date vision of the global legal market. The recently-introduced Legal 500 Hall of Fame highlights individuals who are at the pinnacle […]
Re-registration in the Cyprus Securities and Exchange Commission’s Public Register of Certified Persons
Persons registered in the Public Register of Certified Persons maintained by the Cyprus Securities and Exchange Commission (CySEC) are required to renew their registration by the end of February each year via the CySEC website by paying the renewal fee of €80 and providing confirmation of having met the prescribed requirements regarding continued professional training. […]
Running for the community
The PrimeTel 5KM Corporate Race has become an established feature of the annual Limassol Marathon event, acting as a platform to support local charities. As part of our firm’s commitment to our local community, a team of 35 of our staff participated in the race this year.
The new Cyprus – Saudi Arabia double tax agreement
On January 3, 2018 Cyprus and Saudi Arabia signed a new double taxation agreement (DTA), the first between the two countries. The new agreement was published in the Cyprus government gazette on March 5, 2018. Like all of Cyprus’s recent DTAs it closely follows the 2014 OECD Model Tax Convention. It also includes a protocol […]
Final date for submission of tax returns by companies
The Cyprus Tax Department of Taxation has issued a reminder on its website that companies and self-employed individuals who are required to submit annual accounts must file their tax returns for the year ended 31 December 2016 no later than 31 March 2018. Taxpayers are urged to do so without delay so as to avoid […]
New standards for recreational craft and personal watercraft
The Cyprus Department of Merchant Shipping has announced the publication of the Essential Requirements (Recreational Craft and Personal Watercraft) Regulations 2017. The new regulations repeal the earlier version and align Cyprus law with the latest EU directive on the matter. Like the earlier regulations, the new regulations set required standards for design and construction, exhaust […]
Extension of transitional provisions of the Auditors Law of 2017
Article 113 of the Auditors Law number 53(I) of 2017 provides a “grandfathering” provision for audit firms registered before 29 June 2008 to re-register under the new law. Such firms were initially required to re-register within 6 months of the law entering into effect, that is, by 2 December 2017. Law 171(I) of 2017 extended […]
Cyprus Securities and Exchange Commission assessment of anti-money laundering procedures
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular notifying entities it regulates of the most common weaknesses, deficiencies and best practice standards identified during its latest round of onsite inspections in relation to the prevention of money laundering and terrorist financing. The inspections found a significant improvement in the internal procedures applied […]
Transformation of the Cyprus Department of Merchant Shipping into a Deputy Ministry
The Cyprus Department of Merchant Shipping (DMS) has announced that with effect from 1 March 2018 it will be transformed into a Deputy Ministry and renamed as the Deputy Ministry of Shipping by reason of the entry into effect of Law 123(I) of 2017. The headquarters of the Deputy Ministry of Shipping will be in […]