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News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
The 2017 Intertrust Football Business Tournament
A team from Elias Neocleous & Co LLC took part in the 2017 Intertrust Football Business Tournament on November 11, helping to raise more than €3,000 for the Eidiko Paidiko Anarrotirio Lemesou, a special school in Limassol for children with multiple disabilities. In a round-robin event made up of eleven teams from leading financial and […]
CySEC announcement regarding the risks of investing in Initial Coin Offerings
Further to its advice issued in October 2017 regarding investment in virtual currencies and related products the Cyprus Securities and Exchange Commission (“CySEC”) has issued a further announcement drawing attention to statements issued by the European Securities and Markets Authority on 13 November 2017 on the risks of investing in Initial Coin Offerings (“ICOs”), addressed […]
Public consultation on proposed legislation to implement the EU Anti-tax Avoidance Directive
The Cyprus Tax Department has opened a public consultation on proposed legislation to implement EU Directive 2016/1164, the Anti-tax Avoidance Directive, as amended by Directive E2017/952, which extends the rules to hybrid mismatches involving third countries, permanent establishments, hybrid transfers, imported mismatches and dual resident mismatches. The consultation period will last from 14 November to […]
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 […]
Further harmonisation of EU data protection laws: the proposed new e-Privacy Regulation
The European Union is set to replace Directive 2002/58/EC on Privacy and Electronic Communications, commonly known as the e-Privacy Directive or Cookie Directive, with a new e-Privacy Regulation. The change from a directive to a regulation parallels the shift from the Data Protection Directive to the General Data Protection Regulation. Unlike directives, which require EU […]
Reduction of non-performing loans in the Cyprus banking sector
The latest figures on non-performing loans in the Cyprus banking sector published by the Central Bank of Cyprus show that progress is continuing to be made in reducing non-performing facilities. The latest aggregate figures for the domestic operations of credit institutions operating in Cyprus show total non-performing facilities of €22,362 million at 31 July 2017, […]
Amendment to the VAT Law
The Cyprus parliament has passed an amendment to the VAT law imposing 19 per cent VAT on land transactions for business purposes, bringing it into line with the common EU system of VAT. When Cyprus joined the EU, it was granted a temporary derogation under article 383 of the EU VAT Directive (Council Directive 2006/112/EC […]
Obligations of Cyprus Investment Firms regarding warnings on complex financial instruments marketed to retail investors resident in Spain
The Cyprus Securities and Exchange Commission has issued a circular, number C248 dated 3 November 2017, to Cyprus Investment Firms it regulates, setting out the requirements of the Spanish regulatory authority, the Comisión Nacional del Mercado de Valores, regarding warnings on complex financial instruments marketed to retail investors resident in Spain. They apply to contracts […]
Tonnage tax: countries whose ships are subject to surcharge
In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable regarding qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]
Automatic matching of VAT payments
The Cyprus Tax Department has announced that, following the latest improvements of the TAXISnet system for electronic submission of VAT returns, there is no longer any need for taxpayers to input details of VAT payments or to submit a copy of the payment receipt to the Tax Department. Payments of VAT made through Internet banking […]
Procedure for the settlement of overdue tax liabilities by instalments
The Cyprus Tax Department has issued an announcement informing taxpayers who have applied to participate in the scheme for settlement of overdue tax liabilities by instalments that failure to comply with the agreed terms will result in the sanctions provided for by law. In particular, payments must be made on or before the due date, […]
ISO 9001:2015 recertification
We are delighted to announce that Elias Neocleous & Co LLC has successfully completed the re-certification process under ISO 9001:2015, the latest update of the world’s leading quality management standard. The revised standard helps businesses and organizations to be more efficient and improve customer satisfaction, with an increased emphasis on leadership, risk management, objectives measurement […]