The Cyprus VAT Legislation which did not provide for payment of interest on any VAT refunds, was amended in accordance with Council Directive 2008/9/EC. The amendment provides for payment of interest as from the expiry of a four month period following the submission of a refund claim. The four month period is extended to eight [...]

NICOSIA– The target is to bring public deficit down to around 2.5% in 2013, Minister of Finance Vassos Shiarly has said. Shiarly was replying to questions during a press briefing of international media after the conclusions of an informal ECOFIN, which took place inNicosia, “Roughly we are working with the aim of having a public [...]

NICOSIA – Cyprus could have natural gas from Israel in early 2015, if discussions on the supply of small quantities are completed by the end of the year, Commerce, Industry and Tourism Minister, Neoklis Sylikiotis said today. Speaking to journalists about a visit to Israel by a high ranking Cypriot delegation, he said Israel is [...]

The Cypriot Minister of Foreign Affairs, Erato Kozakou Markoulli, and the Austrian Finance Minister, Andreas Schieder, have signed a Protocol recently amending the current Convention for the Avoidance of Double Taxation (DTT) between the Republic of Austria and the Republic of Cyprus with respect to taxes on income and capital that was signed in Vienna [...]

“Cyprus its low tax rate was not up for discussion with European officials when trashing out terms of a bailout to prop up the Greek exposed banking system”. “As fears have been expressed over a possible change to the corporate tax rate the government stresses that this issued is not part of the negotiations”, said [...]

Changes in Cyprus tax legislation – May 2012 Introduction The House of Representive has voted for a number of amendments to the tax laws in order to make Cyprus more attractive for foreign investors. These changes introduce new rules for the taxation of income from intellectual property rights, increase capital allowances for certain categories of [...]

On 22 March 2012, the Protocol amending the Double Tax Treaty has been signed between the two countries. It will come into effect on the 1st of January following the year in which ratification takes place. The new double Tax Treaty is considered to be much more effective than the one it replaces. The main [...]

1ST PRIZE AWARD….again….. and again! At a special ceremony, on 19th of March 2012, at Hilton park hotel the President of the Republic of Cyprus Mr. Demetris Christofias has announced the winner of the “1st Prize Award for Services”. The award has been presented to OXFORD MANAGEMENT LIMITED which is our group Company. The managing [...]

Approving the agreement for avoidance of double taxation between Cyprus and Russia was finally ratified by the Russian parliament on the 15th February 2012. What remains now is the ratification of the agreement by the president of Russia Dimitry Medvedev. It will come into effect from 1st January 2013 and some of the points will be [...]

As of the 1st of March 2012, the standard rate of VAT is increased, from 15% to 17%. Thus all goods or services supplied after this date will be subject to the new rate. The reduced rates of 5% and 8% remain the same. Time of supply It is important to establish the tax point [...]