The Cyprus government has agreed with all political parties and the trade unions to supplement measures to improve the balance of payments. The main idea is to ensure Cyprus economy overcomes the world crises as soon as possible. The good news is that the trade unions and political parties want to resolve by mutually agreed [...]
Section 33 of Cyprus Income Tax Law (CIT) provides the right to the tax authorities to adjust the taxable profit of a Company in case where a transaction held by the Company and a related party is undertaken other than on an arm’s length basis. The department of Inland Revenue has now provided guidance in [...]
The Central Bank of Cyprus is modernizing its regulatory functions in an effort to develop a single specialized and sophisticated unit for licensing and regulating the licensing of banks, payment institutions, electronic money institutions and international collective investment schemes. This will robust the effort of the Central Bank to monitor and correspond efficiently the demanding [...]
The administrative penalties apply to most of the Tax Laws as well as to the Capital Gains Tax Law and the Immovable Property Tax Law and they will apply from 1 July 2011 onwards as follows: Delay in the submission of tax returns in accordance with the tax deadlines will be subject to €100 penalty. [...]
The Cypriot legal practicioners and judiciary have long been decided that the Cyprus International Trust Law of 1992 needs to be modernised. For this purpose and after long consideration and discussion relevant Bill has been submitted into the House of Representatives. The main purpose of the new Bill is to implement certain provisions of juristictional [...]
Slovenia has ratified the Double Tax Treaty signed between Cyprus and Slovenia on the 12.10.2010. The ratification has been published on the Official Slovenian Gazzete on the 31.03.2011.
The Manager of ATHOS FOUTTIS & CO LTD reminds clients of the need to obtain Tax Identification Number (T.I.C) as per the new regulations. For more information please refer to our “Oxford News” update issued on the 22 December 2010
The European Union recently published detailed proposals for a Common Consolidated Corporate Tax Base (CCCTB). This would be an optional system under which companies could elect to make a single calculation of taxable profit for the EU, under a single set of rules and filing a single return. The tax base so calculated would be [...]
In plans to recover 11.8 billion euros ($17.5 billion) over the next three years “Tax evasion is a crime against the country, feeding deficits,” Greek Finance Minister George Papaconstantinou told reporters in Athens. The government will tackle the “multifaceted problem” in part by improving audits and chasing outstanding taxes, he said. The government aims to [...]
On 26 April 2011, Denmark ratified the income tax treaty and protocol between Denmark and Cyprus, signed on 11 October 2010. Once in force, the new treaty will generally replace the Denmark – Cyprus income and capital tax treaty of 26 May 1981.