The amending protocol, signed on 4 June 2009, to the Cyprus – Italy income tax treaty of 24 April 1974, entered into force on 23 November 2010. The protocol generally applies from 23 November 2010.
The Cabinet of Ministers of Ukraine issued the list of offshore jurisdictions to be applied for the Tax Code purporses starting from 1st of April 2011. Payments by Ukrainian residents for the benefit of entities registered in these jurisdictions are not fully tax-deductible. The new list, which is identical to the existing list, includes Guernsey, [...]
According to a press release of 1 March 2011, published by the Indonesian Ministry of Foreign Affairs, Cyprus and Indonesia have agreed to start negotiations for a tax agreement. Further details will be reported subsequently.
According to the information published by the Estonian Ministry of Finance, Estonia and Cyprus initialled a tax treaty on 16 February 2011. Further details will be reported subsequently.
On 27 February 2011, Cyprus and United Arab Emirates signed an income tax treaty in Abu Dhabi. The agreement aims to enhance cooperation and partnership in trade and tourism and the development of the air transport sector. Further details of the treaty will be reported subsequently.
On 18 February 2011, Cyprus and Germany signed a tax treaty in Nicosia, Cyprus. Once in force, the new treaty will replace the Germany – Cyprus income and capital tax treaty of 9 May 1974. Further details of the new treaty will be reported subsequently
On 22 February 2011, the European Commission launched a public consultation on the taxation of the financial sector, to receive feedback on the ideas set out in the Commission’s Communication published on 7 October 2010. The Commission would like to collect views from market participants, regulators, social partners, NGOs and other stakeholders on the impact [...]
An Agreement between the Republic of Cyprus and the Republic of Armenia for the Avoidance of Double Taxation was signed on 18th of January 2011. Currently the agreement dated 29 November 1982 between Cyprus and the USSR which was adopted by Armenia remains into force, and will continue to do so until the new agreement [...]
The Cyprus Parliament has voted several amendments to certain tax legislative provisions of Cyprus law in an effort to combat on tax evasion and tax clearance. Also the VAT rate on food and medicines has been increased from zero to 5%. At every extent the amendments are considered an enhancement of the existing Cyprus legislation. [...]
An Agreement between the Republic of Cyprus and the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income was signed on 11 October 2010 in Copenhagen. According to an official announcement, the new Agreement will contribute greatly to the further development of trade [...]