The amended Cyprus & India Double Tax Avoidance Agreement will come into complete effect in April 2017 as announced by the Central Board of Direct Taxes (CBDT) in India. Based on the CBDT’s recent announcement, both parties have informed each other that they have completed the ratification procedure concerning the amended agreement. The amended treaty [...]

  The Cyprus Tax Department has recently announced the official 2017 reference rates to be used for Notional Interest Deduction (NID) purposes. Specifically, Article 9B of the Income Tax Law of 2002 as amended provides for a notional interest deduction for tax purposes on new equity capital injected into Cyprus resident companies or permanent establishments [...]

The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. The Law was published in the Cyprus Gazette newspaper on 03/02/2017. This new Law gives the Tax Commissioner the right to reduce the interest and penalties applicable to overdue income [...]

Cyprus Tax Authorities announce their intention to cease their practise of specified minimum spreads on qualifying related - party financing transactions The Cyprus Tax Authorities (CTA) have recently sent a letter to the Institute of Certified Public Accountants of Cyprus (ICPAC) informing the latter that as from 1 July 2017 they will withdraw the specified [...]

The House of Representatives passed  last week amendments to the income tax laws. INTRODUCTION The House of Representatives passed last week amendments to the income tax laws in order to bring the Cypriot legislation on the taxation of the income from the exploitation or sale of intangible assets, in line with the provisions of the [...]

Cyprus and Jersey signed on Monday an agreement on the Avoidance of Double Taxation on Income. According to an announcement by the Ministry of Finance, the text agreed between the two negotiating teams of the two countries will contribute to further developing trade and economic relations between Cyprus and Jersey as well as with other [...]

Moody’s Investors Service has changed its outlook on the Cypriot banking system to positive from stable, reflecting the rating agency’s view that the country’s economic recovery will restore banks to profitability and improve their weak asset quality. The outlook expresses Moody’s expectation of how bank credit-worthiness will evolve in Cyprus over the next 12-18 months, [...]

Proposed legislation on amendments to the IP Box regime in Cyprus A. Introduction The Cypriot Government has presented to the House of Representatives this week amendments to the income tax laws in order to bring the Cypriot legislation on the taxation of the income from the exploination or sale of intangible assets, in line with [...]

Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income between the Republic of Cyprus and the Government of the Republic of India On June 29th, 2016, the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion [...]

Cyprus and Latvia signed a treaty for Double Taxation on Income Avoidance in Brussels on Wednesday. The treaty was signed by Cyprus Finance Minister, Harris Georgiades and Latvia’s Economics Minister Dana Reizniece-Ozola. “The treaty will contribute to the further development of the trade and economic relations between the Republic of Cyprus and the Republic of Latvia, as [...]