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 [...]

There is an exemption of 50% of income earned from any office or employment exercised in Cyprus by an individual who was not a resident of Cyprus before the commencement of his employment, for a period of 5 years for employments commencing as from 1 January 2012 if the annual remuneration exceeds €100.000.

Annual financial statements must be prepared and filed with the Registrar of Companies showing the true and fair picture of the affairs of the company and explaining its transactions. The financial statements must be prepared according to International Financial Reporting Standards. Also, based on the results of the financial statements, the annual tax returns must [...]

The House of Representatives on 14 December 2011 passed a series of increases in existing taxes and introduced new taxes as well as measures for the reduction of public spending in order to face the current economic crisis in Cyprus. The principal changes in the legislation are the following. Income tax Law Payroll costs Salaries [...]