Cyprus and Italy recently signed an additional protocol on the avoidance of double taxation, which will remove Cyprus from the so-called ‘black list’ of Italy, thus solving pending tax issues of the past seven years between the two countries. This protocol, has now been ratified by both countries and has come into effect. By way [...]

On the 28th day of June 2010 the European Commission publicized the 2010 edition of Eurostat’s annual report on taxation trends within the European Union, whereby it is shown, as per the European Commission, that the global economic crisis has produced some reductions in taxes in Europe. This report contains a detailed statistical and economic [...]

Under a Directive issued by the Central Bank of Russian Federation, Cyprus has been removed from the list of countries that are characterised as “offshore zones”, with “a privileged tax regime”. As a result of this development, the opening of correspondence bank accounts from Russian banks in Cyprus banks shall not be subject to the [...]

The Ministry of Finance has submitted a draft bill to the EU Commission for clearance and shall apply to all forms of online betting and gaming other than horse racing, for which a separate bill shall be prepared. The proposed statute shall establish a Cypriot Betting Authority to regulate the gambling industry, which shall be [...]

On the 29th of April 2010 the Cyprus Parliament enacted the new legislation which introduces a new shipping tax system in Cyprus which provides a wider applicability of the use of the tonnage tax option to a wider range of ship owners and managers. The new law has a retroactive effect as from 1st of [...]

Cyprus and Qatar have completed the required procedures for the entry into force of the agreement for the avoidance of double taxation between Cyprus and Qatar, which was signed on the 11th of November 2008. The relevant provisions include tax incentives as of 1.1.2010 in regard to tax deduction at source and other taxes.

The Cyprus Legislative has introduced certain amendments in the Cyprus Companies Law (Cap.113) in an undertaking to modernise the Cyprus corporate practice. The new amendments will enhance corporate and business efficiency. The new amendments include the following: Company Seal The definition of the common seal of a Company was amended as to also include a [...]

In an effort to keep Cyprus off the “blacklist” Russia and Cyprus have entered into negotiations to amend the existing tax treaty. The result is the signing of the Protocol to the Double Tax Treaty between the two countries was signed in Nicosia on 7th October 2010 during Russian president Medvedev’s official visit to Cyprus. [...]