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 [...]

The International Economic Relations Directorate of the Ministry of Finance of Greece issued a Circular dated on the 31.03.2016  clarifying the provisions of the Double Tax Treaty between Greece and Cyprus. Before the issuance of the aforementioned circular, the Greek taxpayer had to pay 10% on dividends from the Cyprus Company in Greece. However, the Circular clarifies that the [...]

The House of Representatives voted on 10 December 2015 the remaining changes to the tax laws, which the Government of Cyprus have agreed with the private sector over the last few months. In an effort to improve the tax system of Cyprus, eliminate provisions which create issues on the day to day application of the [...]

On Friday, the 11th of December 2015, the Finance Ministry of the Republic of Cyprus announced in a press release that whilst in Kiev, Cyprus and Ukraine, signed a protocol amending their bilateral double taxation avoidance convention. In a later statement, the Ministry added that the signed protocol will come into force not earlier than [...]