The Council of Ministers announced changes to the criteria by which Cypriot citizenship is granted to investors, according to a report in Gold News. The main amendments, says the report, concern the discretion of the Cabinet to lower certain criteria regarding investment in government bonds, assets in Cypriot enterprises or organisation, in real estate, development [...]
Moody’s has changed its outlook on the three Cypriot banks – Bank of Cyprus, Hellenic Bank and the Russian Commercial Bank Ltd (RCB). For Bank of Cyprus, the island’s largest lender, Moody’s changed the outlook to positive from negative and affirmed the bank’s Ca long-term deposit ratings. Moody’s has also upgraded its senior unsecured medium-term [...]
ANNOUNCEMENT The Inland Revenue Department (IRD), announces that the last submission date for the Income Tax Return for Companies (I.R.4A) for the tax year 2012 is postponed to the 30th June 2014.
The Inland Revenue Department (IRD) announces that within the framework of the adoption and implementation of the recommendations of the Global Forum Review of the Organisation for Economic Cooperation and Development (OECD) as well as within a broader Action Plan agreed with the private sector, has completed the first phase of dispatching the reminders (I.R. [...]
Cypriot banks are increasing interest rates and offering new products to lure depositors, in anticipation of the imminent relaxation of domestic capital controls. The gradual normalization of the financial conditions and indications that the government will be able to lift restrictions on capital movement from one bank to another in March have changed the situation [...]
You are hereby informed of the following: 1. In February 2012, Financial Action Task Force, the body responsible to set standards and promote the effective implementation of measures for combating money laundering and terrorist financing, amended its recommendations, according to which, the definition of “predicate offence” includes serious tax offences related to direct or indirect [...]
Bank of Cyprus (BOC) will Friday release €950 million in fixed-term deposits, reflecting confidence in its own stability and injecting into the island’s economy. According to the bank, an “improving liquidity position” and “stabilising signs of its deposit base” were the decisive reasons behind releasing the deposits. The released funds will still be subject to [...]
New central bank data released today show signs of stabilization in the banking system, as both loans and deposits recorded a marginal drop. Deposits in the banking system in December 2013 decreased by €165 million, according to the Central Bank. Despite the decline, deposits by Cypriots rose for the second consecutive month, while a small [...]
New VAT legislation was introduced in 2010 across the European Union (EU) which revised the ‘place of supply’ rules for services and implemented monthly reporting of sales for both goods and services. All companies registered in Cyprus selling goods and services to other VAT registered businesses or individuals in the EU must register for VAT [...]
New Tax Changes from January 2014 1. Increase of normal V.A.T. rate (19%) and reduced V.A.T. rate (9%) from 13/01/2014 2. Increase of social contribution for employee and employer by 1% each, from 1st January 2014 3. Changes in the scales of Special defence contribution as follows: 2012 – 2013 2014 – 2016 Gross Salary % [...]