Under the Cyprus “Immovable Property Tax Laws 1980 – 2004 all property owners, regardlenss of whether they are resident in Cyprus or not, they are liable to pay an annual tax based on the total value of all the immovable property registered in their name. Cyprus property tax is calculated on the market value of [...]

The Convention between the Government of Ukraine and the Government of Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (the “DTT”) was eventually signed in Nicosia on 8th November 2012. On 22nd March 2013, the Cypriot Parliament ratified the DTT the Ukrainian Parliament in [...]

Bank of Cyprus shares will remain suspended until January, the island’s stock exchange said on Wednesday, after its shareholder structure was revamped by imposing losses on depositors. The shares have been suspended since March, after which the bank converted large deposits into stock to recapitalise as well as taking on some assets from defunct Laiki [...]

Following the amendment of the Immovable Property Tax Law (No. 24/1980) on the 30.04.2013 by Law 33/2013, all owners of property in Cyprus are now liable to pay an annual tax to the Inland Revenue based on their aggregate property holdings as of the 1st January each year, on the basis of the assessed valuation [...]

On 4th July 2013, Ukraine parliament approved the bill for ratification of the new double tax treaty of Cyprus – Ukraine on income and capital that was signed back in November 2012. If Cyprus ratifies the treaty and the notification are exchanged during 2013, then the new treaty will be applicable from 1 January 2014. [...]

KEY MESSAGES CYPRUS FACT SHEET

1. Saving of books and records For income tax purposes, companeis should now keep their accounting records for six years instead of seven, after the end of the tax year to which they relate to. For VAT purposes, the period for keeping accounting records remains to seven years. 2. Keeping books and records Persons, who [...]

As a result of the banking crisis, the measures to be implemented are expected to reinforce the Cypru’s s banking system and make it healthier and fundamentally stronger. Despite the crisis in the banking sector, it is important to highlight that the corporate secton in Cyprus still stands strong as nothing has changed on those [...]

Laiki Bank Sale of Laiki’s Business in Cyprus to the Bank of Cyprus Insured deposits, up to €100,00, have been transferred to the Bank of Cyprus For deposits of more than €100,00: the amount up to €100,000 will be transferred to the Bank of Cyprus, as part of the “Good Laiki”. The rest of the [...]

According toArticle 12 of the Amendment Law 13(1)/2010 voted by the Parliament on 5 March 2013 for harmonization purposes with the EU VAT Directive in respect of the place of supply of services, from 1 January 2013 an amendment comes into effect in respect of the place of supply for long term hiring of means [...]