From 14 January 2013 to 12 January 2014 the standard rate of VAT in Cyprus is set to rise from 17% to 18%. On 12 January 2014 the standard VAT rate will rise again from 18% to 19%. At the same time the reduced rate of 8% will increase to 9%. The reduced rates of [...]
In accordance with Decree No. 543/2012 issued on 28 December 2012, the public interest rate in force with respect to overdue tax and refunds has been decreased from 5% p.a. to 4,75% p.a. The new rate of 4,75% applies as of 1 January 2013
To provide clarity: neither the proposed catalogue of measures by the troika nor the counterproposals of the Cypriot government contain an increase of the corporate tax rate, and no new relevant taxes are planned (no capital gains tax on company income, no withholding tax). Therefore, there are currently no disadvantagous tax-related changes to be expected. [...]
The Ministry of Finance of the Russian Federation has recently announced that Cyprus will officially be removed from its “Black List” as from the 1st of January 2013. This is great news for Cyprus, especially for both inbound and outbound investments to and from Russia! The main positive implications of the above are as follows: [...]
NICOSIA – The flow of deposits in the domestic banking system recorded in August a slight increase, according to data released by the Central Bank of Cyprus. The Bank announced on Thursday that deposits in domestic financial institutions recorded an increas of 0.5% in August on an annual basis or 837.9 million euro, reaching 70.66 [...]
NICOSIA – There are positive indications over the extension period of the adjustment economic program expected to be agreed between the Cyprus government and Troika lenders – that is the EU, European Central Bank and IMF. This is what Permanent Secretary of the Ministry of Finance Mr. Christos Patsalides has said and added: “The support [...]
NICOSIA- The government has asked for clarifications from the Troika (IMF, European Commission, ECB), on the extension of the adjustment programme period, Finance Minister Vasos Shiarly said. Shiarly also said that a draft bailout deal with Troika is expected to be agreed within a month from now. In addition, he said that the Government estimates [...]
The Cyprus VAT Legislation which did not provide for payment of interest on any VAT refunds, was amended in accordance with Council Directive 2008/9/EC. The amendment provides for payment of interest as from the expiry of a four month period following the submission of a refund claim. The four month period is extended to eight [...]
NICOSIA– The target is to bring public deficit down to around 2.5% in 2013, Minister of Finance Vassos Shiarly has said. Shiarly was replying to questions during a press briefing of international media after the conclusions of an informal ECOFIN, which took place inNicosia, “Roughly we are working with the aim of having a public [...]
NICOSIA – Cyprus could have natural gas from Israel in early 2015, if discussions on the supply of small quantities are completed by the end of the year, Commerce, Industry and Tourism Minister, Neoklis Sylikiotis said today. Speaking to journalists about a visit to Israel by a high ranking Cypriot delegation, he said Israel is [...]