CYPRUS: AN ATTRACTIVE BUSINESS JURISDICTION
The geographical location of Cyprus together with other considerable advantages and well-developed business infrastructures make Cyprus an attractive location for international business activities. Cyprus is situated between Europe, Asia and Africa, and is a full-member of the European Union since 2004. As a result, much legislation and many procedures have been harmonised with the EU...
CYPRUS-BAHRAIN DOUBLE TAX TREATY ENTERED INTO FORCE
The Government of the Kingdom of Bahrain and the Government of the Republic of Cyprus concluded an Agreement for the avoidance of double taxation with respect to taxes on income, based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The double taxation treaty between Cyprus and Bahrain will strengthen the economic and commercial relationships between...
CYPRUS- LATVIA DOUBLE TAX TREATY ON INCOME AVOIDANCE
The double tax treaty between the Republic of Cyprus and the Republic of Latvia will strengthen the economic and commercial relations between the two countries. The Treaty was signed by the Minister of Finance of the Republic of Cyprus, Harris Georgiades, and the Minister of Economics of the Republic of Latvia, Dana Reizniece-Ozola, in Brussels on 24 April 2016. It should be pointed out that...
CYPRUS TAX DEPARTMENT: ADVANCE TAX RULINGS FEES
In October 2015 the Cyprus Tax Department issued the Circular 2015/13 aiming at creating a stable and credible tax system and establishing new procedures for the issuance of advance tax rulings. Recently, the Cyprus Tax Department announced, through the Decree 130/2016, that the following fees will be imposed:
€1000 for tax ruling requests without an expedition.
€2000 for tax ruling requests...
PREVENTION AND MONITORING OF MONEY LAUNDERING IN CYPRUS
Prevention and monitoring of money laundering, as well as the financing of criminal and terrorist activities, is a significant factor that influences the efficient and effective operation of the global economy. Moreover, any connection with these activities has a negative influence on the reputation of institutions which might lead to a potential undermining of the banking sector and the local...
CySEC: ADDITIONAL GUIDELINES OF THE REGULATED ENTITIES REGARDING THE PANAMA PAPERS
The Circular C132, issued by the Cyprus Securities and Exchange Commission (CySEC), contains additional guidelines concerning the legal and natural persons that are included in the leak documents of the Panamanian law firm Mossack Fonseca (Panama Papers).
Specifically, the instructions of Circular C132 concern the following regulated entities:
Cyprus Investment Firms
Administrative Service...
CYPRUS: REDUCTION OF IMMOVABLE PROPERTY TAX
On Wednesday 1st of June 2016, the Council of Ministers of the Republic of Cyprus approved the following:
the reduction of the immovable property tax rate by 50%;
the abolishment of the immovable property tax collected by municipalities and communities;
According to the statement of the Minister of Finance, Harris Georgiades, this is another significant step towards tax reform and reduction...