CORPORATE TAX IN CYPRUS FOR 2016
The favourable tax regime together with many other benefits, such as the well-developed and transparent legal system, attract business people and investors to launch their business plans in Cyprus. A primarily considerable incentive that urges business people to implement their projects in Cyprus is that the corporate income tax in Cyprus is 12.5%, one of the lowest in Europe.
Cyprus and...
ANIMAL WELFARE LEGISLATION IN CYPRUS
The term animal welfare denotes the well-being of animals. In Cyprus, the law for the protection and safeguarding the health and welfare of animals (46(I)/1994) establishes a general legal framework regarding animal treatment in order to safeguard animals’ health, welfare and safety. The particular law applies to domestic animals or animals in captivity, as well as to animals that are under...
DIVORCE IN CYPRUS: CHILD MAINTENANCE
Parental care is an important aspect of divorce proceedings. Specifically, child maintenance is an important matter that needs to be taken into consideration as parents are obliged to support their child(ren) jointly and according to their ability to do so. Section 36 of Law 216/1990 provides that maintenance is regulated by the Court following an application submitted by a parent or the...
MAINTENANCE AFTER DIVORCE IN CYPRUS
Divorce is a highly delicate area of family law. An important thing that needs to be clarified is that divorce does not entirely terminate the relations of spouses, despite the fact that their legal relations, rights and obligations cease to exist. In other words, marital life establishes a moral relationship on which a spouse may rely and claim maintenance, regardless of the dissolution of...
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...