CYPRUS ENACTS COUNTRY BY COUNTRY REPORTING
Cyprus signed the Organization of Economic Cooperation and Development (OECD) Multilateral Competent Authority Agreement (MCAA) on Country-by-Country (CbC) Reporting on 1st November 2016. Following this, the Cyprus Ministry of Finance issued a Decree pursuant to Article 6(16) of the Assessment and Collection of Taxes Law on Country-by-Country Reporting. This Decree is in accordance with the EU...
CYPRUS LEASING LAW
The Leasing Law (72(I)/2016) entered into force on 28 April 2016. The purpose of this Law is to regulate and supervise the provision of financial leasing services to the public, in order to provide consumers and enterprises with alternative ways of financing.
Financial leasing is an alternative to traditional credit financing through which medium to long-term financing can be granted, thus...
INTERIM ORDERS AND INJUNCTIONS IN CYPRUS
Interim orders or injunctions are temporary court orders which oblige someone to act or not to act in a specific way. One of the primary reasons that Courts grant interim orders is to protect the interests of the parties involved in litigation or arbitration proceedings. Furthermore, a breach of an injunction constitutes a contempt of Court which is punishable by either penalty or imprisonment...
CySEC’s NEW RULES FOR SALES AND MARKETING PRACTICES
The mission of CySEC is to ensure investors’ protection and the healthy development of the securities market. Furthermore, the vision of CySEC is to establish the Cyprus securities market as one of the safest, most reliable and attractive jurisdictions for investment. Recently, CySEC set standards and guidelines to assist the Cyprus Investment Firms (CIFs) in meeting their obligations....
E-COMMERCE LAW IN CYPRUS
Nowadays, the internet is embedded in almost every aspect of daily and business life. People use Information and Communication Technologies (ICTs) to network, to communicate, to establish business partnerships, to trade, to buy/sell products and services, a.o. Furthermore, the companies use the internet as a medium to advertise their products and services, approach potential new clients and...
CYPRUS CIVIL PROCEDURES RULES: SERVICE OF DOCUMENTS
Natural and legal persons involved in legal proceedings send and receive various judicial and extrajudicial documents. ‘Service of documents’ denotes the delivery of legal documents that notify the recipient of the commencement of litigation proceedings in which he/she is involved. In Cyprus, service of documents is regulated by Civil Procedure Rules.
Civil Procedure Rules determine the method...
EU COMMON CORPORATE CONSOLIDATED TAX BASE
Tax avoidance and improvement of Single Market for businesses are among the main concerns of the European Union. Specifically, the European Commission aims at reinforcing entrepreneurship and boosting economic growth by promoting tax transparency. In October 2016, the European Commission re-launched the Common Corporate Consolidated Tax Base (CCCTB), a single set of rules to calculate...
CYPRUS TAX DEPARTMENT: APPLICATION OF ARTICLE 33 OF LAW 187 (I)/2015
Circular 2016/15, issued on 24 November 2016, by the Cyprus Tax Department, defines the application of Article 33 of the Income Tax Law (118(I)/2002), as amended in 2015 (187(I)/2015). Article 33 enables the tax authorities to adjust and regulate transactions between related parties on terms which, according to the authorities, differ from those which would apply to similar transactions...
BANC DE BINARY SCANDAL: 8 OUT OF 10 CLIENTS LOST THEIR LIFETIME SAVINGS IN 5 MONTHS
Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation. Furthermore, the company was a sponsor of the football club Liverpool FC. The company provided its services via the domain eu.bancdebinary.com. The clients could create an online account and trade binary options online.
The Israeli-owned and Cyprus registered company is accused...
LICENSING OF PRIVATE SHIP-SECURITY COMPANIES IN CYPRUS
Cyprus is a leading ship management centre. Specifically, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet in the world. The strategic location of Cyprus, between Europe, Asia, Africa and the Middle East, the double tax treaties with more than 50 countries, as well as the relatively low set-up and operating costs for companies, encourages ship owners to register...