Issuance of Cyprus tax residence certificates within the same tax year

  • March 22, 2017

As per a recent tax circular issued by the Cyprus Tax Department, individuals will be able to secure a Cyprus tax residence certificate at any time within a given tax year, even prior to ‘completing’ their stay in Cyprus for more than 183 days in that tax year. The above has been put in place […]

Greeks Pay Reduced Tax On Dividends Received From Cyprus

  • March 15, 2017

Greek tax residents can benefit from a reduced tax rate of 2,5% on dividends received from Cyprus. According to the provisions contained in the Greek-Cypriot Double Tax Treaty (DTT), dividends paid by a company that is a tax resident of Cyprus to a shareholder tax resident of Greece may be taxed in Greece. However, according […]

The Law Was Passed For The Implementation Of The American Legal System FACTA

  • February 21, 2017

On 3 February 2017 the official Government Gazette published the law: “Agreement between the Government of the Republic of Cyprus and the Government of the United States of America (USA) for the improvement in international tax compliance of the FACTA (Foreign Account Tax Compliance Act) of 2017.” The Agreement was signed between the two member […]

Cyprus: Tax Payers Given Rights To Claim Deemed Deductions On Article 33

  • February 13, 2017

 20 December 2016 – Recently issued Circular 2016/15 now allows for tax payers to adjust their tax computations by including notional revenue and the corresponding notional expense on transactions that were not executed at market values and on normal commercial terms. The tax payers’ right to do so, is outlined in Circular 2016/15, which […]

New Tax Relief For Investors In Small And Medium-Sized Innovative Enterprises

  • February 13, 2017

The Income Tax (Amendment) (No 2) Law 2016 (135(I)/2016) introduces new tax relief for investors in qualifying small and medium-sized innovative enterprises. The amendment law adds a new Section 9A to the Income Tax Law 2002, allowing independent investors in such enterprises to deduct the cost of the investment from their taxable income for the […]

A Practical Review Of The Common Reporting Standard (CRS)

  • February 2, 2017

 A. INTRODUCTION The Common Reporting Standard (CRS) has been initiated by the Organization for Economic Cooperation and Development (OECD) aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS. The participating countries are listed in Appendix I. Although the CRS was largely […]

Russia-Cyprus: Important Announcement / Amendements to “Capital Gains”

  • January 3, 2017

We would like to inform you of the below very important announcement in relation to the Protocol amending Article 13 “Capital Gains” of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation with respect to taxes on income and on capital. […]

Public Holidays 2017

  • December 30, 2016

Jan 1 Sunday – New Year’s DayJan 6 Friday – EpiphanyFeb 27 Monday – Green MondayMar 25 Saturday – Greek Independence DayApr 1 Saturday – Cyprus National HolidayApr 14 Friday – Good Friday (Orthodox)Apr 15 Saturday – Holy Saturday (Orthodox)Apr 16 Sunday – Easter Sunday (Orthodox)Apr 17 Monday – Easter Monday (Orthodox)Apr 18 Tuesday – […]

Closing Dates for Season Holidays

  • December 28, 2016

Dear all,   Please be informed that our office will be closed on the following dates:   23.12.2016 – Closed only in the afternoon (after 2 p.m local time)  26.12.2016 – Public Holiday / XMAS 30.12.12016 – Closed only in the afternoon (after 2 p.m local time)  02.01.2017 – Closed / […]

Common Reporting Standard in Cyprus

  • March 7, 2016

In an effort to improve international tax compliance and combat tax evasion the Organisation for Economic Co-operation and Development (OECD) has initiated the Common Reporting Standard (CRS) through the automatic exchange of information between the countries implementing this. The European Union has implemented CRS through Directive 2014/107/EU which refers to the mandatory automatic exchange of […]