The EU list of non-cooperative jurisdictions

The EU Economic and Financial Affairs Council, which is made up of the economics and finance ministers of all member states, has approved the EU Commission’s recommendations on a unified EU list of non-cooperative jurisdictions in taxation matters, more familiarly referred to as a blacklist. Inclusion in the list is based on three sets of […]

Extension of registration deadline under the Auditors Law of 2017

Under the transitional provisions of the Auditors’ Law, Law 53(I) of 2017, statutory auditors or statutory audit firms authorized before 29 June 2008 under the Companies Law were deemed to have been authorised under the new law and were required to register as members of recognized bodies within six months of the law entering into […]

The new Cyprus-India agreement on merchant shipping

The new reciprocal agreement on merchant shipping between Cyprus and India entered into force on 29 November 2017, replacing an earlier agreement dated 11 February 1997. The most significant provisions of the new agreement are summarised below. Each country will treat the other country’s vessels in the same way as it treats its own vessels […]

Further modernisation of tax procedures in Cyprus

 [gdlr_row] [gdlr_column size=”1/4″]  [/gdlr_column] [gdlr_column size=”3/4″] Dec 4, 2017 Author: PHILIPPOS ARISTOTELOUS Law Firm: Elias Neocleous & Co LLC Publisher: Financier Worldwide Magazine Practice area: TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row]

Ratification of education agreement with Armenia

Cyprus has formally ratified its agreement with Armenia dated 15 March 2016 regarding cooperation in the field of education and reciprocal recognition of academic qualifications. The ratification law, number 19(III)/2017, was published in the official gazette on 1 December 2017.

Getting the Deal Through – Ports and Terminals Cyprus 2018

[gdlr_row] [gdlr_column size=”1/4″]  [/gdlr_column] [gdlr_column size=”3/4″] Dec 01, 2017 Author: COSTAS STAMATIOU Law Firm: Elias Neocleous & Co LLC Publisher: Getting the Deal Through Practice area: ADMIRALTY AND SHIPPING [/gdlr_column] [/gdlr_row]

VAT registration for insolvency office-holders

The Cyprus Tax Department has issued guidance to professional bodies and other potential stakeholders about VAT registration issues and procedures affecting insolvency office-holders in companies in receivership, liquidation or other insolvency proceedings, taking account of the prohibition in the Insolvency Advisers Law of 2015 against companies acting as insolvency practitioners, and the fact that many […]

Extension of accelerated writing down allowances for tax purposes

The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and machinery was doubled from 10 percent to 20 percent (if a higher rate than 20 percent applied to the category […]

Ratification of the Council of Europe Convention on Offences relating to Cultural Property

Law 16(III) of 2017, which was published in the official government gazette on 24 November 2017, ratifies the Council of Europe Convention on Offences relating to Cultural Property, which combats the illicit trafficking of cultural property such as historical artefacts. The convention opened for signature on 19 May 2017 under the Cyprus chairmanship of the […]