Publication of tax appeals
The Assessment and Collection of Taxes Law (Law 4 of 1978) and the Income Tax Law (Law 118(I) of 2002) have been amended to allow the publication of appeals rulings by the independent tax tribunal. When submitting the appeal the taxpayer may request anonymity. The amendment to the Assessment and Collection of Taxes Law was […]
Central Bank of Cyprus countercyclical capital buffer for the third quarter of 2018
The countercyclical capital buffer (CCB) was introduced as part of the Basel III regime to help counter cyclicality in the financial system. Capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialise. This will help […]
Filing of 2017 individual tax returns
The Cyprus Tax Department has announced that 31 October 2018 is the deadline for employees and self-employed individuals who are not required to submit audited financial statements to file their tax returns for the year 2017 and settle any tax liability for the year. Returns may only submitted online via the department’s TAXISnet system and […]
Cyprus Securities and Exchange Commission risk-based reporting for Cyprus Investment Firms
The Cyprus Securities and Exchange Commission (“CySEC”) has announced the detailed arrangements for regulated Cyprus Investment Firms (“CIFs”) to submit information regarding the year 2017 for the purposes of risk-based supervision. All CIFs which were authorised and undertaking activities at 31 December 2017 are required to complete form RBSF-CIF, which is available on the CySEC […]
Amendment of the Assessment and Collection of Taxes Law of 1978
The Assessment and Collection of Taxes Law of 1978 has been amended in preparation for the completion of the transition to mandatory online filing of all tax returns and self-assessment declarations by electronic means. The Assessment and Collection of Taxes (Amendment) Law of 2018 (Law 44(I) of 2018) deletes article 12B of the existing law […]
New Cyprus-Luxembourg double tax agreement enters into force
Author: ELENA CHRISTODOULOU Law Firm: Elias Neocleous & Co LLC Publisher:International Law Office Practice area: CORPORATE AND COMMERCIAL
Electronic submission of tax returns for 2017
The Cyprus Tax Department has announced that the system for electronic submission of tax returns for 2017 by employees and self-employed individuals is now live. Electronic submission of returns by means of the department’s Taxisnet system is now mandatory. In order to help taxpayers adapt to the new system the Tax Department is organising workshops […]
The new double taxation agreement between Cyprus and Andorra
On May 18, 2018, Cyprus and Andorra signed a double taxation agreement, the first between the two countries. The agreement is closely based on the latest OECD Model Convention and, in line with the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS, also includes a preamble making clear that it is […]
New double tax agreement between Cyprus and Andorra signed
The Ministry of Finance has announced that Cyprus has signed an agreement for the avoidance of double taxation with the Principality of Andorra. Negotiations on the agreement had been in progress for several years. The text of the agreement has not yet been published, but according to the announcement it is based on the OECD […]
Cyprus Securities and Exchange Commission guidance on binary options and contracts for difference
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular (C271 dated 4 June 2018) to regulated Cyprus Investment Firms informing them that following publication of the European Securities and Markets Authority’s product intervention decision on binary options and contracts for difference in the Official Journal of the European Union on 1 June 2018, […]
