Tonnage tax: countries whose ships are subject to surcharge
In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable on qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]
Strengthening of investor protection
The law governing the Cyprus Securities and Exchange Commission has been amended to improve the Commission’s corporate governance and strengthen its investor protection powers. Law 137(I)/2018 provides for the CySEC board to be enlarged from five members to seven and for the appointment of an audit committee. It also expands CySEC’s information-gathering and investigatory powers […]
Amendments to Cyprus-San Marino double tax treaty enter into force
The Cyprus Tax Department has announced that the procedures for ratification of the protocol dated 19 May 2017 amending the Convention on the Avoidance of Double Taxation between Cyprus and San Marino have been completed, and that the protocol entered into force on 27 June 2018. The protocol replaces the text of Article 25 of […]
New tax exemptions and allowances for the film and audio-visual production industry
In September 2017 the Cyprus government approved an initiative to encourage the development of the film and audio-visual production industry in Cyprus by means of grants, tax incentives and other assistance. Law 139(I) of 2018, which took effect on 11 December 2018, amends the Income Tax Law to provide tax exemption of income from production […]
Central Bank of Cyprus guidance on dealings with shell companies
On 2 November 2018 the Central Bank of Cyprus issued a revised circular to money laundering compliance officers of all regulated credit, payment and e-money institutions on the issue of so-called shell companies. It replaces an earlier circular issued in June 2018 and aims to provide additional clarification to reinforce the effectiveness of anti-money laundering […]
Cyprus Securities and Exchange Commission announcement on Registered Alternative Investment Funds
The Cyprus Securities and Exchange Commission (“CySEC”) has issued an announcement reiterating the legal and regulatory framework applicable to Registered AIFs (“RAIFs”). According to CySEC, communications and promotional material issued by several market participants contain incorrect information about the regulatory requirements that apply to RAIFs, and CySEC wishes to correct any misunderstanding. RAIFs are governed […]
How EU patent court provides security
Author: Ramona Livera Law Firm: Elias Neocleous & Co LLC Publisher: Cyprus Mail Practice area: INTELLECTUAL PROPERTY
Cyprus Tax Department announcement on Country by Country Reporting
The Cyprus Tax Department announced on 22 November that Constituent Entities of Cyprus Ultimate Parent Entities will not be subject to local filing in their jurisdiction of tax residence, provided the information exchange arrangement under the CRS Multilateral Competent Authority Agreement has been activated. In addition, local filing will not be applicable for Cyprus-resident Constituent […]
Supreme Court judgment on appointment of IT experts
Author: PANTELIS MOUNTRAKIS Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: Information technology and data privacy law
