Monthly Archives: January 2020

PERSONAL TAX – Allowable deductions for life and private medical insurance premiums, contributions to social insurance, pension and provident funds, and, contributions to GHS.

As per the Tax Department’s announcement on 07 January 2020, according to the amendment law N173(I)/2019 as approved by the Parliament and with effect from 19 December 2019, the combined Personal Tax allowable deductions limit for the above listed payments is increased to 1/5 of the net taxable income* of the individual. Note that a

Tax incentives for investments in innovative businesses.

On January 8, 2020, within the framework of actions to boost entrepreneurship and innovation, the Council of Ministers approved a bill amending the Income Tax Law.  The amendment extends – until June 30, 2021 – the tax incentives given to individuals who invest in innovative businesses.  The investment may be either direct, or, through an

Regulation (EU) 2019/2088 – Disclosure requirements a step towards a sustainable economy.

On 9 December 2019, Regulation 2019/2088 of the European Parliament and of the Council of 27 November 2019, on sustainability-related disclosures in the financial services sector, was published in the official journal of the European Union. Regulation 2019/2088 (2019/2088) provides further evidence of the commitment of the EU to the ‘Paris Agreement’ which entered into

Record fines imposed following GDPR breaches.

The Office of the Commissioner of Personal Data Protection (the Commissioner), the independent supervisory authority for the protection of the individual, has just announced the largest corporate fines to date following the implementation of the GDPR in Cyprus.  The fines relate to three affiliated entities and in total they exceeded €82,000.  The entities were found

CySEC Circular C.346 – In pursuit of transparency.

CySEC has issued Circular C.346 (available in English here) addressed to Cyprus Investment Firms, UCITS and their Management Companies, Alternative Investment Funds and their Managers, Non-Financial Counterparties and Central securities depositories (‘Regulated Entities’). With this Circular, CySEC reminds Regulated Entities of the requirements under the Regulation (EU) 2015/2365 on transparency of securities financing transactions and

TESTIMONIALS

We have been assisted by Elias Neocleous in the context of capital markets transaction. Mr Demetris Roti was the partner in charge of the matter. We were very satisfied by the work of Mr Roti and his team as well as their ability to work towards tight deadlines
IFLR 1000 Client Feedback 2019
Great work with all stakeholders including the government relations both in Cyprus and EU
IFLR 1000 Client Feedback 2019
I recently completed the sale of my house in Cyprus with Elias Neocleous & Co LLC and I just wanted to tell you how impressed I was with your Property lawyer who handled the matter. Her professional, calm and measured approach was amazing and really reassured us when things were not that straight forward. As a solicitor of some 40 + years in the private sector I must say that I rarely came across a young lawyer with such a combination of professional and personal qualities. This lawyer is a real asset to your firm!
Property Client
We have been using Neocleous for more than 10 years. We are very satisfied with their performance. They can support all the areas we may need help in. They have lawyers for all the practice areas. They are well educated and very fast on the job.
IFLR 1000 Client Feedback 2019
They're transparent and amenable with a clear knowledge of the local market and how to navigate it.
IFLR 1000 Client Feedback 2019

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