Amendments to the VAT Law
The VAT Law has been amended to explicitly bring the transfer of the effective right to dispose of immovable property within the scope of VAT. The Value Added Tax (Amending) Law of 2018 (Law 39(I) of 2018) amends the second and eighth schedules to the VAT law to effect the change, which will take effect […]
Entry into force of Cyprus – Luxembourg double taxation agreement
The new double taxation agreement between Cyprus and Luxembourg, which was signed on 8 May 2017, has now been ratified by both countries. It will be applicable to taxes withheld at source on income arising after 1 January 2019 and other taxes chargeable for any taxable year beginning on or after that date. For further […]
Amendments to the law relating to deposit guarantees and the resolution of credit and other financial institutions
The Cyprus parliament recently approved new legislation to align domestic law with articles 1, 2, 3, 4, 7, 10, 11 and 14 of Directive 2014/49/EU of the European Parliament and Council of 16 April 2014 in relation to deposit guarantee schemes and articles 1, 2, 105 and 110 of Directive 2014/59/EU of the European Parliament […]
Supporting the Russian-speaking community in Cyprus
In December 2017 Elias Neocleous & Co LLC and the Russian Centre for Science and Culture signed a memorandum of cooperation to support Russian-speaking people living in Cyprus and promote bilateral cultural, humanitarian and scientific cooperation between Russia and Cyprus, including organising a series of seminars provide information about the legal and business environment in […]
Latest Central Bank of Cyprus investment funds statistics
On 24 May the Central Bank of Cyprus released its latest statistics on Cyprus-based investment funds, produced on the basis of the revised European System of Accounts 2010, giving information as at 31 March 2018. During the quarter ended 31 March the number of investment funds increased to 123, compared with 110 at 31 December […]
Maria Kyriacou’s presentation to the “International Exchange of Experience on Insolvency Law”
The “International Exchange of Experience on Insolvency Law” (IEEI), an international network of insolvency experts, was established in 2000 under the auspices of the Ministry of Justice of the German land North Rhine-Westphalia. The purpose of the network is the efficient and reliable exchange of information and experience in the area of insolvency law. The […]
Cyprus Securities and Exchange Commission guidance on derivatives based on virtual currencies
Following the decision by the European Securities and Markets Authority (ESMA) to bring contracts for difference (CFDs) on virtual currencies within the scope of its product intervention measures, the Cyprus Securities and Exchange Commission (CySEC) has announced that it considers such CFDs to be financial instruments falling within the scope of the Investment Services and […]
Reduction of non-performing loans in the Cyprus banking sector
The Central Bank of Cyprus (CBC) has recently published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 January 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. The figures for total […]
Mandatory electronic tax payment
The Cyprus Tax Department has issued a further reminder that with effect from 1 June 2018 both interim and final payments of Special Defence Contribution, commonly known as SDC tax, and income tax can only be made online through the JCCsmart website. District tax offices will only accept payments when they are overdue and include […]
Alignment of domestic law with EU directive on mandatory automatic exchange of tax information
The recently-enacted Law 33(I)/2018 amends the Law regarding Administrative Cooperation in the Field of Taxation of 2012 to 2017 to align domestic law with EU Directive 2016/881/EU, which amended EU Directive 2011/16/EU on administrative cooperation in the field of taxation. The amending law replaces the definition of ‘automatic exchange’ contained in Article 2 of the […]
