News

New law for payment of tax arrears by instalments

The Process of Adjustment of Tax Arrears Law of 2017, Law 4(I) of 2017, was published in the official gazette on 3 February 2017. It will take effect on a future date to be determined by the Commissioner of Taxation and establishes a procedure for settling arrears of taxes which arose prior to that date

Elias Neocleous to speak at the seventh Academy & Finance “Russian Private Clients” conference

Elias Neocleous, managing partner of our firm, will be among the distinguished experts presenting the latest developments in tax, succession planning and asset protection strategies at the seventh annual conference for Russian private clients and their advisers organised by Academy & Finance, a leading Swiss conference organiser. Elias will be speaking on the transfer of

Abolition of the back-to-back minimum margin scheme and introduction of transfer pricing rules In Cyprus

On 8 February 2017 the Cyprus Tax Department wrote to the tax committee of the Institute of Certified Public Accountants of Cyprus announcing its intention to abolish the so called “minimum margin scheme” which applies on related party loans (so called “back to back” financing arrangements), with effect from 1 July 2017. This development is in line with global initiatives in

CySEC guidance on regulated entities’ compliance with reporting and other obligations

The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a circular (C191 dated 1 March 2017) to entities that it regulates clarifying the scope of their obligations to submit reports, returns and other information to CySEC. The circular makes clear that regulated entities are subject to the relevant Cyprus and European legislation from the date

New procedure for announcing international sanctions against states, individuals or entities

The Department of Merchant Shipping (“DMS”) has adopted a new procedure for informing interested parties of United Nations economic sanctions and European Union restrictive measures in the field of merchant shipping. With effect from the beginning of 2017, the DMS has discontinued its previous practice of issuing circulars to bring such measures to the attention

Reference rates for Notional Interest Deduction for 2017

Article 9(B) of the Income Tax Law of 2002 as amended provides for a notional interest deduction for tax purposes on new equity capital (paid-up share capital and share premium) injected into companies and permanent establishments of foreign companies on or after 1 January 2015 to finance business assets, calculated by applying a reference rate

TESTIMONIALS

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
To the point, very helpful and complement advice. Was always aiming to get it done in an efficient and timely manner. Delivered results despite some obstacles in between.
IFLR 1000 Client Feedback 2019
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!
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