The EU list of non-cooperative jurisdictions
The EU Economic and Financial Affairs Council, which is made up of the economics and finance ministers of all member states, has approved the EU Commission’s recommendations on a unified EU list of non-cooperative jurisdictions in taxation matters, more familiarly referred to as a blacklist. Inclusion in the list is based on three sets of […]
Extension of registration deadline under the Auditors Law of 2017
Under the transitional provisions of the Auditors’ Law, Law 53(I) of 2017, statutory auditors or statutory audit firms authorized before 29 June 2008 under the Companies Law were deemed to have been authorised under the new law and were required to register as members of recognized bodies within six months of the law entering into […]
The new Cyprus-India agreement on merchant shipping
The new reciprocal agreement on merchant shipping between Cyprus and India entered into force on 29 November 2017, replacing an earlier agreement dated 11 February 1997. The most significant provisions of the new agreement are summarised below. Each country will treat the other country’s vessels in the same way as it treats its own vessels […]
Ratification of education agreement with Armenia
Cyprus has formally ratified its agreement with Armenia dated 15 March 2016 regarding cooperation in the field of education and reciprocal recognition of academic qualifications. The ratification law, number 19(III)/2017, was published in the official gazette on 1 December 2017.
VAT registration for insolvency office-holders
The Cyprus Tax Department has issued guidance to professional bodies and other potential stakeholders about VAT registration issues and procedures affecting insolvency office-holders in companies in receivership, liquidation or other insolvency proceedings, taking account of the prohibition in the Insolvency Advisers Law of 2015 against companies acting as insolvency practitioners, and the fact that many […]
Extension of accelerated writing down allowances for tax purposes
The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and machinery was doubled from 10 percent to 20 percent (if a higher rate than 20 percent applied to the category […]
Ratification of the Council of Europe Convention on Offences relating to Cultural Property
Law 16(III) of 2017, which was published in the official government gazette on 24 November 2017, ratifies the Council of Europe Convention on Offences relating to Cultural Property, which combats the illicit trafficking of cultural property such as historical artefacts. The convention opened for signature on 19 May 2017 under the Cyprus chairmanship of the […]
Reduction of non-performing loans in the Cyprus banking sector
The latest figures on non-performing loans in the Cyprus banking sector published by the Central Bank of Cyprus show that progress is continuing to be made in reducing non-performing facilities. The latest aggregate figures for the domestic operations of credit institutions operating in Cyprus show total non-performing facilities of €22,362 million at 31 July 2017, […]
Suspension of the Cyprus Securities and Exchange Commission’s “fast-track” procedure for applications for authorisation of Cyprus Investment Firms
In November 2015 the Cyprus Securities and Exchange Commission (“CySEC”) introduced a “fast-track” procedure to expedite the examination and determination of applications for authorisation of entities it regulates, which involved paying a supplementary fee that would be used to finance overtime payments to employees of CySEC who would examine the applications outside their normal working […]
Elias Neocleous’s presentation at the 2017 Business Direction Cyprus conference
Elias Neocleous was one of the panel of expert speakers invited to address the 2017 Business Direction Cyprus conference, which took place in London on 16 November. The full-day event, organised by Business Direction UK, presented the investment opportunities available in Cyprus, its attractive tax, legal and business environment and its advantages for investors, particularly […]
