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 regarding qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]
Automatic matching of VAT payments
The Cyprus Tax Department has announced that, following the latest improvements of the TAXISnet system for electronic submission of VAT returns, there is no longer any need for taxpayers to input details of VAT payments or to submit a copy of the payment receipt to the Tax Department. Payments of VAT made through Internet banking […]
Procedure for the settlement of overdue tax liabilities by instalments
The Cyprus Tax Department has issued an announcement informing taxpayers who have applied to participate in the scheme for settlement of overdue tax liabilities by instalments that failure to comply with the agreed terms will result in the sanctions provided for by law. In particular, payments must be made on or before the due date, […]
ISO 9001:2015 recertification
We are delighted to announce that Elias Neocleous & Co LLC has successfully completed the re-certification process under ISO 9001:2015, the latest update of the world’s leading quality management standard. The revised standard helps businesses and organizations to be more efficient and improve customer satisfaction, with an increased emphasis on leadership, risk management, objectives measurement […]
The end of the exchange period for Cyprus pound banknotes
As the tenth anniversary of Cyprus’s adoption of the euro as its national currency on 1 January 2008 approaches, the Central Bank of Cyprus has issued a reminder on its website that the period for the exchange of Cyprus pound banknotes will expire on 31 December 2017 in accordance with the Adoption of the Euro […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’ imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, […]
Elias Neocleous interview on funding and support for innovation
Elias Neocleous, managing partner of our firm, was recently interviewed by Citywealth magazine about new sources of funds and promotion of innovation in Cyprus. Citywealth is a leading information source for ultra-high net worth clients and their advisers and managers working in the private wealth sector, producing publications, training and networking events to raise standards […]
Country by country reporting issues
The deadline for multinational enterprise groups with a consolidated annual turnover exceeding EUR 750 million to submit country by country reports for 2016 was 20 October 2017. It appears that some companies which are required to submit reports have been unable to do so because they cannot be registered with the government’s “Ariadne” portal, through which […]
The Limassol Economic Forum
Elias Neocleous & Co LLC was one of the main sponsors of the eighth Limassol Economic Forum, which took place on 20 October, attracting more than 400 participants from Cyprus and overseas, and receiving extensive coverage in the local and international media. The Forum is the most important economic conference held in Cyprus, focused on […]
Consultation on draft publication on taxation of benefits in kind
The Cyprus Tax Department has issued a draft publication on benefits in kind for public consultation. The draft document, which is in the Greek language, is available here on the department’s website and the consultation period runs until 3 November 2017. All stakeholders are encouraged to comment on the draft publication.
