Payment of VAT and other tax liabilities by Internet banking
The Cyprus Tax Department has announced that payments of VAT and of instalments under the Process of Adjustment of Tax Arrears Law of 2017 can now be paid via Internet banking. Currently four banks offer Internet payment of tax liabilities, but the Tax Department expects to extend the service to other banks shortly.
Amendments to the Process of Adjustment of Tax Arrears Law of 2017
The Process of Adjustment of Tax Arrears Law of 2017, Law 4(I) of 2017, established a procedure for settling tax arrears by monthly instalments, providing up to 95% waiver of interest and penalties and covering all nationally imposed taxes, including income tax, VAT, SDC tax, capital gains tax, stamp duty and special contribution payable by […]
Vistra 2020 “The Uncertainty Principle”
Kyriacos Xenophontos, a partner in our firm and head of our affiliated trust company, was one of the three expert panel members invited to give their views on Cyprus’s services, legal and regulatory sector at the Vistra 2020 seminar held in Limassol on 28 September. Vistra is an international leader in the field of trust, […]
Reference rates for Notional Interest Deduction for Greece, Italy and Kazakhstan
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 […]
Introducing our new trainee lawyers
Our people are our most important asset, and key to providing the best service and advice to clients. We believe in developing our people from within the firm: we recruit the best graduates from leading universities, provide them with the best training and support and offer them unlimited career prospects. Our 2016 cohort of graduate […]
Product governance requirements under MiFID II and the Investment Services and Activities and Regulated Markets Law of 2017
The Cyprus Securities and Exchange Commission (“CySEC”) has issued a circular (number 236 dated 15 September 2017) to Cyprus Investment Firms (“CIFs”), UCITS Management Companies (“UCITS MCs”) and Alternative Investment Fund Managers (“AIFMs”) that it regulates advising them of their obligations regarding product governance requirements under MiFID II and the Investment Services and Activities and […]
Changes to the Assessment and Collection of Taxes Law
Law 97 (I) of 2017 amends the Assessment and Collection of Taxes Law of 1978 to 2016 (“the ACT Law”) with effect from 14 July 2017. The principal changes introduced by the amending law are as follows: Tax returns for 2017 and subsequent years must be submitted by electronic means or by other means approved […]
Entry into force of the Auditors’ Law – implications for issuers of securities traded on a regulated market
The Cyprus Securities and Exchange Commission has issued a circular (number 234 dated 11 September 2017) informing companies which have issued transferable securities admitted to trading on a regulated market (public issuers) of their obligations under the Auditors’ Law of 2017 (Law 53 (I)/2017), which entered into force on 2 June 2017. Public issuers fall […]
Impending deadline for submission of 2016 tax returns
The Cyprus Tax Department has issued a reminder that self-employed individuals with an annual turnover of less than EUR 70,000 are required to submit their tax return for 2016 via the TAXISnet electronic system no later than 30 September 2017. Self-employed individuals whose annual turnover exceeds EUR 70,000 are required to submit their tax return for 2016 […]
Mondaq award for Contributor Most Read in Cyprus
Mondaq, launched in 1994, is one of the most comprehensive Internet repositories of professionals’ knowledge and expertise. It disseminates legal, regulatory and financial commentary and information supplied directly by hundreds of the world’s leading professional advisors, covering more than 80 countries, and tracks detailed readership of this information through its website and distribution network. At […]
