Extension of time for submission of VAT returns and remittances
The Cyprus Tax Department has announced that the deadline for submission of VAT returns and remittances for the three months ended 31 July 2017 and INTRASTAT statements for August 2017 has been extended to Monday 11 September 2017, since the original due date of 10 September was not a working day. Any statements or remittances […]
Changes to the VAT appeal procedure
Hitherto, taxpayers who disputed VAT assessments raised following examinations of their records have had three options: to submit a written objection to the Commissioner of Taxes within 60 days of receiving the assessment, under article 51A of the VAT Law; to submit a written objection to the Minister of Finance within the same time limit, […]
Settlement of tax arrears under the Process of Adjustment of Tax Arrears Law of 2017
The Cyprus Tax Department has issued a further reminder to submit applications for settlement of arrears of tax by instalments under the Process of Adjustment of Tax Arrears Law of 2017 (Law 4(I)/2017). The law took effect on 21 July and taxpayers must submit their application for arrears to be dealt with under the law […]
New appointments in our Nicosia office
In line with our continuous development and investment in our human resources we are pleased to announce the strengthening of our Nicosia office with the appointment of a new partner and a new senior associate. Nicolas Tsardellis – Advocate / Partner Nicolas has been appointed to head the Nicosia litigation and dispute resolution department. He […]
CySEC announcement of changes to passporting arrangements and conditions governing the provision of investment services and activities by third country firms resulting from MiFID II
The Cyprus Securities and Exchange Commission (“CySEC”) has issued a summary of the changes to passporting arrangements and conditions governing the provision of investment services and activities by third country firms that will result from the implementation of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in […]
Amendment of the Advocates Law
The Advocates Law has recently been amended to provide for registration of members of the Cyprus Bar Association who practice in other member states of the EU. The Advocates (Amendment) Law of 2017, Law 92(Ι)/2017, amends the Advocates Law to enable registered advocates who wish to practice law in another member state with the professional […]
Amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, STCW 78
The Cyprus Department of Merchant Shipping has recently issued a notification to all registered owners and operators of ships flying the Cyprus flag and of foreign-flagged ships calling at ports in Cyprus of the latest amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, STCW 78, as amended, and Part […]
Authorisation of Data Reporting Service Providers in Cyprus
The Cyprus Securities and Exchange Commission has announced the procedure for authorisation of Data Reporting Service Providers (DRSPs) in Cyprus under the Markets in Financial Instruments Directives (2002/92/EC and 2011/61/EU as amended by 2014/65/EU) and the Markets in Financial Instruments Regulations (648/2012 as amended by 600/2014). Under Directive 2014/65/EU, commonly known as MiFID 2, authorization […]
Cyprus leads European citizenship by investment schemes
In a recent analysis of citizenship by investment schemes carried out by Professional Wealth Management, part of the Financial Times group, Cyprus was assessed to be the leading European country. The study covered twelve countries, five of which are in the Caribbean region, four in Europe, two in the Asia-Pacific region and one in the […]
Amendment of Law on Treatment of Accused Substance-dependent individuals
The Law for the Treatment of Accused Substance-dependent individuals has been amended with the enactment of Law 102(Ι)/2017. The amending law goes much further than previous legislation in recognising that addicted persons accused of committing offences are also in need of treatment. One of the most notable changes in the amending is the deletion of […]
