Deadline for submission of company income statements and self-employed tax returns with accounts for 2015
The Cyprus tax authorities have issued a reminder to taxpayers that the final date for submission of the Company Income Statement (form T.F.4) and Self Employed Tax Return with Accounts (form T.F.1LOG) for the fiscal year 2015 is 31 March 2017. The tax department recommends early submission of the returns in order to avoid any […]
Elias Neocleous & Co LLC accredited under ISO 9001:2008
Elias Neocleous & Co LLC has been accredited with the ISO 9001:2008 certification by Bureau Veritas Hellas. Our firm is committed to adopting and implementing best practices for identifying andcontrolling risk, so as to minimise the potential for unpredicted or adverse events, and in November 2017 we will enter the new era of the ISO 9001:2015 […]
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 […]
Reporting changes at administrative service providers
In November 2016 the Cyprus Securities and Exchange Commission (CySEC) issued a circular (C166 dated 4 November 2016) to administrative services providers it regulates informing them of their obligations to notify CySEC of changes in their circumstances and personnel, under articles 7, 8, 9, 13 and 25 of the Law Regulating Companies Providing Administrative Services […]
