News

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

Exchange of Information with Austria

[gdlr_row] [gdlr_column size=”1/4″] [/gdlr_column] [gdlr_column size=”3/4″] Feb. 23, 2017 Author: Philippos Aristotelous Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area:TAX LAW, TAX PLANNING AND ADVANCED BUSINESS STRUCTURING [/gdlr_column] [/gdlr_row] [gdlr_post_slider category=”publications” num_fetch=”3″ num_excerpt=”25″ caption_position=”bottom” thumbnail_size=”medium” orderby=”date” order=”asc” ]

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

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IFLR 1000 Client Feedback 2019
We have been assisted by Elias Neocleous in the context of capital markets transaction. Mr Demetris Roti was the partner in charge of the matter. We were very satisfied by the work of Mr Roti and his team as well as their ability to work towards tight deadlines
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IFLR 1000 Client Feedback 2019
Very  responsive and provided excellent guidance on issues of Cyprus law relevant in the transaction on which they represented us.
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To the point, very helpful and complement advice. Was always aiming to get it done in an efficient and timely manner. Delivered results despite some obstacles in between.
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