Day

March 15, 2018
The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and machinery was doubled from 10 percent to 20 percent (if a higher rate than 20 percent applied to the category...
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On 13 March 2018 the ECOFIN Council (composed of the EU-28 Finance Ministers) reached political agreement on a Council Directive amending Directive on administrative cooperation in the field of taxation (commonly referred to as DAC) as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (RCBAs) in...
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Further extension of the period allowed for submitting applications to settle tax arrears by instalments The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including: •       ...
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The Cyprus Tax Department has issued a circular setting out guidance on the new tax residence provisions for individuals introduced by Law No.119(I)/2017. With effect from 1 January 2017 individuals who meet all the following conditions in respect of a given tax year will be deemed to be tax-resident in Cyprus: •They are physically present...
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