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The Cyprus Tax Authorities (CTA) recently informed the Institute of Certified Public Accountants of Cyprus (ICPAC) via a letter that with effect from 1 July 2017 they will cease their practice of specified minimum spreads on qualifying related-party financing transactions that was based on 2011 correspondence between the CTA and the ICPAC. The letter notes […]

Read MorePROFIT SPREADS ON RELATED-PARTY FINANCING TRANSACTIONS – COURTESY OF PWC

Cyprus’ double tax treaty network has been extended with four new treaties becoming effective as of 1 January 2017. These include treaties with India, Latvia, Bahrain and Georgia. The four new treaties are generally based on the Organisation for Economic Co-operation and Development Model Tax Convention framework with a number of modifications. This Alert summarizes […]

Read MoreCYPRUS EXPANDS IS TREATY NETWORK – COURTESY OF EY

The House of Representatives voted a new law (L. 4(I)/2017) regarding the procedure for the settlement of overdue tax liabilities. This law was published in the Official Gazette of the Republic (“Gazette”) on 03/02/2017 and will enter into force as of the date that the Commissioner of Taxation publishes the relevant notification in the Gazette. […]

Read MorePROCEDURE FOR THE SETTLEMENT OF OVERDUE TAX LIABILITIES – COURTESY OF EY

Overregulation may damage business in Cyprus by Chris Koufaris To read the full article in Successful Business Magazine, follow the link here below:- https://issuu.com/brochvk.pdf/docs/sb24_issuu_/82

Read MoreINTERVIEW – CHRIS KOUFARIS GENERAL SECRETARY CIBA – SUCCESSFUL BUSINESS MAGAZINE

The Tax Department would like to inform you that online registration to the V.A.T. Taxisnet system is now available. Registration to the Taxisnet system is a prerequisite for the electronic submission of V.A.T. Returns and Recapitulative Statement (VIES).  Online registration can be accomplished through the following link: https://taxisnetreg.mof.gov.cy The Tax Department encourages taxpayers to use online […]

Read MoreTAXISNET ONLINE REGISTRATION BY MAY 2017

An interesting article published in the CYPRUS MAIL http://cyprus-mail.com/2017/01/29/limassol-burnishing-business-crown/

Read MoreLIMASSOL BURNISHING ITS BUSINESS CROWN – CYPRUS MAIL

PWC Tax Facts and Figures 2017 publication – please follow link here below:- http://www.pwc.com.cy/tax-facts-figures

Read MoreTAX FACTS AND FIGURES 2017 – COURTESY OF PWC

At the CIBA 2016 AGM – SOFTimpact Ltd., a member company of CIBA, was presented with an award,  by the President of the Association Mr. Frixos Savvides, to thank them for their invaluable support in setting up the new CIBA Website . The Executive Committee is very pleased with the modern  look, as well as the user friendly […]

Read MoreAWARD TO SOFTIMPACT LTD.

The CIBA 23rd Annual General Meeting took place with great success, on Friday 2nd December 2016 at the Amathus Hotel in Limassol with exclusive sponsor EY. In the closed session the General Secretary read his report for the year 2016. The full report can be read here CIBA AGM 2016 CIBA was honoured to have the […]

Read MoreCIBA 23RD ANNUAL GENERAL MEETING 2016

Following the completion of the negotiations between Cyprus and India on 29 June 2016, the two countries signed a revised tax treaty on 18 November 2016, which was published in Cyprus’ Gazette on 25 November 2016. The new treaty will replace the existing treaty which was concluded back in 1994. Please click on the link […]

Read More28 NOVEMBER 2016 – REVISED TAX TREATY SIGNED WITH INDIA – COURTESY OF DELOITTE