News & Views

Due to unforeseen circumstances on behalf of the Bank of Cyprus Compliance Department, this event has been postponed for October 2019. We apologize for the inconvenience that may be caused and will revert with new details once finalized.        

Read MoreThe Cyprus International Businesses Association (CIBA) and the Bank of Cyprus announce joint Compliance Event

The following guides have been made available courtesy of EY.  2019 Worldwide Corporate Tax Guide, 2019 Worldwide VAT, GST and Sales Tax Guide, 2018-19 Worldwide TP Reference Guide all of which provide information regarding the international tax system and their respective tax practices in relation to the fiscal year 2019. 2019 Worldwide Corporate Tax Guide […]

Read MoreInternational Tax Guides – Courtesy of EY

The members of the Cyprus International Businesses Association raised the amount of EUR 2.585,00 for the Panos Evripidou Foundation, at a summer social event, held on the 18th July 2019 at La Isla in Limassol. We wish to sincerely thank the following companies that donated either via ticket purchases or donations:- Avanti Hylas 2 Cyprus […]

Read MoreCIBA Charity summer social event at La Isla 18th July 2019

What is the impact on your business – What are the next steps? Further to the amending VAT legislation (effective from 1 January 2019 & covered in our June VAT Newsletter) on the VAT treatment of vouchers, the Cyprus Tax Department (CTD) has released Circular 235 to provide clarity on a number of significant aspects […]

Read MoreKey Update from Cyprus Tax Department: Circular 235 clarifies VAT treatment of vouchers – Courtesy of EY

A CIBA delegation met with the Governor of the Cyprus Central Bank on July 16th in Nicosia. The initiative was undertaken to inform the Central Bank with regards to the specific issues faced by the International Companies operating in Cyprus. The Governor welcomed the Association and reassured us of the Central Bank’s commitment to work […]

Read MoreCIBA delegation meets with the Governor of the Central Bank of Cyprus

The Board of the Cyprus International Businesses Association took part in a one day workshop, facilitated by Human Asset – a member company of the Association – the outcome of which, will be presented to the members and public in due course.                  

Read MoreConstantly Assessing and Developing the Role of CIBA – A strategic Overview Session by the Executive Committee (to be continued)

Please be reminded that the 1st of August 2019 is the deadline for the payment of the final tax for the year 2018 for companies and self-employed individuals preparing audited financial statements. In case the tax balance is not paid by the end of the month of the deadline date (i.e. by 31 August 2019) […]

Read MorePayment of final tax for the year 2018 for companies and self-employed individuals preparing audited financial statements – Courtesy of Deloitte

On 26 June 2019 an amendment to the Special Defence Contribution (SDC) Law was published in the Official Government Gazette. According to the amendment, effective from 26 June 2019, the SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds is reduced from 30% to 3%. The reduced rate […]

Read MoreReduction of SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds – Courtesy of Deloitte

Release of circular amending eligibility criteria for VAT recovery on bad debts Refresher of the Case As previously mention in an earlier newsletter, in the case of C-127/18, the Court of Justice of the European Union (CJEU) held that a taxable person can claim back VAT on unpaid customer balances which qualify for VAT as […]

Read MoreImportant Update from the Cypriot VAT Authorities – Courtesy of EY