News & Views

Mandatory electronic submission of 2017 Income Tax Returns for Individuals As a result of a recent amendment of the Income Tax Law, as of tax year 2017, the Income Tax Return of an individual can only be submitted electronically. For the purposes of electronic submission of Income Tax Returns, an individual should be registered with […]

Read MoreELECTRONIC SUBMISSION OF 2017 INCOME TAX RETURNS FOR INDIVIDUALS – COURTESY OF EY

                  Thanos Leonidas of Self Growth Insurance Consultants Ltd. (CNP Cyprialife) a member company of CIBA gave an interest interview in AFISHA BIZ entitled “Secure your Financial Freedom” Click here to read the full article Thanos

Read MoreSECURE YOUR FINANCIAL FREEDOM – BY THANOS LEONIDA, SELF GROWTH INSURANCE CONSULTANTS LTD.

TRAIN YOUR STAFF TO BE YOUR LAST LINE OF DEFENCE Technology often falls short in stopping a hacker from accessing your company via a phishing email or a phone call using social engineering. When this happens the last line of defence for your company is your employees! How aware of Cyber risks are they and could […]

Read MoreCIBA MEMBERS DISCOUNTED OFFER ON CYBERSECURITY TRAINING

VAT on Immovable Property Update: Circulars on the Implementation Further to the amending VAT legislation (details in our November VAT Newsletter) on building land and immovable property leasing, Cyprus House of Parliament and Tax Department have released Regulations and Circulars respectively, clarifying the applicability of VAT imposition on non-developed land as well as on commercial […]

Read MoreVAT ON IMMOVABLE PROPERTY UPDATE – COURTESY OF EY

31st of January 2018 is the last payment date for: • The 2nd instalment of the 2017 Provisional tax (in case no revised Provisional Tax (form TD6) was submitted on 31st of December 2017) • Special Contribution for Defence with regard to deemed dividend distribution of the year 2015 Deemed distribution does not apply in respect of […]

Read MoreTAX REMINDER BY EY

On 3 January 2018, Cyprus signed a tax treaty with Saudi Arabia. The tax treaty is based on the OECD Model Convention and its main provisions are briefly outlined below: Dividends: No withholding tax (WHT) on dividends, if the beneficial owner (BO) is a company which holds directly or indirectly at least 25% of the […]

Read MoreTAX TREATY SIGNED WITH SAUDI ARABIA – COURTESY OF DELOITTE

The Cyprus-Russian Business Association authorized EY Cyprus to conduct the first survey, Russia Doing Business in Cyprus 2017 – Measuring Quality and Efficiency. The full survey report can be read here: ey-russian-report

Read MoreEY AND CYPRUS-RUSSIAN BUSINESS ASSOCIATION, LAUNCH FIRST RUSSIAN BUSINESS STUDY REPORT

On 5 December 2017, the ECOFIN Council published its conclusions on the EU common list of (third country) non-cooperative jurisdictions in tax matters, also referred to as the ‘blacklist’. This initiative forms part of the EU’s broader agenda on furthering tax transparency, fair taxation and the implementation of anti-BEPS measures with the dual aim of […]

Read MoreECOFIN PUBLISHES EU LIST OF THIRD COUNTRY NON-COOPERATIVE JURISDICTIONS IN TAX MATTERS (‘BLACKLIST’) – COURTESY PWC

The Cyprus tax authority (CTA) opened on 14 November 2017 a public consultation on Cyprus’ transposition into national law of the two EU Directives on anti-tax avoidance (ATAD1 & ATAD2). The CTA has published, in the Greek language, the wording of an initial draft bill (the Consultation Document) and seeks comments and suggestions in order […]

Read MoreCYPRUS’ PUBLIC CONSULTATION ON THE EU’S ANTI-TAX AVOIDANCE DIRECTIVES – COURTESY OF PWC