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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...
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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...
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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...
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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...
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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.                  
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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)...
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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...
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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...
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Date and Time: 18th July 2019 – 7.30 pm Venue: La Isla, Limassol Cost per Ticket: EUR 25.00 (includes one drink with cheese platter to share and the chance to win a return ticket for 2 persons, to Dubai, with Emirates Airlines)                          ...
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CJEU Case Update of importance for Cyprus VAT practice: Does a Board Member constitute a taxable person for VAT purposes? Director Fees VAT treatment determined on factual specifics with cost savings possible The Court of Justice of the European Union (CJEU) has just released a judgment further clarifying the VAT Treatment of remuneration earned by...
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