News

CIBA was a proud supporter of the CYPRUS IT FORUM where 300+ IT businessmen, investors and government officials got together to discuss the micro- and macro developments in the IT industry. This year the speakers were the CEO’s from the Cyprus largest international IT companies (Nexters Global, Servers.com, Haxus AI Incubator) and world famous guest […]

Read MoreCIBA SUPPORTED THE CYPRUS IT FORUM held at the Parklane Hotel in May 2019

As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers established the “Cyprus Investment Programme”.

Read MoreCyprus Investment Program 15.05.2019

As per the Assessment and Collection of Taxes Law, every company or individual (who derives income other than from emoluments) must pay before 31 July 2019 an estimate of the taxable profit for (corporate) income tax purposes and the resulting tax liability for the year 2019. Even though according to the law, the due date […]

Read MorePayment of temporary tax for the tax year 2019 and final tax for the tax year 2018 – Courtesy of EY

CIBA was honoured to participate at the roundtable discussions, held on the current Cyprus Banking Reform, organised by The School of Business and Management of UCLan Cyprus.

Read MoreCIBA participates at the UCLAN Roundtable Discussion – The Cyprus Banking Reform: An opportunity to refine the Banking System?

Significant Amendments affecting a number of Cypriot businesses The Cyprus House of Representatives passed amendments to the VAT Law as well as issued Regulations which set out the changes in the VAT treatment of vouchers as well as telecommunication and electronically-supplied services to end users. As per the law and in line with the EU […]

Read MoreVAT Treatment of Vouchers and Updates relating to Telecom / Electronic Services – Courtesy of EY

On 15 May 2019, Cyprus signed a tax treaty with Kazakhstan which was published in the Gazette on 24 May 2019. This is an important development as Kazakhstan is the 9th largest country in the world, the largest of the former Soviet republics (excluding Russia) and a growing economy. The tax treaty is based on […]

Read MoreCyprus – Kazakhstan tax treaty signed and published – Courtesy of Deloitte

Cyprus Tax Facts 2019 – PwC https://www.pwc.com.cy/en/publications-newsletters/tax-facts-figures.html  

Read MoreCyprus Tax Facts 2019 – Courtesy of PwC

The Tax Department issued two interpretative circulars providing certain clarifications with regard to the Informative booklet on Benefits in Kind which was issued in October 2018. The first circular provides clarifications regarding the below provisions included in the Informative booklet on BIK: Paragraph 2.3 of Informative booklet on BIK – Keeping of Records The Tax […]

Read MoreUpdates on Benefits in Kind – Courtesy of EY

Important CJEU Update: Recovery of VAT on qualifying bad debt in cases where debtors are no longer VAT registered Action Required In case C-127/18, the Court of Justice of the European Union held that a taxable person can claim back VAT on unpaid customer balances which qualify for VAT as bad debts, even if the […]

Read MoreImportant CJEU Update: Courtesy of EY