Chris Koufaris, the General Secretary of CIBA since 2012 , has announced his decision to step down with effect 31 March 2018. Chris Koufaris, joined the CIBA Executive Committee in 1999 and served as CIBA President during 2002 – 2007, a period marked by Cyprus entry to the EU. During this period CIBA transformed itself […]
Read MoreANNOUNCEMENT – CHRIS KOUFARIS STEPPING DOWN AS GENERAL SECRETARY OF CIBA
As per the official results received from the OPAP PrimeTel 5KM Corporate Race, held on 17 March 2018, we are pleased to announce that CIBA came in 57 out of 205 companies, that ran in the Corporate Race. We especially want to thank the runners from our member company Albatross Adjusters Limited, who claimed the first 5 positions for our […]
Read MoreRESULTS FOR OPAP PRIMETEL 5KM CORPORATE RACE 17 MARCH 2018 – CIBA 57 OUT OF 205 COMPANIES
Cyprus and the UK signed a new DTT and accompanying Protocol on 22 March 2018 opening the way for new investment opportunities and further development in trade relations between the two States. Details of the new DTT may be found in the newsletter Pwc N-5-2018
Read MoreCYPRUS –UK SIGN NEW DOUBLE TAX TREATY (DTT) – COURTESY OF PWC
The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and machinery was doubled from 10 percent to 20 percent (if a higher rate than 20 percent applied to the category […]
On 13 March 2018 the ECOFIN Council (composed of the EU-28 Finance Ministers) reached political agreement on a Council Directive amending Directive on administrative cooperation in the field of taxation (commonly referred to as DAC) as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (RCBAs) in […]
Further extension of the period allowed for submitting applications to settle tax arrears by instalments The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including: • […]
The Cyprus Tax Department has issued a circular setting out guidance on the new tax residence provisions for individuals introduced by Law No.119(I)/2017. With effect from 1 January 2017 individuals who meet all the following conditions in respect of a given tax year will be deemed to be tax-resident in Cyprus: •They are physically present […]
On 27 September 2017, the Cyprus Supreme Court issued its decision in a case involving the application of VAT to ‘commitment contracts’ in the hotel sector where tour operators do not use all the pre-booked rooms. Facts The hotels and tour operators had entered into agreements on a commitment basis. Based on the provisions of […]
Read MoreSUPREME COURT RULES ON VAT ON PROVISION OF ACCOMMODATION SERVICES – COURTESY OF DELOITTE
As from 13 November 2017, Cyprus VAT at the standard rate of 19% is imposed on the letting of immovable property. The relevant legislation was published on 13 November 2017 and on 2 January 2018 the Cyprus VAT Department released Interpretative Circular 220, which clarifies the following aspects of the new law with regards to […]
Read MoreIMPOSITION OF VAT ON LETTING OF IMMOVABLE PROPERTY – COURTESY OF DELOITTE
The Cypriot Tax Department issued an announcement on 14 February 2018 to inform taxpayers of the 10-year government bond yield rates as at 31 December 2017 for a number of countries (set forth in the table below), with respect to the Notional Interest Deduction (NID) regime. These yield rates shall be used to determine the […]
Read MoreCYPRUS TAX AUTHORITIES PUBLISH 10-YEAR GOVERNMENT BOND YIELD RATES FOR NID – COURTESY OF EY