News

On 14 July 2017, the Cypriot Parliament approved the law amending Section 2 of the Income Tax Law (ITL) with respect to the tax residency of individuals. The amending legislation will be effective retroactively as of 1 January 2017. The relevant law implementing the new provisions took legal effect on 28 July 2017, when it […]

Read MoreAUGUST 2017 – CYPRUS INTRODUCES NEW TAX RESIDENCY RULES FOR INDIVIDUALS – COURTESY OF EY

On 27 January 2017 the Cyprus Parliament approved a new law which sets the procedure for settling overdue taxes, including interest and/or penalties arising thereon. The Cyprus government gazetted notification no. 200/2017 on this subject on 23 June 2017 and the Cyprus Tax Authorities issued an announcement on 28 June 2017. The notification specifies that […]

Read More29 JUNE 2017 – GUIDANCE FOR APPLICATION OF TAX LAW FOR SETTLEMENT OF OVERDUE TAXES – COURTESY OF PWC

What does ransomware do? There are different types of ransomware. However, all of them will prevent you from using your PC normally, and usually they encrypt all the files and data you have. They can target any PC users, whether it’s a home computer, endpoints in an enterprise network, or servers. Ransomware can: • Prevent you […]

Read MoreIMPORTANT: RANSOMWARE ATTACKS – COURTESY OF IBSCY LTD A MTN MEMBER COMPANY

We are proud to inform you that  on Wednesday 21st June 2017, at the Annual General Meeting of  the Institute of Certified Public Accountants of Cyprus (ICPAC), the President of ICPAC announced that the 2017 member award FOR OUTSTANDING CONTRIBUTION has been awarded to FRIXOS SAVVIDES. As we all know, recognition by peers is the […]

Read MoreFRIXOS SAVVIDES RECOGNISED BY PEERS AT ICPAC 2017 AGM FOR OUTSTANDING CONTRIBUTION

Cyprus and Luxembourg signed a first time Double Tax Treaty (DTT) on 8 May 2017, opening the way for new investment opportunities and trade relations between the two Countries. The text of the DTT was recently made available by the Luxembourg tax authorities. Neither county has yet ratified the DTT. The DTT will take effect […]

Read MoreJUNE 2017 – CYPRUS AND LUXEMBOURG SIGN FIRST TIME DOUBLE TAX TREATY – COURTESY OF PWC

68 jurisdictions sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS On 7 June 2017, 68 jurisdictions signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (the MLI) during a signing ceremony hosted by the Organisation for Economic Co-operation and Development (OECD) in Paris. Eight other jurisdictions […]

Read More68 JURISDICTIONS SIGN THE MULTILATERAL CONVENTION – COURTESY OF EY

FILING OF TEMPORARY TAX RETURN FOR 2017 AS PER THE ASSESSMENT AND COLLECTION OF TAXES LAW, EVERY COMPANY OR INDIVIDUAL (WHO DERIVES INCOME OTHER THAN FROM EMOLUMENTS) MUST FILE BEFORE 31 JULY 2017 AN ESTIMATE OF THE TAXABLE PROFIT FOR (CORPORATE) INCOME TAX PURPOSES AND THE RESULTING TAX LIABILITY FOR THE YEAR 2017. To read […]

Read MorePAYMENT OF TEMPORARY TAX FOR TAX YEAR 2017 & FINAL TAX FOR TAX YEAR 2016 – COURTESY OF EY

The EY report titled “Coming into focus: Tax transparency’s new normal” is designed to provide you with a series of insights and global updates on the topics of transparency and disclosure, covering national implementation of new requirements under the OECD’s BEPS Action 13, as well as a range of European and national level developments. The […]

Read MoreCOMING INTO FOCUS: TAX TRANSPARENCY’S NEW NORMAL – COURTESY OF EY

On 26 May 2017, the Cypriot Ministry of Finance issued a new decree (the Decree) on Country-by-Country Reporting (CbCR) pursuant to the powers given under Section 6 (16) of the Assessment and Collection of Taxes Law. The Decree replaces the previous decree dated 30 December 2016. The Decree provides more clarity with respect to identifying […]

Read MoreJUNE 2017-CYPRUS ISSUES NEW DECREE ON COUNTRY-BY-COUNTRY REPORTING-COURTESY OF EY

The Cyprus International Businesses Association with the support of ICPAC ( The Institute of Certified Public Accountants of Cyprus) invited the Commissioner of Taxation Mr. Yiannis Tsangaris to address the CIBA members, as well as the members of ICPAC,  at an event which was held at the Four Seasons hotel in Limassol. The event was […]

Read MoreCIBA AND ICPAC EVENT WITH SPEAKER THE COMMISSIONER OF TAXATION