On 14 October 2016, the House of Representatives enacted into law significant amendments to Cyprus’s “IP regime”. The amendments introduced in the Income Tax Law (ITL) were published in the Gazette on 27 October 2016 and provide for the gradual phase out of the current IP regime and the introduction of a new IP regime […]
Read More27 OCTOBER 2016-AMENDMENTS TO CYPRUS’S IP REGIME-COURTESY OF DELOITTE
The Norwegian Business Association Cyprus in collaboration with the Cyprus International Businesses Association, organised an event at the Four Seasons Hotel, in Limassol with speaker Tim Dodson the Executive Vice President, of Statoil entitled “Statoil – a major supplier of gas to Europe” on Tuesday 11th October 2016. Statoil is an international energy company with […]
Read MoreCIBA/NBAC EVENT – STATOIL PRESENTATION BY TIM DODSON
CIBA members and guests welcomed Mr. Spyros Kokkinos, the Registrar of Companies and Official Receiver, to inform them on the recent and forthcoming developments at the Company Registrar Office and their impact on the international businesses and their professional advisors on Tuesday 27th September 2016 at the Four Seasons Hotel in Limassol. The full presentation […]
Read MoreCIBA PRESENTS MR. SPYROS KOKKINOS COMPANY REGISTRAR
The Council of Ministers approved on September 13 the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/ investors. In statements to the press on September 14, Minister of Finance Harris Georgiades noted that the revision of the scheme aims to encourage real investments that would benefit the economy, Cyprus News Agency reports. The government, […]
Read MoreREVISED SCHEME FOR CITIZENSHIP TO NON-CYPRIOT INVESTORS
ESA Open Invitation To Tender – AO8770 Title: FIRST CALL FOR OUTLINE PROPOSALS UNDER THE PLAN FOR EUROPEAN COOPERATING STATES (PECS) IN CYPRUS Open Date: 19/09/2016 Closing Date: 11/11/2016 13:00:00 Reference Nr.: 16.179.03 Prog. Ref.: PECS CYPRUS press-release-greek-esa-cyprus-ecs-agreement-pecs-1st-call-19092016 esa_corporate_presentation_en
In July 2016 the Tax Department issued Circular 2016/10 aiming to provide further clarity on the definition of relevant terms and guidance on the practical application of NID. In summary, Circular 2016/10 provides the following: further guidance on the definitions of ‘new equity’ and ‘NID interest rate’; the introduction of scheduling for the purpose of […]
Read MoreJULY 2016 – NOTIONAL INTEREST DEDUCTION- COURTESY OF PWC
Within the scope of their social contribution to the business community , CIM in cooperation with the Cyprus International Businesses Association (CIBA), have proceeded to award 1 full and 1 partial (50%) scholarship, totalling 9,900 Euros, for the internationally acclaimed CIM Master in Business Administration (12 months FT / 24 months PT). CIM and CIBA […]
On 14 July 2016, the House of Representatives approved changes to the Immovable Property (IMP) Tax Law. The amendments, which were published in the Official Government Gazette on 25 July 2016, reduce the immovable property tax burden for tax year 2016 by up to 75% and abolish the immovable property tax as from 2017. Tax […]
Read More27 JULY 2016 – IMMOVABLE PROPERTY TAX 2016 – COURTESY OF DELOITTE
On 30 June 2016 the Cyprus Government announced that negotiations for a revised DTT between Cyprus and India have been completed and agreement reached upon the text. The announcement sets out that the revised DTT includes provisions for source based taxations for capital gains from the alienation (disposal) of shares with a “grandfathering” provision for investments undertaken prior to 1 April […]
Read More30 JUNE 2016 – CYPRUS AND INDIA NEGOTIATIONS FOR REVISED DTT – COURTESY OF PWC
On Thursday 16th June 2016 CYBARCO Development Ltd., invited the CIBA members to participate in a tour of the newly completed show office of the Oval building. The show office was situated on the 5th Floor of the Oval’s 16 floor building and boasted spectacular sea views even at that level. Those present, were informed that it […]