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 […]
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 2016 an estimate of the taxable profit for (corporate) income tax purposes and the resulting tax liability for the year 2016. Tax Newsletter_Cyprus_English_June2016_Issue3v2
Read MoreJUNE 2016 – PAYMENT OF TAX FOR 2015 AND 2016 – COURTESY OF ERNST & YOUNG
Today, 26 May 2016, to European Court of Justice (ECJ) delivered its judgment in cases C-607/14 ‘’Bookit Ltd’’ and C-130/15 and C-130/15 ‘’National Exhibition Centre Ltd’’, which relate to the VAT treatment of card processing and card handling services, concerning payments by debit and credit cards and specifically whether such services qualify for the application of the VAT […]
Read MoreMAY 2016 – VAT TREATMENT OF CARD PROCESSING – COURTESY OF EY
On the 20th May 2016, the Cypriot Minister of Finance, pursuant to the powers accorded to him by means of Article 6(16) of the Assessment and Collection of Taxes Law, issued an Administrative Decree (‘’the Decree’’) relating to the application of the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (‘’CRS’’) […]
Read MoreMAY 2016 – CYPRUS ISSUES CRS DECREE – COURTESY OF EY
On 27 April 2016 the Ministry of Finance of Cyprus announced its intention to amend the legislative framework in Cyprus in relation to Country-by-Country Reporting following the draft European Union Directive amending Directive 2011/16/EU, which is expected to be approved at the EU Finance Ministers Council meeting on 26 May 2016. The amendments are expected […]
Read More28 APRIL 2016 – COUNTRY BY COUNTRY REPORTING – COURTESY OF DELOITTE
Deloitte would like to inform you that following the Decree issued by the Council of Ministers regarding the imposition of a fee for the issuance of a tax ruling (see our Tax Alert of 26 April 2016), the Tax Authorities have announced further details in relation to the practical application of the Decree. Cyprus Tax […]
Read More27 APRIL 2016 – ADMINISTRATIVE FEE FOR RULING ON TAX MATTERS – COURTESY OF DELOITTE