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
On the 13th April 2016 CIBA in collaboration with the European Institute of Management and Finance (EIMF) Presented the lecture entitled “CYBER SECURITY” – A Tale From the Trenches With speaker Dr. Dimitrios Patsos who is the Chief Technology Officer of ADACOM S.A., a leading Cyber Security solutions provider in EMEA. Dr. Dimitrios Patsos is the Chief […]
The new business class is on its way On Wednesday the 9th of December, Cybarco, Cyprus’ leading luxury property developer, hosted a themed cocktail evening with CIBA members and friends of the Association at the Carob Mill in Limassol. Themed “Limassol, an International Business Hub”, the event focused on Limassol as a new vibrant and international […]
Rakis Christoforou who is the first Certified Public Accountant (CPA) in Cyprus to be Accredited in Business Valuation (AVB) and Certified in Financial Forensics (CFF) presented the members of the Cyprus International Businesses Association with a very interesting lecture on “THE LATEST DEVELOPMENTS ON AML – ANTI-MONEY LAUNDERING, FATCA – FOREIGN ACCOUNT TAX COMPLIANCE ACT […]
On 16 December 2015, the House of Representatives enacted into laws a number of significant tax law amendments regarding loan restructurings, which were published in the Official Cyprus Government Gazette on 31 December 2015. The amendments facilitate tax free loan restructurings and aim to encourage the restructuring of non-performing loans (NPLs). Cyprus Tax News 11 […]
Read More11 JANUARY 2016 – LOAN RESTRUCTURING – COURTESY OF DELOITTE
For the purposes of the notional interest deduction (NID) the Cyprus Tax Authorities announced on 7 January 2016 (in a revised version of their initial 31 December 2015 announcement) the interest yield of the 10 year government bonds for Cyprus, India, Russia, Romania and Germany as at 31 December 2014, the relevant date for tax […]
Read More7 JANUARY 2016 – NID 2015 INTEREST RATES – COURTESY OF PWC