NEWS

Announcement from TAX DEPARTMENT re Call-off Stocks

Circular from the Tax Department: As of 01/01/2020 new procedures relating to the transport of goods to other EU-member states as Call-off Stocks have been put in place. For more information and the circular of...
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Columbia Shipmanagement Ltd And The Cyprus Marine And Maritime Institute Sign MoU For Launch Of Digital Waves Project

Columbia Shipmanagement Ltd (CSM) and the Cyprus Marine and Maritime Institute (CMMI) today signed an MOU to launch Digital Waves, which constitutes a comprehensive joint innovation programme to explore the digitalisation of certain domains of...
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Tax Facts & Figures 2020 Cyprus – Courtesy of PwC

Click the link here below to find out more regarding the tax system in Cyprus updated January 2020. https://www.pwc.com.cy/en/publications/assets/tax-facts-figures-2020english.pdf
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Increase of the limit for certain allowances for individuals from one-sixth 1/6 to one-fifth 1/5 – Courtesy of Deloitte

On 19 December 2019, an amending Income Tax Law (ITL) was published in the Official Gazette, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income....
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Deemed Dividend Distribution as at 31 December 2019 – Courtesy of Deloitte

We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that apply on 31 December 2019. What profits are within the scope of the...
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Cypriot Tonnage Tax scheme re-approved by EU Commission for 10-year period as of 1 January 2020 – Courtesy of EY

On 16 December 2019 the European Commission has approved under EU State aid rules, amongst others, the prolongation of a tonnage tax and seafarer scheme in Cyprus. The Commission assessed the Cyprus tonnage tax scheme...
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CIBA/BOC Compliance Event – PRESENTATIONS

The Cyprus International Businesses Association (CIBA) and the Bank of Cyprus organised a Joint Event to inform CIBA members and other stakeholders on compliance issues and the Bank of Cyprus’ compliance modality. The Central Bank...
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CIBA/BOC Compliance Event Nicosia 13/12/2019 – with photos

The Cyprus International Businesses Association (CIBA) and the Bank of Cyprus organised a Joint Event to inform CIBA members and other stakeholders on compliance issues and the Bank of Cyprus’ compliance modality. The Central Bank...
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CIBA/BOC Compliance Event Limassol 11/12/2019 – with photos

The Cyprus International Businesses Association (CIBA) and the Bank of Cyprus organised a Joint Event to inform CIBA members and other stakeholders on compliance issues and the Bank of Cyprus’ compliance modality. The Central Bank...
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CIBA 26th Annual General Meeting

The Cyprus International Businesses Association, celebrated its 26th Annual General Meeting at the Parklane Hotel in Limassol, with exclusive sponsor AMDOCS. Present at the AGM was the Site Manager of Amdocs, Mr. Yiannis Tinis, who...
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CIBA Financial Statements of CIBA for the year ended 31 December 2018 – Prepared by PwC

In view of the upcoming CIBA 2019 ANNUAL GENERAL MEETING, we are pleased to attach hereto the Financial Statements of our Association, as at 31 December 2018, for your consideration. The FS 2018 have been...
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Annual Returns for the year 2019 (HE32) – Courtesy of Areti Charidemou & Associates LLC

All Cyprus companies have an obligation to file to the Registrar of Companies an Annual Return (HE32), which must be accompanied by the audited financial statements of the previous year. The Annual Returns (HE32) are...
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BOP “Ship Management Report” – 1 January 2019 – 30 June 2019

We wish to inform you that the Statistics Department of the Central Bank of Cyprus has published the new “Ship Management Report”, which covers the period 1 January 2019 – 30 June 2019. The said...
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The Protocol to the Cyprus / Ukraine double tax treaty has now been ratified – Courtesy of Bakertilly

The Protocol was agreed in 2015 and was ratified by the Cypriot Government on 11 December 2015. On 30 October 2019, the Ukrainian parliament approved the ratification of the protocol. Thus, the Protocol is now...
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New administrative penalties for late filings to the Registrar of Companies – Courtesy of Deloitte

Following recent amendments to the Cyprus Companies Law, Cap. 113 (“the Law”), the Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. The imposition...
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Cyprus-Egypt sign new double tax treaty – Courtesy of PwC

The Cyprus Ministry of Finance has announced that Cyprus and the Arab Republic of Egypt signed a new double tax treaty on 8th October 2019. For further information click on the link below:- PwC direct-tax-update-n-12-2019-cyprus-egypt-double-tax-treaty
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EU Blacklist Update – Courtesy of KPMG’s EU Tax Centre

The EU blacklist, first adopted on December 5, 2017, is part of the EU’s effort to clamp down on tax avoidance and harmful tax practices. Out of the ninety-two jurisdictions initially chosen for screening, seventeen...
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2018 Income Tax Return (Form T.D.4) for Companies – Courtesy of EY

The Cypriot Tax Department has published the 2018 income tax return for companies. The only difference between the 2018 and 2017 income tax return template is an addition made in Part 3 – “Computation of...
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CIBA Agreement with CIIM – 10 Partial Scholarships for CIBA Company Members for MBA and MSc in Financial Services

It is CIBA’s stated aim to provide tangible value to its member companies and even more so in the field of Education. To this end, CIBA announces its agreement with the Cyprus International Institute of...
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BREXIT – Meeting organised by British High Commission

The General Secretary of CIBA Mr. Andreas Pishias together with other key associations and members of the business community in Cyprus met with the British Government’s Secretary of State for Exiting the European Union The...
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