NEWS

International Tax Guides – Courtesy of EY

The following guides have been made available courtesy of EY.  2019 Worldwide Corporate Tax Guide, 2019 Worldwide VAT, GST and Sales Tax Guide, 2018-19 Worldwide TP Reference Guide all of which provide information regarding the...
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CIBA Charity summer social event at La Isla 18th July 2019

The members of the Cyprus International Businesses Association raised the amount of EUR 2.585,00 for the Panos Evripidou Foundation, at a summer social event, held on the 18th July 2019 at La Isla in Limassol....
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Key Update from Cyprus Tax Department: Circular 235 clarifies VAT treatment of vouchers – Courtesy of EY

What is the impact on your business – What are the next steps? Further to the amending VAT legislation (effective from 1 January 2019 & covered in our June VAT Newsletter) on the VAT treatment...
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CIBA delegation meets with the Governor of the Central Bank of Cyprus

A CIBA delegation met with the Governor of the Cyprus Central Bank on July 16th in Nicosia. The initiative was undertaken to inform the Central Bank with regards to the specific issues faced by the...
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Constantly Assessing and Developing the Role of CIBA – A strategic Overview Session by the Executive Committee (to be continued)

The Board of the Cyprus International Businesses Association took part in a one day workshop, facilitated by Human Asset – a member company of the Association – the outcome of which, will be presented to...
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Payment of final tax for the year 2018 for companies and self-employed individuals preparing audited financial statements – Courtesy of Deloitte

Please be reminded that the 1st of August 2019 is the deadline for the payment of the final tax for the year 2018 for companies and self-employed individuals preparing audited financial statements. In case the...
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Reduction of SDC rate applicable on interest income received by Cyprus tax resident domiciled individuals from corporate bonds – Courtesy of Deloitte

On 26 June 2019 an amendment to the Special Defence Contribution (SDC) Law was published in the Official Government Gazette. According to the amendment, effective from 26 June 2019, the SDC rate applicable on interest...
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Important Update from the Cypriot VAT Authorities – Courtesy of EY

Release of circular amending eligibility criteria for VAT recovery on bad debts Refresher of the Case As previously mention in an earlier newsletter, in the case of C-127/18, the Court of Justice of the European...
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CIBA MEMBERS UNITE TO RAISE MONEY FOR PANOS EVRIPIDOU FOUNDATION

Date and Time: 18th July 2019 – 7.30 pm Venue: La Isla, Limassol Cost per Ticket: EUR 25.00 (includes one drink with cheese platter to share and the chance to win a return ticket for...
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CJEU Case Update of importance for Cyprus VAT practice – Courtesy of EY

CJEU Case Update of importance for Cyprus VAT practice: Does a Board Member constitute a taxable person for VAT purposes? Director Fees VAT treatment determined on factual specifics with cost savings possible The Court of...
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CIBA SUPPORTED THE CYPRUS IT FORUM held at the Parklane Hotel in May 2019

CIBA was a proud supporter of the CYPRUS IT FORUM where 300+ IT businessmen, investors and government officials got together to discuss the micro- and macro developments in the IT industry. This year the speakers...
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Cyprus Investment Program 15.05.2019

As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers established the "Cyprus Investment...
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Payment of temporary tax for the tax year 2019 and final tax for the tax year 2018 – Courtesy of EY

As per the Assessment and Collection of Taxes Law, every company or individual (who derives income other than from emoluments) must pay before 31 July 2019 an estimate of the taxable profit for (corporate) income...
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CIBA participates at the UCLAN Roundtable Discussion – The Cyprus Banking Reform: An opportunity to refine the Banking System?

CIBA was honoured to participate at the roundtable discussions, held on the current Cyprus Banking Reform, organised by The School of Business and Management of UCLan Cyprus.
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VAT Treatment of Vouchers and Updates relating to Telecom / Electronic Services – Courtesy of EY

Significant Amendments affecting a number of Cypriot businesses The Cyprus House of Representatives passed amendments to the VAT Law as well as issued Regulations which set out the changes in the VAT treatment of vouchers...
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Cyprus – Kazakhstan tax treaty signed and published – Courtesy of Deloitte

On 15 May 2019, Cyprus signed a tax treaty with Kazakhstan which was published in the Gazette on 24 May 2019. This is an important development as Kazakhstan is the 9th largest country in the...
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Cyprus Tax Facts 2019 – Courtesy of PwC

Cyprus Tax Facts 2019 – PwC https://www.pwc.com.cy/en/publications-newsletters/tax-facts-figures.html  
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Updates on Benefits in Kind – Courtesy of EY

The Tax Department issued two interpretative circulars providing certain clarifications with regard to the Informative booklet on Benefits in Kind which was issued in October 2018. The first circular provides clarifications regarding the below provisions...
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Important CJEU Update: Courtesy of EY

Important CJEU Update: Recovery of VAT on qualifying bad debt in cases where debtors are no longer VAT registered Action Required In case C-127/18, the Court of Justice of the European Union held that a...
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CIBA Inaugural social event for the Cyprus International Business Week 7th – 10th May 2019

To inaugurate the 1st Cyprus International Business Week, 2019 - CIBA held a social cocktail event on the 6th May 2019
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