NEWS

CHRISTMAS CHAMPAGNE GALA DINNER & AWARD CEREMONY 1ST DECEMBER 2017 FOUR SEASONS HOTEL

CIBA is pleased to announce its support of the Christmas Champagne Gala Dinner & Award Ceremony of the Russian Businesswoman of the year 2017, which is organised by the Cyprus Russia Business Association. This event will be...
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SIGNIFICANT CHANGES IN THE LEGAL REGULATION OF FOREIGN INVESTMENTS IN RUSSIAN COMPANIES – COURTESY OF PWC

This is to inform you of changes in the legal regulation of foreign investments in Russian companies. The amendments impose additional restrictions on some foreign investors in relation to assets which are considered to be...
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OCTOBER 2017 – EXTENSION OF PROCEDURE FOR SETTLEMENT OF OVERDUE TAX LIABILITIES – COURTESY OF EY

CYPRUS: EXTENSION OF THE PROCEDURE FOR THE SETTLEMENT OF OVERDUE TAX LIABILITIES Further to the EY Tax Alert issued in June 2017, relating to the new law for the settlement of overdue taxes, please be informed that the...
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CIBA MEMBER – FML SHIP MANAGEMENT LTD – CELEBRATES 10 YEARS IN CYPRUS!

Fleet Management’s Cyprus 10th Anniversary has take place on Friday 22nd September 2017 in Hilton Park, Nicosia.  An excellent party that warmed hearts and stimulated minds as its senior management team, customers, partners, government and...
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VAT OBLIGATIONS: SUPREME COURT IMPOSING IMPRISONMENT FOR DIRECTORS’ VAT CRIMINAL LIABILITY – COURTESY OF EY

VAT Obligations – Company Directors’ Liability: Supreme Court imposing imprisonment for Directors’ VAT criminal liability The Supreme Court, has announced a 4 month custodial sentence for two Directors whose entity failed to settle both accrued...
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“CONNECTING SHIPS, PORTS AND PEOPLE” – COURTESY OF WISTA INTERNATIONAL

World Maritime Day is celebrated today, 28 September 2017! “Connecting Ships, Ports and People” has been selected by the IMO as the World Maritime Day theme for 2017. The theme was chosen to provide an...
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27 SEPTEMBER 2017: VAT PAYMENTS MADE BY ELECTRONIC TRANSFER THROUGH ONLINE BANKING – COURTESY OF DELOITTE

The Cyprus Tax Department has recently announced that taxpayers from now on will be able to pay their VAT liabilities through online banking. Specifically the Tax Department has agreed with four major commercial banks (namely...
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NETSUPPORT CHOSE IBSCY AS A PARTNER FOR CYPRUS

IBSCY Ltd is pleased to announce their new partnership with NetSupport (http://www.netsupportsoftware.com). As from today IBSCY Ltd., are authorized to resell, setup, configure and maintain all software of Netsupport. For one more time, IBSCY Ltd., demonstrate their dedication on evolving,...
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PRESS CONFERENCE: MADE IN CYPRUS – THE LARGEST EXHIBITION ON CYPRUS PRODUCTS & SERVICES

Press Conference: Made in Cyprus – The largest Exhibition on Cyprus Products & services On Monday 18th September 2017, World Trade Center Cyprus held a Press Conference at the Limassol Municipality about the 4th Exhibition...
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AUGUST 2017 – CYPRUS INTRODUCES NEW TAX RESIDENCY RULES FOR INDIVIDUALS – COURTESY OF EY

On 14 July 2017, the Cypriot Parliament approved the law amending Section 2 of the Income Tax Law (ITL) with respect to the tax residency of individuals. The amending legislation will be effective retroactively as...
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29 JUNE 2017 – GUIDANCE FOR APPLICATION OF TAX LAW FOR SETTLEMENT OF OVERDUE TAXES – COURTESY OF PWC

On 27 January 2017 the Cyprus Parliament approved a new law which sets the procedure for settling overdue taxes, including interest and/or penalties arising thereon. The Cyprus government gazetted notification no. 200/2017 on this subject...
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IMPORTANT: RANSOMWARE ATTACKS – COURTESY OF IBSCY LTD A MTN MEMBER COMPANY

What does ransomware do? There are different types of ransomware. However, all of them will prevent you from using your PC normally, and usually they encrypt all the files and data you have. They can...
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FRIXOS SAVVIDES RECOGNISED BY PEERS AT ICPAC 2017 AGM FOR OUTSTANDING CONTRIBUTION

We are proud to inform you that  on Wednesday 21st June 2017, at the Annual General Meeting of  the Institute of Certified Public Accountants of Cyprus (ICPAC), the President of ICPAC announced that the 2017...
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JUNE 2017 – CYPRUS AND LUXEMBOURG SIGN FIRST TIME DOUBLE TAX TREATY – COURTESY OF PWC

Cyprus and Luxembourg signed a first time Double Tax Treaty (DTT) on 8 May 2017, opening the way for new investment opportunities and trade relations between the two Countries. The text of the DTT was...
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68 JURISDICTIONS SIGN THE MULTILATERAL CONVENTION – COURTESY OF EY

68 jurisdictions sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS On 7 June 2017, 68 jurisdictions signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (the...
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PAYMENT OF TEMPORARY TAX FOR TAX YEAR 2017 & FINAL TAX FOR TAX YEAR 2016 – COURTESY OF EY

FILING OF TEMPORARY TAX RETURN FOR 2017 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 2017 AN ESTIMATE...
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COMING INTO FOCUS: TAX TRANSPARENCY’S NEW NORMAL – COURTESY OF EY

The EY report titled “Coming into focus: Tax transparency’s new normal” is designed to provide you with a series of insights and global updates on the topics of transparency and disclosure, covering national implementation of...
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JUNE 2017-CYPRUS ISSUES NEW DECREE ON COUNTRY-BY-COUNTRY REPORTING-COURTESY OF EY

On 26 May 2017, the Cypriot Ministry of Finance issued a new decree (the Decree) on Country-by-Country Reporting (CbCR) pursuant to the powers given under Section 6 (16) of the Assessment and Collection of Taxes...
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CIBA AND ICPAC EVENT WITH SPEAKER THE COMMISSIONER OF TAXATION

The Cyprus International Businesses Association with the support of ICPAC ( The Institute of Certified Public Accountants of Cyprus) invited the Commissioner of Taxation Mr. Yiannis Tsangaris to address the CIBA members, as well as...
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AWARD FOR SERVICE TO CIBA EXECUTIVE COMMITTEE

FS thanked Philippos Antoniades and Lefkios Papadopoulos for their services to the CIBA Executive Committee and awarded them each with a plaque to commemorate their service on the board. Both Philippos Antoniades and Lefkios Papadopoulos resigned from...
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