NEWS

The Cyprus Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased during the years 2012 to 2014 inclusive. The annual writing down allowance for plant and...Read More

On 13 March 2018 the ECOFIN Council (composed of the EU-28 Finance Ministers) reached political agreement on a Council Directive amending Directive on administrative cooperation in the field of taxation (commonly referred to as DAC)...Read More

Further extension of the period allowed for submitting applications to settle tax arrears by instalments The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly...Read More

The Cyprus Tax Department has issued a circular setting out guidance on the new tax residence provisions for individuals introduced by Law No.119(I)/2017. With effect from 1 January 2017 individuals who meet all the following...Read More

On 27 September 2017, the Cyprus Supreme Court issued its decision in a case involving the application of VAT to ‘commitment contracts’ in the hotel sector where tour operators do not use all the pre-booked...Read More

As from 13 November 2017, Cyprus VAT at the standard rate of 19% is imposed on the letting of immovable property. The relevant legislation was published on 13 November 2017 and on 2 January 2018...Read More

The Cypriot Tax Department issued an announcement on 14 February 2018 to inform taxpayers of the 10-year government bond yield rates as at 31 December 2017 for a number of countries (set forth in the...Read More

The Cyprus International Business Association in collaboration with the Norwegian Business Association Cyprus, organised with great success an event entitled “Limassol port under new management”, with speaker Lazaros Charalambous, the Commercial Manager of DP World....Read More

This is to inform you of the bills on tax amnesty providing for the extension of the capital amnesty deadline, which have passed their third reading in the Russian State Duma. The bills introduce the...Read More

This is to inform you of the most important changes in the Russian tax legislation introduced by the Federal Tax Service of Russia (which have come into effect as from 01/01/2018) as well as the...Read More

On 9 January 2018, the TAX Authority has released Circular 222 which provides the Tax Authority’s interpretative guidance on the interaction between holding companies and VAT. In particular, the Circular reconfirms the decided ECJ principles...Read More

PwC’s Academy is pleased to announce the new Training Programme for the period February – June 2018. For more information regarding the PwC Training Programmes please click here PwC Training program_1st semester 2018 For the registration...Read More

Rialto Program February 2018 ENG Rialto Program February 2018 GREEKRead More

We are pleased to share with you EY’s latest Cyprus Tax Facts guide – in English – which provides information regarding the Cypriot tax system based on the Cypriot legislation and tax practices, in relation to...Read More

Mandatory electronic submission of 2017 Income Tax Returns for Individuals As a result of a recent amendment of the Income Tax Law, as of tax year 2017, the Income Tax Return of an individual can...Read More

                  Thanos Leonidas of Self Growth Insurance Consultants Ltd. (CNP Cyprialife) a member company of CIBA gave an interest interview in AFISHA BIZ entitled “Secure your Financial Freedom” Click...Read More

TRAIN YOUR STAFF TO BE YOUR LAST LINE OF DEFENCE Technology often falls short in stopping a hacker from accessing your company via a phishing email or a phone call using social engineering. When this happens...Read More

We’re pleased to announce that Mrs. Doxia Nikia, Director of D.D. Fidelity Associates Ltd., has been appointed as the new President of CIBA, effective immediately. Mrs. Doxia Nikia who has been a member of the...Read More

VAT on Immovable Property Update: Circulars on the Implementation Further to the amending VAT legislation (details in our November VAT Newsletter) on building land and immovable property leasing, Cyprus House of Parliament and Tax Department...Read More

31st of January 2018 is the last payment date for: • The 2nd instalment of the 2017 Provisional tax (in case no revised Provisional Tax (form TD6) was submitted on 31st of December 2017) • Special Contribution...Read More