NEWS

CIBA MEMBER – AVANTI HYLAS 2 CYPRUS LTD., SUCCESSFUL LAUNCH OF HYLAS 4 SATELLITE

Avanti Hylas 2 Cyprus Ltd,  a member company of CIBA has informed that their HYLAS 4 satellite launch was a big success, please see video here  https://youtu.be/VDEQ4U89zzU
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CIIM 20% EARLY BIRD DISCOUNT FOR ANY OF ITS GRADUATE PROGRAMMES

CIIM is delighted to announce an early-bird discount of 20% for any one of its graduate programmes (offer valid only until 20 April 2018). The Cyprus International Institute of Management (CIIM) is a non-profit international business...
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ANNOUNCEMENT – CHRIS KOUFARIS STEPPING DOWN AS GENERAL SECRETARY OF CIBA

Chris Koufaris, the General Secretary of CIBA since 2012 , has announced his decision to step down with effect 31 March 2018. Chris Koufaris, joined the CIBA Executive Committee  in 1999 and served as CIBA...
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RESULTS FOR OPAP PRIMETEL 5KM CORPORATE RACE 17 MARCH 2018 – CIBA 57 OUT OF 205 COMPANIES

As per the official results received from the OPAP PrimeTel 5KM Corporate Race, held on 17 March 2018, we are pleased to announce that CIBA came in 57 out of 205 companies, that ran in the Corporate Race....
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CYPRUS –UK SIGN NEW DOUBLE TAX TREATY (DTT) – COURTESY OF PWC

Cyprus and the UK signed a new DTT and accompanying Protocol on 22 March 2018 opening the way for new investment opportunities and further development in trade relations between the two States. Details of the...
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EXTENSION OF ACCELERATED WRITING DOWN ALLOWANCES FOR TAX PURPOSES – COURTESY OF ELIAS NEOCLEOUS & CO LLC

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...
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EU FINANCE MINISTERS AGREE ON MANDATORY DISCLOSURE FOR INTERMEDIARIES (DAC 6) – COURTESY OF PWC

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)...
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FURTHER EXTENSION OF PERIOD FOR SUBMITTING APPLICATIONS TO SETTLE TAX ARREARS BY INSTALMENTS – COURTESY OF ELIAS NEOCLEOUS & CO LLC

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...
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TAX DEPARTMENT 60-DAY TAX RESIDENCE PROVISIONS FOR INDIVIDUALS – COURTESY OF ELIAS NEOCLEOUS & CO LLC

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...
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SUPREME COURT RULES ON VAT ON PROVISION OF ACCOMMODATION SERVICES – COURTESY OF DELOITTE

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...
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IMPOSITION OF VAT ON LETTING OF IMMOVABLE PROPERTY – COURTESY OF DELOITTE

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...
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CYPRUS TAX AUTHORITIES PUBLISH 10-YEAR GOVERNMENT BOND YIELD RATES FOR NID – COURTESY OF EY

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...
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CIBA / NBAC JOINT EVENT “LIMASSOL PORT UNDER NEW MANAGEMENT”

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....
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RUSSIAN NEWS: EXTENSION OF THE CAPITAL AMNESTY DEADLINE – COURTESY OF PWC

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...
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KEY DEVELOPMENTS IN THE RUSSIAN TAX LAW – COURTESY OF PWC

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...
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VAT AND HOLDING COMPANIES – COURTESY OF PWC

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...
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PWC’S ACADEMY TRAINING PROGRAMME FEBRUARY – JUNE 2018

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...
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RIALTO FEBRUARY PROGRAM

Rialto Program February 2018 ENG Rialto Program February 2018 GREEK
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EY RELEASES 2018 CYPRUS TAX FACTS

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...
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ELECTRONIC SUBMISSION OF 2017 INCOME TAX RETURNS FOR INDIVIDUALS – COURTESY OF EY

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...
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