NEWS

CIBA PRESENTS MR. SPYROS KOKKINOS COMPANY REGISTRAR

CIBA members and guests welcomed Mr. Spyros Kokkinos, the Registrar of Companies and Official Receiver, to inform them on the  recent and forthcoming developments at the Company Registrar Office and their impact on the international...
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REVISED SCHEME FOR CITIZENSHIP TO NON-CYPRIOT INVESTORS

The Council of Ministers approved on September 13 the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/ investors. In statements to the press on September 14, Minister of Finance Harris Georgiades noted that the...
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ESA BRIEFING 2016 – SPACE FOR EUROPE

ESA Open Invitation To Tender – AO8770 Title:  FIRST CALL FOR OUTLINE PROPOSALS UNDER THE PLAN FOR EUROPEAN COOPERATING STATES (PECS) IN CYPRUS Open Date:  19/09/2016 Closing Date:  11/11/2016 13:00:00 Reference Nr.: 16.179.03 Prog. Ref.: PECS CYPRUS...
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JULY 2016 – NOTIONAL INTEREST DEDUCTION- COURTESY OF PWC

In July 2016 the Tax Department issued Circular 2016/10 aiming to provide further clarity on the definition of relevant terms and guidance on the practical application of NID. In summary, Circular 2016/10 provides the following:...
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MBA SCHOLARSHIPS FROM CIM & CIBA

Within the scope of their social contribution to the business community , CIM  in cooperation with the Cyprus International Businesses Association (CIBA),  have proceeded to award 1 full and 1 partial (50%) scholarship, totalling 9,900...
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27 JULY 2016 – IMMOVABLE PROPERTY TAX 2016 – COURTESY OF DELOITTE

On 14 July 2016, the House of Representatives approved changes to the Immovable Property (IMP) Tax Law. The amendments, which were published in the Official Government Gazette on 25 July 2016, reduce the immovable property...
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30 JUNE 2016 – CYPRUS AND INDIA NEGOTIATIONS FOR REVISED DTT – COURTESY OF PWC

On 30 June 2016 the Cyprus Government announced that negotiations for a revised DTT between Cyprus and India have been completed and agreement reached upon the text. The announcement sets out that the revised DTT includes provisions...
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COMPLETED SHOW OFFICE OF THE OVAL BUILDING

On Thursday 16th June 2016 CYBARCO Development Ltd., invited the CIBA members to participate in a tour of the newly completed show office of the Oval building. The show office was situated on the 5th Floor of...
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JUNE 2016 – PAYMENT OF TAX FOR 2015 AND 2016 – COURTESY OF ERNST & YOUNG

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 2016 an estimate of the taxable profit for (corporate) income...
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MAY 2016 – VAT TREATMENT OF CARD PROCESSING – COURTESY OF EY

Today, 26 May 2016, to European Court of Justice (ECJ) delivered its judgment in cases C-607/14 ‘’Bookit Ltd’’ and C-130/15 and C-130/15 ‘’National Exhibition Centre Ltd’’, which relate to the VAT treatment of card processing and card handling...
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MAY 2016 – CYPRUS ISSUES CRS DECREE – COURTESY OF EY

On the 20th May 2016, the Cypriot Minister of Finance, pursuant to the powers accorded to him by means of Article 6(16) of the Assessment and Collection of Taxes Law, issued an Administrative Decree (‘’the...
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28 APRIL 2016 – COUNTRY BY COUNTRY REPORTING – COURTESY OF DELOITTE

On 27 April 2016 the Ministry of Finance of Cyprus announced its intention to amend the legislative framework in Cyprus in relation to Country-by-Country Reporting following the draft European Union Directive amending Directive 2011/16/EU, which...
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27 APRIL 2016 – ADMINISTRATIVE FEE FOR RULING ON TAX MATTERS – COURTESY OF DELOITTE

Deloitte would like to inform you that following the Decree issued by the Council of Ministers regarding the imposition of a fee for the issuance of a tax ruling (see our Tax Alert of 26...
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CYBER SECURITY EVENT IN ASSOCIATION WITH EIMF

On the 13th April 2016 CIBA in collaboration with the European Institute of Management and Finance (EIMF) Presented the lecture entitled “CYBER SECURITY” – A Tale From the Trenches With speaker Dr. Dimitrios Patsos who is the...
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CYBARCO THE OVAL ON THE UP

The new business class is on its way  On Wednesday the 9th of December, Cybarco, Cyprus’ leading luxury property developer, hosted a themed cocktail evening with CIBA members and friends of the Association at the Carob...
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CIBA MEMBERS MEETING MARCH 29TH

Rakis Christoforou who is the first Certified Public Accountant (CPA) in Cyprus to be Accredited in Business Valuation (AVB) and Certified in Financial Forensics (CFF) presented the members of the Cyprus International Businesses Association with...
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11 JANUARY 2016 – LOAN RESTRUCTURING – COURTESY OF DELOITTE

On 16 December 2015, the House of Representatives enacted into laws a number of significant tax law amendments regarding loan restructurings, which were published in the Official Cyprus Government Gazette on 31 December 2015. The...
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7 JANUARY 2016 – NID 2015 INTEREST RATES – COURTESY OF PWC

For the purposes of the notional interest deduction (NID) the Cyprus Tax Authorities announced on 7 January 2016 (in a revised version of their initial 31 December 2015 announcement) the interest yield of the 10...
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5 JANUARY 2016 – CYPRUS IP TAX REGIME – COURTESY OF PWC

The Ministry of Finance announce planned amendments to the Cyprus IP tax regime in line with the OECD BEPS Action 5 with maximum transitional periods. PWC Newsletter – Issue N-1-2016
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CIBA 2015 AGM

The Annual General Meeting was held on 17th November 2015 at 18.00 hrs at the Amathus Beach Hotel in Limassol. The closed session of the meeting was attended by the CIBA members and proceeded to...
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