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George Vrikis
EU’s Intellectual Property Office Publishes Proposed Approach for Classification of NFTs and Virtual Goods
In view of the huge increase in popularity and use of Non-Fungible Tokens (NFTs) over the past few years, as well as the increasing value attached to such NFTs which ranges from a few cents and a few millions, the EU Intellectual Property Office (EUIPO) announced that it is being inundated with applications containing terms...
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On 14 July 2022, the House of Representatives passed the following amendments to the Income Tax Law (“ITL”): Amendments to articles 8(21) and 8(23) of the Law,that provide for a 20% or 50% exemption fromincome tax for individuals that take up firstemployment in Cyprus. Amendments to article 9A of the Law, that providesfor a deduction...
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Amendments To The Income Tax Law
As on the 7th July 2022, the Cyprus House of Representatives passed amendments to the Income Tax Law, as follows: Increased deduction by 20% on the actual expenditure incurred on scientific research as well as research and development. According to the new provisions of the Law, an increased deduction of 20% will be granted on...
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Update on COVID-19 Measures
In the last days, there has been a world-wide increase in all epidemiological indicators, as well as in the number of hospitalized individuals. The increase in infections is due to BA.4, BA.5 variants and their evolutionary sub-strains. Specifically, according to data from the Epidemiological Surveillance Unit of the Ministry of Health, from 25 June until...
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Transfer Pricing Requirements
Introduction of Transfer Pricing Documentation Requirements in Cyprus On 30th June 2022 the Cyprus Parliament approved the long awaited amendments to the Cyprus Income Tax Law and new Regulations to introduce Transfer Pricing (“TP”) documentation compliance obligations which closely follow the OECD TP Guidelines (as amended from time to time). The amendments to the Income...
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An important update to the Cyprus Companies Law, Cap 113, has been introduced as of the 9th June 2022, with the aim of simplifying accounting and audit practices for small size companies. These amendments shall become active upon publication in the Cyprus Gazette, and are summarized below. According the amendments of the Companies Law, companies...
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Amendments To The Special Contribution For Defence Tax
As of the 26th May 2022, the Cyprus Parliament approved amendments to the Special Defence Contribution (“SDC”) Law, whereby the SDC has been lowered to the rate of three percent (3%) relating to interest income which is derived by or from certain sources. According to the new provisions of the Law, the reduced rate will...
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Permanent Residence And Work Permits
As of the 27th May 2022, the Council of Ministers of the Republic of Cyprus has approved new Regulations governing immigration permits which can be granted to individuals coming from 3rd countries (non-EU), as follows: Aliens can be employed or reside in Cyprus, when they have an insured income of €40,000 per year, privately owned...
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Immigration Permits For Students Updated
As of the 11th May 2022, the Ministry of Labour and Social Insurance of the Republic of Cyprus, in exercising its powers under paragraph (1) of Article 24 of Foreigners and Immigration (entry conditions and residence of third country nationals with the purpose of search, studies, practice, volunteer service, student exchanges of educational programs) Law...
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Digital Nomad VISA
The Cyprus Digital Nomad Visa Scheme was introduced in Cyprus with effect from October 15, 2021, pursuant to the decision of the Council of Ministers. Central to the new Scheme’s goals is, the strengthening and promotion of Cyprus as a hub for the provision of digital and electronic services and, in achieving this, contributing to...
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