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Tax
The Cyprus Parliament has passed on the 3rd November 2017 an amendment to the relevant VAT law, effectively introducing VAT imposition at the standard rate (currently 19%) to the sale of land which is for building purposes and the leasing and/or rental of business premises.
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The Cyprus Parliament has passed on the 29th September 2017 an amendment to the relevant law, effectively extending the deadline for individuals and corporations and entities to file for any apply for the scheme of settlement of taxes which are in arrears.
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Cyprus has introduced new rules with respect to establishing the tax residency of individuals, by an amendment to the Cyprus Income Tax Law passed in July 2017. It is important to note that although the law was amended in July 2017, it shall have retrospective effect as of the 1st January 2017 and as such,
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Further to the recent amendments introduced in Cyprus as to the Tax Treatment of intra-group back-to-back Financing Agreement, as of the end of June 2017 the Tax Department in Cyprus has released its Circular as to its interpretation of these new provisions. A brief summary of the interpretation to be followed by the Tax Department […]
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In continuation of the ratification of the Cyprus-Iran Double Tax Treaty in January 2017, the Cyprus Government has announced that the Cyprus-Iran Double Taxation Treaty has now entered into force and will come into effect as from the 1st January 2018.
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In accordance with relevant notification by the Cyprus Tax Department, there will be a termination of the current tax practice in relation to the minimum acceptable margins on loans granted to related parties. This decision comes as a result of the Tax Department  taking into consideration the International developments
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Earlier this month, the Cyprus government approved a new scheme aimed at attracting innovative start-ups to establish their business operations in Cyprus and thus benefit from its advantageous tax regimes offered to individuals and companies, whilst at the same time contributing to Cyprus’ economy and
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By way of Circular No. 2016/10 issued by the Cyprus Tax Authorities on the 1st August 2016, further information and clarifications were given as to the application of this Scheme and the interpretation of its various terms and definitions, which are expected to provide valuable guidance as to
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By a decision of the House of Representatives in July 2016, amendments have been made to the Immovable Property Tax Law (the “Property Tax”). The amendments have been published in the Official Government Gazette as of the 25 July 2016 and have taken effect as of that date, and
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The law firm of G. Vrikis & Associates LLC would like to inform you that in accordance with the Decree issued by the Council of Ministers regarding the imposition of a fee for the issuance of a tax ruling in late April 2016, the Tax Authorities have now announced further details in relation to the […]
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