Loading...
topic
HOME  /  BRIEFINGS

BRIEFINGS

Various amendments have been published in the Cyprus Official Gazette effective as from the 20th of August 2020 (unless specified otherwise).
The Council of Ministers has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment to the island.
Certain provisions of the Assessment & Collection of Taxes Law 4/78 were amended by Law 126(1) of 2020 and were published in the Official Gazette on 20.08.2020.
Stamp duty is payable on all agreements and documents which involve any property situated in Cyprus as well as and/or matters or things taking place in Cyprus.
Cyprus and Russia have just agreed on an amendment of the double taxation agreement between the two countries. The Russian government assured the withdrawal of the termination procedures of the Convention.
An updated agreement for the elimination of double taxation on income and on capital has been signed between Cyprus and the United Kingdom.
The European Union has published on 23.01.2018 a new blacklist of tax havens, naming only 9 countries out of the 92 included initially.
On 03/01/2018, the governments of Cyprus and Saudi Arabia signed an agreement for the Avoidance of Double Taxation (the DTT). 
The double tax treaty (DTT) between Cyprus and Ethiopia signed in December 2015 entered into force on 18 October 2017 as per recent update of the Cyprus Ministry of Finance. 
The European Union has published its blacklist of tax havens, naming 17 countries out of the 92 included initially.
On 29.06.2016 the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has been effectively completed.
A DTT between Cyprus and Luxembourg was signed on 8.5.2017. The DTT will come into effect from 01.01 of the year following the year in which all legal formalities to bring the treaty into force are finalised.
The Registrar of Companies announced on 16.8.2016 that as per Law N.89(I) of 2015 which amends the Companies Law Cap.113...
The House of Representatives of Cyprus voted on the 14th of July 2016 the following changes relating to immovable property tax.
Companies registered in Cyprus that do not proceed with the payment of the annual levy of €350 on time will be liable to penalties.
On 24/05/2016 the Republic of Cyprus entered for the first time into a Double Tax Treaty (DTT) with the Republic of Latvia. This is the 60th Double Tax Treaty entered into by Cyprus. The DTT was formally approved by Cyprus on 03/06/2016 and was signed by the relevant Ministers of each country. 
The Agreement for the Avoidance of Double Taxation between Cyprus and Lithuania was signed on the 21st of June 2013 and, after the exchange of the relevant notifications, the Agreement was entered into force on the 17th of April 2014.
The new double tax treaty between Cyprus and Spain that was signed on February the 14th, 2013 enters into force on 1st of January 2015. The new treaty was expected originally to come into force on the 1st of January 2014 however since there was no official exchange of the ratified documents between the Governments of Spain and Cyprus, this was postponed.