On 8 November 2012, the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (“the Treaty” or “the Convention”) as well as the Protocol to the Convention (“the Protocol”) have been signed in Nicosia. The Treaty is to replace the... read more →
Nov
25
Sep
14
On the 26th of August 2011 the Cyprus House of Representatives voted, as a first package of austerity measures, a number of amendments to tax legislation for the purpose of raising revenues and reducting government spending and expenditures. These changes relate to increasing various taxes, introducing a levy for all... read more →
Apr
11
The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law (“the Law”) and the amendments were published in the Official Gazette of the 23rd of March 2012. The new Law is a step forward in rendering Cyprus a... read more →
Apr
06
In March 2012, the Cypriot VAT authorities issued new guidelines on Yacht Leasing Scheme making Cyprus as one of the most attractive jurisdictions for yacht registration in the EU. Based on this scheme, the effective VAT rate for yacht registration in the EU can be reduced to as low as... read more →
Apr
03
Globalization, the enlargement of EU, the increasing need to encourage cooperation between companies of different Member States and to adjust to nowadays standards, let the EU Council to adopt Directive 2005/56/EC in September 2005 on Cross-Border Merger to create a stable ground monitoring the EU territory. Commission’s first attempt to... read more →