Tax Related

VAT on Immovable Property

Posted On : 04-12-2017

On 3.11.2017 there have been some changes effected in relation to the VAT legislation with regards immovable property in Cyprus.

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“60 day rule” tax residency test for individuals

Posted On : 05-09-2017

In July 2017 the Cyprus parliament voted for a Cyprus tax law amendment adding the “60 day rule” test for the purpose of determining whether an individual is a Cyprus tax resident or not.  This law amendment is effective as from 1 January 2017.

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Implementation of the Common Reporting Standard (CRS) in Cyprus

Posted On : 18-01-2016

Cyprus is one of the first countries amongst 51 jurisdictions committed to implement the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard by 2017.

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Changes to the Cyprus Tax Laws (December 2015)

Posted On : 28-12-2015

The House of Representatives voted on 10th of December 2015 the remaining changes to the tax laws which were deferred back in July 2015.

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Double Taxation Treaty between Cyprus and Norway

Posted On : 25-02-2014

Cyprus and Norway have recently (24.02.2014) entered into a double taxation agreement.

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Obligation to register with VAT

Posted On : 11-12-2013
Registration with VAT Authority
A person/company is obliged to register with VAT Authority when:
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Immovable Property Tax rates

Posted On : 20-08-2013
  • Changes in tax bands
  • Reduction in tax free allowance and increase in tax rates
  • Extension of deadline for payment of 2013 tax
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The new Cyprus - Ukraine Double Tax Treaty is closer to ratification

Posted On : 20-05-2013

On 16.5.2013 the Ukrainian government submitted a draft law to the Ukrainian parliament to ratify the new double tax treaty and Protocol between Cyprus & Ukraine, which was signed on 8 November 2012.

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VAT imposed when services rendered relate to immovable property situated in Cyprus

Posted On : 01-03-2013

The general rule is that when a firm provides legal and/or other services to a person outside the EU, these transactions are outside the scope of VAT and therefore VAT is not going to be charged/imposed.

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Cyprus Stamp Duty rates

Posted On : 03-01-2013

Stamp duty is payable on all agreements and documents which involve property situated in Cyprus as well as and/or matters or things taking place in Cyprus.

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Who qualifies as Cyprus Tax Resident?

Posted On : 14-11-2012

Income tax in Cyprus is based on the principle of "tax residence". A company is resident in Cyprus for tax purposes if its management and control are exercised in Cyprus. An individual is resident in Cyprus for tax purposes, if he/she resides therein for a period or more which in aggregate exceed 183 days in the same tax year. Cyprus tax residents are liable to tax in respect of worldwide income. Non Cyprus tax residents are liable to tax in respect of Cyprus source income only. Non Cyprus tax residents having a permanent establishment in Cyprus may opt, if it is to their benefit, to be taxed as Cyprus tax residents.

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Russian State Duma ratifies Protocol to the Double Tax Treaty between Cyprus and Russia

Posted On : 25-05-2012

The Russian State Duma has recently ratified the Protocol to the Double Tax Treaty between Cyprus and Russia, which shall now come into effect as of 1 January 2013, while particular provisions will come into force as of 1 January 2017.

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Changes in Cyprus tax measures effective as from 2011

Posted On : 30-08-2011

For the purpose of raising revenues and decreasing government spending, the House of Representatives of Cyprus voted on the 26th of August 2011, the following changes in the Tax and Company Legislation.

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Double Taxation Treaty between Cyprus and Germany

Posted On : 28-02-2011

Cyprus and Germany have signed an Agreement for the Avoidance of Double Taxation on Income and on Capital which replaces, an older Agreement of 1974 between the two States.

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Amendments to the Assessment & Collection of Taxes Laws effective as from 1.7.2011

Posted On : 18-01-2011

The following amendments have been made to the Assessment and Collection of Taxes Laws

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Amendments to the Special Contribution for the Defence Law N. 132(I) 2010

Posted On : 18-01-2011

The following amendments have been made with regards to the Special Contribution for the Defence Law with regards to:

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Tax Treatment of Royalties in Cyprus

Posted On : 01-02-2010

Companies engaged in the development of intellectual property rights and the subsequent licensing of these rights and the collection of royalties must always consider which is the best investment structure which among other factors have the least tax leakage.

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Tax Treatment of Dividends in Cyprus

Posted On : 22-01-2010

Where dividends are received from abroad, any overseas tax withheld is given as a tax credit against the tax resulting in Cyprus.

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Tax on Interest Income in Cyprus

Posted On : 15-01-2010

Interest income under the Cypriot Income tax legislation is generally exempt as provided by section 8(19) of the Cyprus Income Tax Law 118(I) 2002 as amended.

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