The Supreme Court of Cyprus, with its recent ruling dated 09.07.2020 has provided an applicant with the necessary leave to file an application against the Registrar of Companies seeking the issue of the prerogative order of Mandamus, by which the Registrar of Companies will be compelled to execute a duty that they are legally obligated to complete.
The Tax Department had recently announced various amendments to the procedure for affixing stamp duties on agreements, based on their value, effective from 27.07.20 onwards in relation to rental, employment agreements and SPAs.
The Cyprus NID rules were first introduced in the Cyprus Tax Law in 2015. According to these rules, tax resident companies & Cyprus permanent establishments (PE) of non-tax resident companies are entitled to NID upon the introduction of new equity employed in the production of taxable income.
The Tax Department issued on the 22nd June 2020 a new circular, according to which the special allowances of unemployment, under partial and complete suspension, sick leave, child care and self-employed, again under partial and complete suspension, will not be taxed and thus will not be included in the 2020 individual Tax Return.
The Government of Cyprus issued in March some formal announcements with the aim of supporting Cyprus companies which have been affected by the restrictive measures imposed and due to the spread of COVID-19.
Despite the difficult times Cyprus Justice faces due to COVID-19 and the measures taken for the partial postponement of the Cyprus Courts operations, on 7/4/2020, in cooperation with a premium Ukrainian law firm, we managed to issue an ex-parte Interim Freezing Injunction on behalf of a high net worth Ukrainian national.
Cyprus Justice has been undoubtedly one of the biggest victims of COVID-19, mainly because of the absence of any national regulations providing for the use of technology means for the accomplishment of a more effective Justice that could be of major assistance in light of the Supreme Court announcement of 16.03.2020 re the partial suspension of the Cyprus Courts operations, thus resulting to the suffocation of Justice in Cyprus.
The UK government on 23.01.2019 announced it had reached an out-of-court settlement to the tune of £1m over claims by 33 EOKA veterans who sued the UK government for torture whilst in detention during the 1955-1959 insurgency.
The Council of Ministers, in an effort to further improve the Cyprus Investment Program, with its decisions dated 9.1.2018 and 21.5.2018, has proceeded with the establishment of the Supervisory and Control Committee and the creation of a Register of Cypriot Investment Program Providers.