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N. Pirilides & Associates LLC

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BRIEFINGS

There are now fewer than 30 working days until the Transitional Period for Brexit is due to come to a conclusive end. In this briefing, we attempt to provide in short what British nationals would need to consider and the options they have, especially if they have or are thinking of setting up a business in an EU country.
The GDPR impacts and influences the medical industry as it introduces a higher level of protection of information in relation to the health of a patient. The GDPR will significantly change the way healthcare institutions use and store all their personal information.
Transfer pricing are the prices at which associated entities, such as subsidiaries and group companies, transfer goods, services and other intangible and tangible assets between each other.
The government of Cyprus announced yesterday the Council of Ministers’ decision to  abolish the citizenship through investment programme (CIP) in its current form.  The programme will be abolished from November 1st.
Ο Κανονισμός (ΕΕ) 2016/679 του Ευρωπαϊκου Κοινοβουλίου και του Συμβουλίου της 27ης Απριλίου 2016 για την προστασία των φυσικών προσώπων έναντι της επεξεργασίας των δεδομένων προσωπικού χαρακτήρα και για την ελεύθερη κυκλοφορία των δεδομένων αυτών, Γενικός Κανονισμός για τη Προστασία Δεδομένων (ΓΚΠΔ) έχει τεθεί σε εφαρμογή στις 25 Μαΐου του 2018.
The Cyprus Stamp Duty Law (the “Law”) provides that stamp duty is payable on any document which concerns any property situated in the Republic of Cyprus or matters or things to be executed or done in the Republic of Cyprus, irrespective of the place of execution of the document.
The Commissioner for Personal Data Protection announced on 13/07/2020 that investigations are to be initiated and conducted in the form of data protection audits.
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.
The plenary of the Cyprus Parliament has approved and passed on the 14/08/2020 the amendment to the Drugs and Psychotropic Substances Regulations of 2019 to regulate the prescription, distribution, and availability of medical cannabis.
Following the latest amendments effected in August 2020 to the Cyprus Investment Programme (CIP), a new category has been added, that of Honorary Naturalization, for reasons of public interest.
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.
It was the 2013 economic crisis in Cyprus which led to the introduction of new amendments into Cyprus Companies Law, Cap. 113, for the provision of mechanisms for the protection of businesses which were facing difficulties due to the 2013 banking crisis. 
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.