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.