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 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.
The Cyprus Investment Programme (CIP) has been revised and amended in August 2020. For the purpose of expediting the examination procedures, a Naturalizations Control Unit (NCU) has been established, composed of suitably trained staff of the Ministry of Interior.
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.
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.