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Cyprus is one of the fastest growing European investment fund destinations. The major attractions for investors include the island`s established expertise being an international business centre, the competitive costs, a solid network of tax treaties, the strong ties to key markets such as Russia, the CIS, and CEE, it`s close proximity to the Middle East…
On the 25.07.2014 Cyprus and Switzerland signed an avoidance of double taxation agreement and relevant protocol. A Finance Ministry press release said, that the new agreement will contribute to further developing trade and financial relations between the two countries as well as with other countries. The ministry further stated that maintaining, updating and signing new…
The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid…
The Cyprus government announced on the 24.02.2014 the signature of a new double taxation agreement with Norway. A statement issued stated that the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries. The statement…
Following the enactment of Law 167(I)/2012 by the Cyprus House of Parliament, as from the 13.01.2014, the standard rate of VAT has increased from 18% to 19%. With regards to reduced rate VAT, this has increased,as from 01.01.2014, from the current rate of 8% to 9%. The reduced rates of 5% and 0% VAT have…
Cyprus tax residents are liable to Special Defence Contribution (SDC) as follows: 1. Dividends Dividends paid by a Cyprus tax resident company to a Cyprus tax resident individual are paid net of 20% withholding SDC. Dividends paid by a Cyprus tax resident company to companies or to individuals who are not Cyprus tax residents are…
Under amendments to the Immovable Property Tax law, owners of immoveable property property in Cyprus are now liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January 2013, on the basis of the assessed valuation as at 1 January 1980. For subsequent tax years,…
Despite the popularity of gambling in Cyprus, government authorities have historically restricted gambling on the island. However, after much deliberation as to which model should be applied in developing this new industry, the government yesterday (18.07.2013) decided that it would issue a single license for the creation of an integrated casino resort. The Cyprus government…
The possible participation of the ENI S.p.A. in the construction of a Liquified Natural Gas (LNG) terminal in Cyprus was among the issues discussed today at the meeting between the President of the Republic, Mr Nicos Anastasiades, and a delegation from ENI, led by its CEO Paolo Scaroni. The Minister of Energy, Commerce, Industry and…
On the 8.7.2013 the Labour Minister, Zeta Emilianidou, issued several decrees relating to the extension of shop working hours in Cyprus. Up until now only shops in designated “tourist zones” were allowed to stay open later and do business on Sundays. Other shops were only entitled to remain open for business between certain hours. As…