News

Tax Law Update: Changes in Cyprus VAT rates

On the 6.12.2012, the House of Representatives passed legislation (Law.167(I)/2012) increasing VAT rates in Cyprus. In accordance with the new law: (a) from the 14.01.2013 until the 12.01.2014, the standard VAT rate increases to 18%; (b) from the 13.01.2014 the standard VAT rate will be 19%; (c) from 01.01.2014 the reduced VAT rate of 8%…

Cyprus Gaming Law Update: New Gambling Law enacted

From independence, the Republic of Cyprus has strictly regulated the engagement in games of chance or chance and skill for money or monetary return. However, following Cyprus’s accession to the EU in 2004, online gambling service providers licensed in other EU Member States began to operate from premises in Cyprus. On  the 11.07.2012 Cyprus` parliament…

Tax Law Update: Cyprus Double Taxation Agreements

Cyprus has concluded numerous Double Tax Agreements whilst certain other agreements are pending enforcement. The main purpose of these treaties is the avoidance of double taxation on income earned in any of these countries. Under these agreements, a credit is usually allowed against the tax levied by the country in which the taxpayer resides for…

Tax Law Update: Cyprus Tax amnesty law passed

Cyprus Parliament has enacted legislation providing for the partial write-off of interest and penalties on overdue tax, provided that the balance is settled by the 31 March 2012. The newly enacted legislation applies to individuals and companies alike and affords a waiver of interest and penalties in excess of 5% of the principal amount owed.…