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 Property Law Update: Accelerated procedure for granting Immigration Permit for third country nationals purchasing property in Cyprus

New guidelines have been issued by the Ministry of Interior concerning the accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intend to invest in the Republic of Cyprus.  The relevant parts of the announcement are as follows: 1.      According to the provisions of Regulation 6(2) of the Aliens…

Cyprus Tax Law Update: New Cyprus Tax Incentives Introduced

Cyprus parliament has approved a range of tax amendments. These amendmentds form part of a package of measures to improve the attractiveness of Cyprus to foreign investors and foreign businesses. The government hopes that these changes will maintain Cyprus, as the EU member state with the lowest tax rates, business friendly and open to further…

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.…