On the 11th of June 2013, the European Commission published a proposal for a Directive facilitating claims for damages in national courts by victims of infringements of EU competition law. Violations of infringements of EU competition law include anti-competitive agreements between competitors, such as a price-fixing cartel, and abuses by individual companies of their dominance in…
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…
Following the amendment of the Immovable Property Tax Law (No. 24/1980) on the 30.04.2013 by Law 33/2013 , all owners of property in Cyprus are now liable to pay an annual tax to the Inland Revenue based on their aggregate property holdings as of the 1st of January each year, on the basis of the…
Following the Cyprus government announcement of 25 March 2013 that Laiki Bank (Cyprus Popular Bank) and Bank of Cyprus Plc will be restructured, Theodorou Law is currently advising a number of high net individuals and companies, both local and international, on their potential rights to seek legal redress for the negative financial impact caused to…
Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of complex and challenging disputes. We have experience and have gained a reputation in particular for recovering assets and preserving assets in cases of allegations of fraud. Over the last few months we have sought and obtained numerous freezing and disclosure orders…
Cyprus’ National Betting Authority (NBA) has issued a blacklist of some 270 online gambling sites to the country’s internet service providers (ISPs) have been ordered to block. The ISP`s have been given 72 hours notice to block access to the black listed sites, which under the new provisions of the law, are considered as offering…
US Noble Energy reported discovering between 141 billion to 226 billion cubic metres in Cyprus’s first attempt to find natural resources offshore in December 2011. Noble`s find was after being granted the country`s first offshore exploration license. As part of the second offshore exploration licensing round, launched by the Cypriot government in 2012, Italy`s ENI…
Following the enactment of Law 167(I)/2012 by the House of Parliament on the 6.12.2012, the standard rate of VAT in Cyprus increased from 17% to 18% from the 14.01.2013. As of the 13.01.2014 the standard VAT rate will again increase to 19%. With regards to reduced rate VAT, this will increase from 01.01.2014 from the…
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%…
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…