Following the implementation of Directive 2005/56/EC (Cross-border Mergers Directive) into local law by Law 2 of 186(I) of 2007, Cyprus Companies Law, Cap. 113 now provides the framework for cross-border mergers of limited liabilities companies, where at least one of the merging limited liability companies is a Cyprus company or where the limited liability company resulting from the cross-border merger is a Cyprus company.
Cyprus Companies Law, Cap 113 implemented Directive 2005/56/EC on cross-border mergers of limited liability companies (Cross-border Mergers Directive). Cyprus company provides the framework for cross-border mergers to occur between companies in Cyprus and companies from other EEA states.
Mergers result in the transfer of the assets and liabilities of one company to another and the dissolution of the first company without it going into liquidation. A merger between Cyprus companies is defined by section 30 of the Income Tax Law (Law 118(I)/2002).
The ECJ decided that a worker must be able to carry over and accumulate rights to paid annual leave when an employer does not put that worker in a position in which he is able to exercise his right to paid annual leave.
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 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…
On 4 July 2013, the Ukrainian parliament ratified the new Double Taxation Treaty between the Ukrainian and Cyprus government. The ratified treaty aims at further strengthening the business relations between Cyprus and Ukraine and will replace the old bilateral agreement dating from 1982. The new treaty is based on the general principles of the Organisation…
On 8.11.2012 the Government of Ukraine and the Government of the Republic of Cyprus signed a new convention for the avoidance of double taxation (the “Convention”). The draft of the Convention was approved by the Cabinet of Ministers of Ukraine in November 2012 and on 16.05.2013 a draft law was submitted for ratification by the…
Following a three-year investigation by the European Commission, called “purity”, Unilever and Procter & Gamble have been fined a total of 315m euros for fixing washing powder prices in eight European countries between 2002 to 2005. The cartel covered Belgium, France, Germany, Greece, Italy, Portugal, Spain and the Netherlands. The investigation followed a tip-off by…