Advance tax rulings can be valuable to taxpayers since they provide comfort on how the tax framework applies to a particular transaction. In October 2015 the Tax Department issued a circular setting out a new procedure for obtaining advance tax rulings. Following this, on the 26.04.2016, the Tax Department announced that administrative fees will now…
In order to facilitate and encourage the restructuring of non-performing loans the Cyprus tax laws were amended to temporarily exempt loan restructurings from tax. The amendments are applicable up to 31.12.2017. The amending legislation was published in the Cyprus Government Gazette on 31.12.2015. The amendments affect the Income Tax Law; the Capital Gains Tax Law;…
Property Transfer fees are imposed by the Department of Land and Surveys in order to transfer ownership of preoperty to the name of the purchaser. The transfer fees are due for payment when the transfer of the title deed in the name of the purchaser takes place. The Purchaser is solely responsible for the payment…