Cyprus: VAT rates increased
Cyprus has increased the standard value added tax rate from 18% to 19%, while the 8% reduced rate was increased to 9%, from 13 January 2014. The standard rate applies to 80% of goods and services, percent, while reduced rate applies to accommodation
See MoreIndia is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreCyprus: VAT rate increases
From the 13 January 2014 there will be some changes to the VAT rates in Cyprus as follows: Standard rate of VAT increased to 19% from 18%; Reduced rate of VAT increased to 9% from 8%; and The super reduced and zero rates will remain
See MoreCyprus disagree with OECD forum report regarding “Non-Compliant” Tax Rating
The OECD forum released a compliance ratings report on Tax Transparency and Exchange of Information assessing the legal and regulatory frameworks in the jurisdiction and how these are executed. The meeting was held in Jakatra focusing 50
See MoreDTA between Cyprus and Portugal
The Cyprus and Portugal signed a double taxation agreement and this agreement will become effective from January 1, 2014, after the entry into force of the agreement on August 16,
See MoreCyprus – Effort to Resolve India Tax Treaty Suspension
The government of Cyprus is taking the initiative to resolve matters regarding the suspension of provisions within the tax treaty with India. The Indian government suspended the provisions of the 1994 tax agreement on 1 November 2013, with Cyprus
See MoreCyprus and India held negotiations towards a revision of DTA
Cyprus and India held negotiations towards a revision to the countries’ double taxation agreement (DTA), to incorporate provisions on tax information exchange. The discussions continued over three days concluding on November 28,
See MoreCyprus and Ukraine finalize the procedures to bring new treaty into force
The Inland Revenue Department of the Ministry of Finance of Cyprus issued Circular No. 2013/16 on 23 September 2013, expressing that Cyprus and Ukraine have both completed all the procedures required to bring into force the new Double Tax Treaty
See MoreCyprus amends Property Tax
The Government of Cyprus has declared details plans to amend the country’s Immovable Property Tax (IPT), exempting the lowest-valued properties. At present, the property tax in Cyprus is based on valuations made on 1 January 1980. If the
See MoreCyprus: Tax treatment of loan write-off by a financial institution
Recently guidance with respect to the tax treatment of a loan write-off by a financial institution, for the benefit of the borrower, has been issued by the tax authority of Cyprus. According to Circular 2013/14 of 30th May 2013, a partial or
See MoreRussia: Elimination of Cyprus from the ‘Black List’
The Ministry of Finance of the Russian Federation has removed Cyprus from the 'Black List' that applies for the purpose of certain tax provisions and it effects from 1 January 2013. Dividends paid from Cyprus companies to Russian companies will be
See MoreTreaty between Cyprus and Finland enters into force
On 28 April 2013, the double tax agreement that was signed on 15 October 2012 between Cyprus and Finland will enter into force. The treaty generally follows the provisions of the OECD Model. Under the treaty the maximum withholding tax rate on
See MoreTreaty between Finland and Cyprus signed
Finland and Cyprus signed an agreement on 15 November 2012 in Nicosia for the avoidance of double taxation, with both sides pointing out its significance for facilitating investments and strengthening bilateral ties. The agreement generally follows
See MoreSpain and Cyprus initial a DTA
On November 27, 2012, according to the Spanish government, Spain and Cyprus initialled a double taxation agreement
See MoreDTA between Portugal and Cyprus
According to the Cypriot Ministry of Foreign Affairs, on November 19, 2012, Portugal and Cyprus signed a double taxation agreement
See MoreDTA between Cyprus and Finland
The Cypriot Embassy in Copenhagen announced on November 16 that Cyprus and Finland signed a double taxation agreement (DTA) on November 15,
See MoreUkraine and Cyprus signed a Protocol to amend their DTA
On November 7, 2012, Ukraine and Cyprus signed a Protocol to amend their double taxation agreement
See MoreDTA between Ukraine and Cyprus
On November 5, 2012, Ukraine's Cabinet approved the signature of a draft double taxation agreement (DTA) with
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