Cyprus: Tax department issues guidance relating to exchange of information with Austria

07 February, 2017

Recently the Cyprus tax department issued a guidance which is related to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information along with Common Reporting Standard (“CRS”) based

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Cyprus: Parliament approves a bill for the payment of overdue taxes by monthly instalments

07 February, 2017

The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments

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Iran ratifies the income tax treaty with Cyprus

24 January, 2017

The President of Iran signed a law, on 3 January 2017, ratifying the Cyprus - Iran Income Tax Treaty (2015). The treaty was signed on 4 August 2015. The DTT is based on the OECD Model Tax Convention on Income and on Capital of 2010 (the “OECD

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Cyprus: Tax incentives for investors in small and medium sized innovative enterprises

09 January, 2017

The Cyprus parliament has recently approved an amendment law in relation to the tax relief for investors in qualifying small and medium-sized innovative enterprises which is entered into force on 1 January 2017. According to approved law which adds

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Cyprus-India tax treaty entered into force

18 December, 2016

The Income Tax Treaty between Cyprus and India entered into force on 16 December 2016.  The agreement was signed in November 18, 2015. The treaty generally applies from 1 January 2017 for Cyprus and from 1 April 2017 for

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Cyprus: Tax department implemented electronic submission of VAT returns process

15 December, 2016

The Cyprus Tax Department has announced that it has completed implementation of the electronic registration system in the online TAXISnet service for electronic submission of VAT returns and the VIES summary table. Taxpayers are recommended to use

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Cyprus: Tax department issued a circular on provisional tax payment

15 December, 2016

The tax department of Cyprus has recently issued a circular on provisional tax payment. The department clarified that companies and self-employed individuals whose income is not subject to tax withholding by the employer are required to pay the

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Cyprus: Tax authority published circular on transfer pricing adjustment

15 December, 2016

The Cyprus Tax Department on 24 November 2016 issued Circular 2016/15 clarifying the application of article 33 of the Income Tax Law. Article 33 allows the tax authorities to adjust transactions between related parties on terms which, in the opinion

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Cyprus: Parliament approved budget for 2017

14 December, 2016

Cyprus' parliament has approved the state budget for 2017 with 28 votes in favour and 25 against on 7 December 2016. The budget provides for revenues estimated to reach EUR 6.96 billion, up 1.1% from the previous year, and EUR 7.06 billion in

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India and Cyprus signed a revised income tax treaty and Protocol

12 December, 2016

A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed on 18th November, 2016 in Nicosia, which will replace

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Cyprus: Parliament amended the tax provisions on foreign permanent establishment

11 December, 2016

The Cyprus Parliament passed on 14 October 2016 amendments to the Cyprus Income Tax Law 118/2002, as amended, relating to foreign Permanent Establishments (PEs). Treatment of foreign PEs before the amendment Prior to amendment, profits from a PE

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Cyprus: Cyprus signed on Multilateral Competent Authority Agreement

30 November, 2016

Cyprus signed the Multilateral Competent Authority Agreement (MCAA) (2016) on 1 November 2016, on the automatic exchange of Country-by-Country reports (CbC MCAA). The agreement is based on article 6 of the Convention on Mutual Administrative

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Cyprus-Latvia tax treaty entered into force

22 November, 2016

The agreement between Cyprus and Latvia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in May 24, 2016. It came into force on October 27, 2016

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Cyprus and India signed an income tax treaty

22 November, 2016

Cyprus has signed an income tax treaty with India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty was signed on 18 November 2016. The new treaty will be replaced by the existing

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Cyprus: Tax incentives for innovative and start-up companies

21 August, 2016

The Council of Ministers approved a package, on 27 July 2016, of tax incentives intended to boost innovative and start-up companies. The incentives include the package of an exemption of up to 50% of the taxable income of the investor for

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Cyprus: Government announced CbC reporting legislation

11 July, 2016

Recently the Ministry of Finance announced its intention to amend the country’s legislative framework in relation to country-by-country (CbC) reporting, following the EU Directive amending Directive 2011/16/EU. The amendments are expected to be in

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South Africa-Cyprus amending protocol entered into force

11 October, 2015

The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%

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IMF publishes letter of intent from Cyprus

28 September, 2015

The IMF has published on its website a Letter of Intent prepared by Cyprus in connection with a request for financial support. The Letter of Intent includes an updated Memorandum of Economic and Financial Policies that outlines policy Cyprus is

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