Treaty Between Cyprus And Norway Enters Into Force
The new Income Tax Treaty between Cyprus and Norway entered into force on 8 July 2014 and its provisions will apply from 1 January 2015. Under the treaty, withholding tax on dividends is 0% if the beneficial owner is a company (other than a
See MoreCyprus agrees to exchange of information on tax with India
Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders, hoping its move, which comes amid continuing talks on amending their mutual tax treaty, will persuade India to “rescind the
See MoreCyprus and Guernsey Sign bilateral Double Tax Agreement
In order to avoid double taxation, Cyprus and Guernsey signed an Income and Capital Tax Treaty on 29 July 2014. The treaty will enter into force after the two countries exchange ratification instruments. Under the treaty, there is no withholding tax
See MoreCyprus and Switzerland Sign bilateral Double Tax Agreement
In order to avoid double taxation, Cyprus and Switzerland signed an Income and Capital Tax Treaty on 25 July 2014. The treaty will enter into force after the two countries exchange ratification instruments. Under the treaty, the following
See MoreCyprus signs the OECD Convention on Mutual Administrative Assistance in Tax Matters
Cyprus signed the CoE-OECD Convention on Mutual Administrative Assistance in Tax Matters and its Protocol on 10 July 2014. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The
See MoreIndia: Refurbish Tax Treaty with Cyprus
India is seeking an amendment to its 1994 double tax agreement with Cyprus before the territory can be out as a notified jurisdictional area. From November 2013, the Indian Government raised powers under Section 94A of the Indian Income Tax Act
See MoreCyprus and UAE Tax treaty entered into force
The income tax treaty between Cyprus and UAE became effective as of 1 January 2014. The treaty was signed on April 02, 2013. Under the treaty, there is no withholding tax on interest, royalties and dividends. Capital gains from the disposal of
See MoreCyprus: Tax Benefits for Holding Company
Cyprus has the most favourable tax system for the companies incorporated or registered under any Cyprus law, and any foreign company which carries on business or has an office or place of business (permanent establishment) in Cyprus. Now at 12.5%
See MoreTax Treaty Between Cyprus And Spain Enters Into Force
The Income Tax Treaty between Cyprus and Spain entered into force on 28 May 2014 and its provisions will come into effect on 1 January 2015. Under the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner is a
See MoreCyprus – Company incorporated, but not tax resident of Cyprus
Circular 2014/3 of March 2014 gives guidance in respect of the tax return requirements in the situation where a company is incorporated in Cyprus but is not tax resident in the country. According to the Circular companies in this position must be
See MoreCyprus – Due date for 2012 corporate return extended
According to a recent announcement of the Inland Revenue Department in Cyprus the deadline for electronic filing of corporate tax returns for 2012 has been extended and is not fixed at 30 June
See MoreDTA signed between Cyprus and Norway
The Government of Cyprus confirmed the signing of a double taxation agreement (DTA) with Norway on February 24,
See MoreCyprus – Tax guide 2014
A tax guide for 2014 has been published in Cyprus. The Tax Guide aims to provide a comprehensive introduction on the main aspects of the Cyprus Tax System for non-resident investors and corporations. The guide is of use to potential investors in
See MoreCyprus to cut tax appeal waiting time
Cyprus's Justice Minister has promised that a new Administrative Court due to open in September will cut the waiting time for tax appeals. Tax cases currently take two years to process in the Supreme Court, but the time required to hear a case will
See MoreCyprus and Norway: DTA signed
Cyprus and Norway have signed a Double Taxation Agreement on 24 February 2014, which will replace the current income tax treaty signed in 1951 by the UK and Norway. No further details of the agreement are currently
See MoreCyprus – New VAT rates in 2014
Following changes to the tax legislation, from 2014 the rates of value added tax in Cyprus are as follows: The standard VAT rate is 19% (increased from 18%) effective from 13 January 2014. Also the reduced VAT rate is 9% (increased from 8%)
See MoreCyprus: Five new double tax agreements in effect
Recently, Cyprus has put five new double tax agreements (DTAs) into effect, including a treaty with the Ukraine which includes beneficial treatment for real estate owned through a Cyprus holding company. The country’s DTA with Russia used to
See MoreEstonia – Six new DTA in effect
From 1 January 2014, six new Double Tax Treaties (DTA) were added to Estonia’s income tax treaty network. The treaties are with Bahrain, Thailand, Cyprus, Mexico, Turkmenistan, and
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