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| Tax Amendment JUL 2013 |
| Nicosia 03 July 2013 |
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| Please find below an unofficial translation of the Inland Revenue circular of 30th May 2013 with
regards to the five year restriction of carry-forward losses... |
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| Read more: |
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| (view the PDF document) |
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| Temporary Tax Returns 2013 |
| Nicosia 03 July 2013 |
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| Taxpayers must submit a temporary tax return (IR6 form) prior to 31st of July each
year based on the estimated current year's taxable profit and pay the equivalent
temporary tax. Temporary tax payments must be made on the estimated current
year taxable profit in two equal instalments, on 31st of July and 31st of December... |
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| Read more: |
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| (view the PDF document) |
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| Tax amendments in Cyprus Legislation |
| Nicosia 10 December 2012 |
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According to Law 167 (I) of 2012 amending the Value Added Tax Laws of 2000 to (No. 4) of 2012, published in the Official Gazette on 6.12.2012, the following provisions will be enforced:
From 14th January 2013 until 12th January 2014:
The rate of value added tax is increased to 18% from 17%. Other rates will remain unchanged ...
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| Read more: |
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| (view the PDF document) |
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| Tax amendments in Cyprus Legislation |
| July 18, 2012 |
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| On May 24, 2012, the Cyprus House of Representatives passed a number of tax amendments and
incentives designed to further stimulate the growth of the Cyprus economy and reinforce the
attractiveness of Cyprus to foreign investors. More particularly, the position of Cyprus as a
jurisdiction with a favorable tax regime towards intellectual property holding companies as well as
investment holding companies is further enhanced. The amendments related to tax breaks on profits
from intellectual property, and to deductions on interest expense (both discussed below), will go into
effect when approved by the president and officially published. This is expected to take place soon,
possibly in July. The amendments that relate to both the Income Tax Law and the Special Defense
Contribution Law took effect retroactively from January 1, 2012 and are the following. ... |
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| Read more: |
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| (view the PDF document) |
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| Cyprus - Russia Double Tax Treaty (DTT) |
| May 07, 2012 |
| Cyprus further strengthens reputation and credibility as a financial center |
An amendment has been made to the existing Cypriot domestic tax legislation as to facilitate the provisions of Art.
26 of the OECD model convention found in the Double Tax Treaty agreements entered into by Cyprus. The
changes adopted are vital in ensuring the transparency of the Cypriot regime and strengthen its reputation and
credibility as a financial centre. As a consequence to this, Cyprus has been included in the updated whitelist of
jurisdictions, as released by OECD following the G20 Summit in London.
This list includes countries that have substantially implemented the internationally agreed standards on the
exchange of tax information based on OECD requirements. The new Protocol to the Russian – Cyprus DTT
incorporates a new exchange of information clause that is in compliance with article 26 of the OECD model
convention. Below are detailed answers to the frequently asked question on the subject. For more information
please contact CIPA at info@cipa.org.cy ... |
| Read more: |
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| (view the PDF document) |
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| Cyprus Austerity Package November 2011 |
| Nov, 2011 |
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| On 26 August 2011 the House of Representatives of Cyprus voted a number of amending laws which
were presented by the Government of the Republic, representing the first package of austerity
measures, aiming at increasing the Government revenues and at the same time reducing Government
expenditure. ... |
| Read more: |
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| (view the PDF document) |
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| EXEMPTION OF EU FUNDS FROM CORPORATE INCOME TAX IN POLAND |
| 2011 |
| Important changes to the Polish Corporate Income (CIT) Tax Act were introduced at the beginning of
2011, exempting EU funds from income tax. |
| Up to the end of 2010, the CIT Act extended a general CIT exemption to investment funds operating
under Polish regulations. This exemption offered investors, who had established closed – end investment
funds (FIZ) in Poland, tax optimisation opportunities. The European Commission took the position that
restricting the above exemption to Polish investment funds was contrary to EU law, as it discriminated
against investment funds from other EU members. ... |
| Read more: |
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| (view the PDF document) |
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| EU Commission approves New Cyprus Shipping Taxation System |
| 24th March 2010 |
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A big triumph for Cyprus Shipping has been achieved today, with the official
approval by the European Commission of the new, fully revised and upgraded
Cyprus Shipping Taxation System, which had been submitted for official
approval in January 2010. |
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This approval constitutes
perhaps the most important success for Cyprus Shipping since the formation
of the Republic of Cyprus and ensures the viability of the Cyprus Shipping
Register and the Cyprus Shipping Industry, as well as the unhindered
continuation of the important contribution of the Shipping Industry to
the Cyprus Economy, which according to the latest available official
statistical figures, exceeds 5% of the GDP, despite the continuing international
financial crisis. |
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With the new Taxation System,
Cyprus will be able to cover in their most modern form, the three basic
Shipping activities that are offered today in International Shipping,
namely Shipowning, Shipmanagement and the Chartering of vessels, rendering
Cyprus as the “Shipping Metropolis” of Europe. |
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Consequently, it is expected
that a big number of new shipping companies, both within and outside
of the European Union, will seek to benefit from this new, very competitive,
and at the same time, fully compatible with the European Acquis, Cyprus
Shipping Taxation System, by establishing and operating new shipping
offices in Cyprus. |
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This big success for Cyprus
Shipping is the result of ten years of coordinated efforts and close
collaboration between the Cyprus Maritime Administration (Ministry of
Communications and Works, Department of Merchant Shipping) and the Cyprus
Shipping Chamber, as well as other institutions and Governmental Departments,
through successive and successful stages, in this long-lasting effort. |
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The Shipping Chamber would
like to express the sincere appreciation of the Shipping Industry to
the Maritime Administration and all the Governmental Authorities that
worked conscientiously towards the achievement of this big success for
Cyprus Shipping, and now aspires to the fast and unhindered adoption
by the Cyprus Parliament through a relative Bill, of this very promising
for the Cyprus Economy, approval by the European Commission. |
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Relevant Links |
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| • Department
of Merchant Shipping |
| • Cyprus Shipping
Chamber |
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| The Cyprus Securities
and Exchange Commission approves the application of a Gazprombank affiliate
to obtain a Cypriot Investment Firms (CIF) license in order to carry
out investment activities in Europe through Cyprus. |
| Jan 20, 2010 |
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The Cyprus Investment Promotion Agency (CIPA) salutes the awarding by the Cyprus Securities and Exchange Commission of licenses to two new Investment Services firms, one of which is an affiliate of Gazprombank one of the most important commercial groups of the Russian Federation. |
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The licensing and commencement of business operations of this firm opens up new horizons for the attraction of other significant international investment services in our country, and at the same time will have a positive impact on the general investment climate. |
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During this period of global financial crisis, whereby all countries are intensifying their efforts to attract foreign investments, it is important that Cyprus has a supervisory authority which can respond with credibility, adequacy and swiftly in assessing and granting applications submitted by large international business groups. Any delay, particularly at this juncture, will undoubtedly lead potential investors to other competing destinations. |
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| Source: http://www.cipa.org.cy/easyconsole.cfm/id/329 |
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| VAT changes as of 01/01/10 |
| January 5th, 2010 |
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VAT changes effected as of 1/1/2010 in Cyprus can be summarized as follows: |
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1. Changes to the country of taxation of services provided from business to business. |
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These changes apply for all services except from the ones stated below: (a) Services which are directly related to immovable property (b) Restaurant services and services supplied in the course of catering (c) Leasing of means of transport (d) Scientific and educational services (e) Sporting and cultural services. |
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2. Compliance obligations
for persons who supply services and good. |
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As from 1 January 2010 businesses are required to submit a monthly declaration for intracommunity supply of services which are taxed under the reverse charge provisions in another Member State. Services which must be included are solely those taxed for VAT purposes in the other Member State. Effectively, this means that businesses must be aware of the VAT treatment of services on behalf of the EU Member State of the recipient of these services. The VIES returns for intracommunity supply of goods must also be submitted on a monthly basis, via electronic means. |
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| 3. Changes in the time of supply of services
for which VAT is due by the recipient. |
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| The time of supply of services which are subject to VAT by the recipient under the reverse charge provisions are (1) the date at which supplying the service was completed and (2) the date at which payment was made. In the case of services supplied over a period of one year non-stop, VAT will be due at the end the calendar year. |
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| 4. Procedure for refund of VAT paid in another
Member State. |
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| The said procedure becomes electronic in
form. |
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| 5. Changes to the country of taxation of services, supplied from business to consumers. |
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| The place of taxation of services is the place where the supplier has established its business. Nonetheless, in the case that the services are provided from a fixed establishment in a place other than that where the supplier has established its business, the place of supply will be the place where that fixed establishment is. |
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| Source: http://www.mof.gov.cy |
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| Cyprus, a well managed and resilient Euro
member |
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| Investor's
Presentation |
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| (view the PDF document) |
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