The Economics Research Centre at the University of Cyprus has presented a comprehensive tax reform proposal to the public. This proposal is the first of its kind since 2002 that engages in a series of changes that aims the support of the core of the economy being the middle class and the international business sector. The [...]
On the 14 of October the Cyprus Parliament has amended the Cyprus tax legislation and the favourable tax scheme applying for Intellectual Property Rights (collectively referred to as IP) and has refined to accommodate the new regulations and guidelines introduced by the OECD. The new law allows for the existing schemes to continue to apply and [...]
The Cyprus Tax Department (CTD) announced that they will amend the Intellectual Property Tax Law to align it with the OECD recommendations as published on the 5th October 2015 Action Plan on the Base Erosion and Profit Shifting. The Action Plan covers preferential tax regimes and in its approach demands the existence of substantial activity that [...]
The Cyprus Parliament has approved the a number of tax reforms which they were subsequently passed into laws with there publication in the Government gazette on Thursday 16th July 2015. The reforms reaffirms Cyprus’ credentials as a leading International Business centre. The key amendments were: • Exemption from Special Defence Contribution (SDC) for dividends and interest [...]
The Inland Revenue Department collections have been reduced by 3% in the first seven months of the year compared to the same period of 2013, official data released on 2/9/2014 show. In particular, total collections in the period January – July 2014 came to €973.2 million compared to €1,002.3 million during the same period of last [...]
Following the recent amendments of the Cyprus tax legislation a more favourable taxation regime has been introduced for royalties and Intellectual Property Rights (collectively referred to as IP). The main points are: 80% of the income received from IP rights after deducting direct expenses is now exempt. Furthermore 80% of the profit from sale of the [...]
The news of the new double tax treaty signed by the two countries was welcomed by the business community of both countries as it ended years of speculation and uncertainty as to the outcome of the negotiations and is offering a fresh stable platform for investors to plan their strategies and business interests. The new treaty [...]
On the 26th of August of 2011 the House of Representatives voted as a first package of measures to stabilize and streamline the Cyprus economy in order to adhere to European Union financial guidelines. The measures include the amendment of a number of tax and company law provisions with the purpose of increasing the State revenue [...]
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The long anticipated changes clearly aim for Cyprus becoming even more attractive for foreign investors and mutual funds as well as clarifying some important issues that were grey in the previous legislation. In summary the changes are: Income tax law Interest received by mutual funds/collective investment schemes is considered as earned from ordinary activities and therefore [...]