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Court of Appeal rejects appeals against the orders to haircut

The Court of Appeal has today reject as inadmissible the appeals against the orders to haircut unsecured depositors in the resulting consolidated banking institutions describing them as falling under private law and not administrative law. Furthermore the such cases do not fall within the jurisdicition of the Court of Appeal acting as a firtst instance court. Read more

6th order on temporary restrictive measures

The 6th order has been announced on stockwatch.com.cy today and most likely officially tomorrow and it shall be valid for a period of 7 days.
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Chargers applicable to companies certificate increased by new rules

The government has moved to amend the chargers and fees applicable to various matters concerning companies, winding up, liquidations, bankruptcy and other related matters in Cyprus. Read more

photo by: Andres Rueda

Wishes for 2013

Wishing you a happy new year and all the best for 2013.

Harris Sharpe

Cyprus and Ukraine sign double tax treaty

On the 8 November 2012 during the official visit of the President of Ukraine, Viktor Yanukovych, to Cyprus an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed in Nicosia.

The new  agreement replaces the 1982 Convention for the avoidance of double taxation of income and property with the Former USSR which the Ukraine (and Cyprus) decided to apply after the USSR. The two countries were in negotiations for over five years over the text of the agreement and the signing of it marks the enhancement of the relationship between the two states.

The agreement is based on the OECD Model Tax Convention on Income and on Capital of 2010. The most notable changes from the existing regime are: Read more