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Archive for March, 2012

Mar 30

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Extention of time to submit annual tax returns

With a move that has taken local practitioners by surprize the Inland Revenue Department yesterday announced that it has granted an extension for the submission of the annual tax returns for 2012. The extension comes after the entire submission of annual tax returns for companies incorporated in Cyprus has been updated from a paper based system to an electronic submissions system.

The extension has been granted for a period of two months hence effectively allowing for the late submission of annual returns without the occurence of any penalties which would otherwise be imposed on Companies incorporated in Cyprus.

Accordingly the deadline for annual return submissions has been moved to the 31 of May 2012 for the annual tax returns of 2011.

Thank you for your time.

Mar 24

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New International Trusts Law of Cyprus

The Cypriot chapter of the Society of Trust and Estate Practitioners (STEP) has circulated an announcement informing all it’s members that a law amending the International Trusts Law has been passed by the house of commons.

Read more

Mar 13

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Moody’s downgrades Cypriot bonds

Moody’s Investors Service downgraded Tuesday (13/03/2012) Cyprus’ government bond ratings by one notch to Ba1 from Baa3, assigning a negative outlook to the ratings, citing increased risk for the government to provide financial aid to Cypriot banks due to their exposure to Greek bonds and the Greek economy. Read more

Mar 13

thecypruslawyer

The Cyprus Lawyer on Social Networks

Dear Readers,

I am writing this post to inform you that we are now publishing simultaneously on various social networks. I have created the necessary pages, and profiles on Facebook, Twitter and Linkedin.The set up of independent social network pages, profiles is a move forward towards building an information and knowledge sharing platform. Post and Articles published on The Cyprus Lawyer will be circulated through the above mentioned social networks to pages and profiles other than my personal ones.

The underlying idea towards this move is to further promote The Cyprus Lawyer  as an information platform and hopefully induce other professionals to prepare and publish articles on the The Cyprus Lawyer.

Furthermore I have updated the subscription links in the sidebar to point to the respective pages and profile. Please have a look and please follows, like and share our content.

The respective pages are:

Facebook: https://www.facebook.com/Xarhs84

Twitter:  https://twitter.com/TheCyprusLawyer

Linkedin: http://www.linkedin.com/company/the-cyprus-lawyer

For those who have supported me I would like to say a special thank you!

Mar 12

The Cyprus Lawyer

Know-Your-Customer: the protagonist in the fight against money laundering in Cyprus

Money laundering, being the conversion of criminal proceeds into assets not being able to be traced back to the underlying laundering offence, is undoubtedly a scourge against the global financial system, sapping the legal order and institutions, corrupting the society and individuals and empowering the organized crime. It is absolutely impossible to estimate how much billions of dollars are laundered all over the world every year despite the unrelenting global efforts, and this fact alone indicates the magnitude of this phenomenon.

Cyprus has come a long way in cleaning up its act and enforce strict Anti-Money Laundering Regulations, enjoying the rewards of having an efficient domestic Financial Intelligence Unit, called “Mokas”. Read more

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