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Posts from the ‘Cyprus Tax’ Category

Nov 18

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

Nov 5

The Cyprus Lawyer

Cyprus off Russia’s Black List

The begining of 2013 will mark a great start for Cyprus. Cyprus will be officially removed from Russias Black List of Offshore Jurisdicition as of the 1st January 2013.

The updated blacklist of the Russian Ministry of Finance has been published on 31 October 2012. The removal of Cyprus from the Russian black list has a great meaning for Cyprus since it allows Cyprus to freely present itself to the Russian market for outbound investments. This will effectivly allow Russian Companies and Investors to use Cypriot companies for investment activities. Read more

Nov 3

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Protocol to the Cyprus Austrian double tax treaty signed

The Governments of Cyprus and Austria have signed a protocol to the agreement for the avoidance of double taxation. The exact wording of the protocol has not been released yet and it is anticipated that the signature of the protocol by the president will allow for it’s publication in the official gazette.

It is our understanding, nevertheless this has not been confirmed, that the publication would take place in the first month of 2013 since if published before the end of 2012 its effect would take hold from the 01/01/2013. Such an act would block Cypriot and Austrian business doing business in the other jurisdiction from taking or making adequate tax planning.

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Thank you for your time.

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.

Feb 28

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Increase of VAT on goods and Services

The value added tax applicable to most goods and services is increased as of the 1st of March 2012 from 15% to 17% in Cyprus. The measure is a result of austerity measures taken from the Cyprus Government to combat the global economic crisis. Read more

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