Amendments to the Income Tax Law October 2016

On 14 October 2016, the House of Representatives enacted into law amendments to the Income Tax Law (ITL) which were published in the Gazette on 27 October 2016 and provide for the gradual phase out of the current IP regime and the introduction of a new IP regime that is in line with the latest international developments on the taxation of IP income and OECD’s action plan on fighting base erosion and profit shifting (BEPS). The ITL amendments are supported by Regulations which provide detailed guidance in the calculations and application of the new IP regime. […]

Amendments to the Companies law and the Auditors law for the harmonization with Directive 2013/34/EU

On the 23rd September 2016 laws 95(1) of 2016, 96(1) of 2016 and 97(1) of 2016 were published int he official gazette and hence making them part of our national legislation. The three mentioned laws amend the Partnership’s law, the Companies Law and the Auditors Law in Cyprus. These amendments come to harmonize local legislation with Directive[…]

Update on the Cyprus Citizenship by Investment Scheme

The Council of Ministers of Cyprus, on the 13th of September, approved a number of changes to the “Cyprus Citizenship by Investment Scheme”. The updated criteria is more favorable to the individuals wishing to obtain the Cyprus passport and receive the benefits of a EU passport.  Individuals must fulfils both the Economic Criteria (Part A)[…]

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. […]

Electronic submission of documents to CySec

On the 24/02/2012 amending law 5(I)/2012 was published in the Cyprus Government’s official Newspaper. Law5(I)/2012 comes to amend the Cyprus Securities and Exchange Commission Law of 2009 (the “Amending Law”) by allowing the submission of electronic documents to the Cyprus Security and Exchange Commission (“CySec”). […]