Tax
The information published in these booklets is accurate as at the date of publication.
Publication
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Cyprus Tax Facts 2011 The information in the booklet is designed to increase the reader's general awareness of the Cyprus Tax System and is accurate as at the date of its publication. |
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Cyprus International Tax & Business Environment 2011 This brochure aims to highlight the major business advantages and increasing opportunities that Cyprus offers as a truly international business center following its accession to the European Union and entry into the Eurozone. |
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Company Formation in Cyprus. Questionnaire. This questionnaire is basically an application that includes all information related to register a company in Cyprus and which can be used to collect and send to us all the necessary information. |
Cyprus Tax News and Alerts
Payment of annual company fee through the JCC Smart website.
The Cyprus House of Representatives voted a number of changes to the Tax and VAT Law.
The House of Representatives voted the Law Providing for the Special Settlement of Tax Liability of 2011.
The Cyprus Tax Authorities have introduced a new method for the payment of taxes in Cyprus. Specifically, it is now possible to proceed with the payment of taxes through the JCC Smart website which allows payments to be made by credit card.
Amendment to the Land Registry (Duties and Fees) Law.
The Cyprus Parliament voted on a new law which provides an incentive to settle overdue liabilities.
Cyprus has been removed from the Portuguese “blacklist” of jurisdictions with privileged tax regimes.
On 11 October 2011 the Cyprus VAT Authorities have issued the VAT circular 156 analyzing the VAT treatment of swift charges.
The Cypriot Government as from 1 October 2011 has introduced a reduced rate of VAT 5% on every acquisition or construction of new residence provided that the residence will be used as the main residence of the purchaser. The new rules apply only to agreements which are concluded from 1 October 2011 onwards.
On 13 September the Commissioner of Income Tax issued a Circular 2011/10, introducing an important development for international businesses in Cyprus.
On 26 August 2011 the House of Representatives of Cyprus voted a number of amending laws which were presented by the Government as a first package of austerity measures toward the increase of State revenue and reduction of State expenditure.
Following our Tax News of 29 December 2010 in relation to the amendments voted by the Cyprus Parliament on the 14th of December 2010, the Director of Inland Revenue has recently issued explanatory circulars in relation to those amendments. Our Tax News which is issued in the Greek language analyses in detail these circulars. The English version of the Tax News will follow shortly.
On 14 July 2011 the ICPAC has announced that the Commissioner of Income Tax has agreed to certain minimum profit margins that may be applicable to related-party financial arrangements.
The Director of Inland Revenue postpones the imposition of a number of administrative penalties applicable to the Assessment and Collection Taxes, Special Defence Contribution Tax, Capital Gain Tax and Immovable Property Tax Laws, until 30 September 2011.
Following amendments to the Partnership and Business Names Law, new provisions have been passed to allow for the inclusion of partnerships in tax neutral reorganizations.
The Imposition of the Special Levy on Banks Law was passed by the Cypriot Parliament on 14 April 2011.
New tax compliance obligations arise following the issue by the Commissioner of Income Taxes of Circular 2011/1 dated 15 February 2011.
The new tax treaty replacing the old 1974 treaty between Cyprus and Germany was signed by the representatives of the countries on 18 February 2011. The treaty, being the outcome of negotiations launched in 2005 will enter into force after the parties exchange instruments of ratification.
On 17 January 2011 the representatives of Armenia and Cyprus signed a new tax treaty to replace the existing treaty between the countries (being the Cyprus-USSR tax treaty continued to be honoured by the both parties). The treaty will come into effect upon exchange of ratification instruments between the countries.
The public interest rate in force with respect to overdue tax and refunds has been decreased from 5.35% p.a. to 5% p.a.
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