As of the 10th of January 2011, in order to comply with EU obligations, the zero V.A.T. rate currently applied to a broad range of food, medicines and vaccines sold in Cyrpus will be abolished. Instead, a 5% V.A.T. rate will be applied to all food and beverage sales. Likewise a 5% rate will also …
Read MoreMonthly Archive for: ‘December, 2010’
EU taxation policy: removing cross-border obstacles
On the 20/12/2010, the European Commission published a Communication which outlined the most serious tax problems encountered by EU citizens during cross-border transactions and announced plans for their resolution. The Communication announced plans covering areas such as cross-border income, inheritance taxes, dividend taxes, car registration taxes and e-Commerce. It proposes to make member states’ tax …
Read MoreTax Update: The new double tax agreement between Cyprus and Russia moves towards ratification
Following the recent visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011. The …
Read MoreTax Update: Cyprus – United Arab Emirates New Double Taxation Agreement
An agreement on the avoidance of double taxation and the prevention of income tax evasion between Cyprus and United Arab Emirates was announced by the Cyprus Government. Although details of the agreement have not yet been released, according to the official announcement, the agreement will contribute greatly to further capitalising on UAE investment interests in …
Read MoreLitigation Update: Cyprus Limitation of Actions Law – suspension extended further
The Limitation of Actions Law sets out the time limits within which claims must be brought before a court. The Law was suspended following inter-communal disturbances in 1964 and has remained suspended ever since. Law 110(I)/2002 was passed, which provided that the Limitations Law would re-enter into force with effect from 1 June 2005. However, …
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