The Cyprus Limitation of Actions Law, Cap 15, 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 159(I)/2011, which was enacted on the 09.12.2011, now provides that the suspension of limitation will cease on …
Read MoreYearly Archive for: ‘2011’
Tax Law Update: Cyprus Tax amnesty law passed
Cyprus Parliament has enacted legislation providing for the partial write-off of interest and penalties on overdue tax, provided that the balance is settled by the 31 March 2012. The newly enacted legislation applies to individuals and companies alike and affords a waiver of interest and penalties in excess of 5% of the principal amount owed. …
Read MoreCyprus Property Law Update: Temporary Suspension of Property Transfer Fees
The Cyprus Parliament unanimously passed a bill on the 3.11.2011 suspending the payment of property transfer fees on properties subject to VAT for a period of 6 months. The bill also provided that the property transfer fee for purchases not subject to VAT will be reduced by 50% of the current level for the same …
Read MoreTax Law Update: New top rate for Cyprus personal income tax
A 35% income tax rate has been introduced for taxable income in excess of €60,000. The tax bands and rates are therefore now as follows: Pekris & Theodorou LLC is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should …
Read MoreCyprus Property Law Update: VAT reduced for the purchase or construction of first residence
On the 26 August 2011 the House of Representatives approved legislation aimed at stimulating the local property market. The legislation passed provides that eligible persons will be subject to a lower VAT rate of 5% on the purchase or construction of a first residence. The rate will apply for the first 200 square meters of …
Read MoreLitigation Update: Are arbitrators employees or independent providers of services?
In the case of Jivraj v Hashwani [1], the U.K. Court of Appeal held that an arbitration agreement which provided that only persons of a certain religious belief could act as arbitrator was void because arbitrators fall within the scope of English anti-discrimination employment legislation in relation to religion and belief (the Employment Equality (Religion …
Read MoreTax Law Update: Cyprus – Luxembourg talks on DTA
On the 19th July 2011, Luxembourg’s Finance Minister Luc Frieden conducted an official visit to Cyprus. According to the Luxembourg government Mr Frieden exchanged views with his Cypriot counterpart Charilaos Stavrakis, on recent developments in their respective financial sectors and on European and national legislation in this area. Within this context, Cyprus and Luxembourg agreed …
Read MoreBanking Law Update: Memorandum of Understanding between the China Banking Regulatory Commission and the Central Bank of Cyprus
The China Banking Regulatory Commission (CBRC) and the Central Bank of Cyprus, expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, concluded on 15 July 2011 a Memorandum of Understanding (MoU). The MoU has been signed on behalf of the CBRC by its Chairman …
Read MoreNews: Memorandum of Understanding signed by the Qatar Exchange and the Cyprus Stock Exchange
The Qatar Exchange and the Cyprus Stock Exchange signed a Memorandum of Understanding on the 6th of June 2011 . The purpose of the Memorandum of Understanding was to formalize cooperation between the two markets. The Memorandum of Understanding was signed by Mr. Andre Went, CEO of Qatar Exchange and by Mr Epaminondas Metaxas, CEO …
Read MoreTax Update: EU Commission requests Cyprus to modify excise duty rules for imported second-hand motorcycles
The European Commission has formally requested Cyprus to amend its legislation on depreciation scales for the calculation of excise duties on second-hand motorcycles because the current rules discriminate against imported motorcycles. Under current Cypriot legislation, owners of second-hand motorcycles have to pay an excise duty depending on the depreciation of these vehicles, i.e. their loss …
Read More