On the 8.7.2013 the Labour Minister, Zeta Emilianidou, issued several decrees relating to the extension of shop working hours in Cyprus. Up until now only shops in designated “tourist zones” were allowed to stay open later and do business on Sundays. Other shops were only entitled to remain open for business between certain hours. As…
On 4 July 2013, the Ukrainian parliament ratified the new Double Taxation Treaty between the Ukrainian and Cyprus government. The ratified treaty aims at further strengthening the business relations between Cyprus and Ukraine and will replace the old bilateral agreement dating from 1982. The new treaty is based on the general principles of the Organisation…
The Republic of Cyprus has started negotiations with three energy companies to develop a liquefied natural gas (LNG) terminal at an estimated initial cost of $6 billion. Cyprus today signed a Memorandum of Understanding (MoU) with US-based Noble Energy and Israel’s Delek and Avner to negotiate the construction of an LNG terminal in Vassilikos Cyprus,…
The Central Bank of Cyprus announced on the 12.06.2013 that, following the decision by the Cyprus Clearing House for cheques, the duration of the validity of cheques issued with a date following the 31.03.2013 has increased from the current 3 month period to 6 months as of the date of issue. Additionally, the duration of…
European Commission Press release Brussels, 11 June 2013 Antitrust: Commission proposes legislation to facilitate damage claims by victims of antitrust violations The European Commission has adopted a proposal for a Directive on how citizens and companies can claim damages when they are victims of infringements of the EU antitrust rules, such as cartels and abuses…
On the 11th of June 2013, the European Commission published a proposal for a Directive facilitating claims for damages in national courts by victims of infringements of EU competition law. Violations of infringements of EU competition law include anti-competitive agreements between competitors, such as a price-fixing cartel, and abuses by individual companies of their dominance in…
Under Cyprus law a company can be voluntary liquidated by its shareholders. It is a precondition for a voluntary liquidation of a company by its shareholders that its directors must first issue a statutory declaration of solvency. This statutory declaration declares that the company is able to pay its debts in full within 12 months…
The Supreme Court of Cyprus issued a ruling today (Friday, 7/6/2013) on the 55 administrative recourse filed by bank depositors against decrees imposing the resolution of Popular Bank, which is being wound down, and Bank of Cyprus, where large depositors have been forced to forfeit savings for equity stakes in the bank. The Supreme Court…
Cyprus has concluded numerous Double Tax Agreements whilst certain other agreements are pending enforcement. The main purpose of these treaties is the avoidance of double taxation on income earned in any of these countries. Under these agreements, a credit is usually allowed against the tax levied by the country in which the taxpayer resides for…
On 8.11.2012 the Government of Ukraine and the Government of the Republic of Cyprus signed a new convention for the avoidance of double taxation (the “Convention”). The draft of the Convention was approved by the Cabinet of Ministers of Ukraine in November 2012 and on 16.05.2013 a draft law was submitted for ratification by the…