The Late Payments in Commercial Transactions Law, Law 123(I) of 2012, published on the 27.12.2012, repeals the previous legislation regarding late payments in commercial transactions. The purpose of this new legislation is to give legal effect to Directive 2011/07/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment…
On the 6.12.2012, the House of Representatives passed legislation (Law.167(I)/2012) increasing VAT rates in Cyprus. In accordance with the new law: (a) from the 14.01.2013 until the 12.01.2014, the standard VAT rate increases to 18%; (b) from the 13.01.2014 the standard VAT rate will be 19%; (c) from 01.01.2014 the reduced VAT rate of 8%…
New guidelines have been issued by the Ministry of Interior concerning the accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intend to invest in the Republic of Cyprus. The relevant parts of the announcement are as follows: 1. According to the provisions of Regulation 6(2) of the Aliens…
From independence, the Republic of Cyprus has strictly regulated the engagement in games of chance or chance and skill for money or monetary return. However, following Cyprus’s accession to the EU in 2004, online gambling service providers licensed in other EU Member States began to operate from premises in Cyprus. On the 11.07.2012 Cyprus` parliament…
A recent ruling in the Court of Justice of the European Union (CJEU) has clarified that, irrespective of whether the sickness commenced before or during the period of scheduled annual leave, an employee whose illness coincides with their annual leave is entitled to rearrange their annual leave to a later date. In Asociación Nacional de…
Cyprus parliament has approved a range of tax amendments. These amendmentds form part of a package of measures to improve the attractiveness of Cyprus to foreign investors and foreign businesses. The government hopes that these changes will maintain Cyprus, as the EU member state with the lowest tax rates, business friendly and open to further…
The Parental Leave and Leave on Grounds of Force Majeure Law, Law 47(I)/2012, came into force on the 18.05.2012 and repealed and replaced the previous legislation regarding parental leave and force majeure in Cyrpus. It was enacted for the purposes of harmonising Cyprus law with Council Directive 2010/18/EC on the revised framework agreement on parental…
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…
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…
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.…