commercial
Cyprus tax residents are liable to Special Defence Contribution (SDC) as follows: 1. Dividends Dividends paid by a Cyprus tax resident company to a Cyprus tax resident individual are paid net of 20% withholding SDC. Dividends paid by a Cyprus tax resident company to companies or to individuals who are not Cyprus tax residents are…
Following the amendment to Contract Law, Cap 149 by Law 99(I)/2013, a penalty fee is now imposed on purchasers of immovable property in the event that they delay filing their contract of sale at the District Land Registry Office. Under the provisions of the amending legislation published on the 09.09.2013, purchasers of immovable property who…
Despite the popularity of gambling in Cyprus, government authorities have historically restricted gambling on the island. However, after much deliberation as to which model should be applied in developing this new industry, the government yesterday (18.07.2013) decided that it would issue a single license for the creation of an integrated casino resort. The Cyprus government…
Following the amendment of the Immovable Property Tax Law, all owners of immoveable property property in Cyprus are liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January each year, on the basis of the assessed valuation as at 1 January 1980. The legislation…
The possible participation of the ENI S.p.A. in the construction of a Liquified Natural Gas (LNG) terminal in Cyprus was among the issues discussed today at the meeting between the President of the Republic, Mr Nicos Anastasiades, and a delegation from ENI, led by its CEO Paolo Scaroni. The Minister of Energy, Commerce, Industry and…
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…