commercial
US Noble Energy reported discovering between 141 billion to 226 billion cubic metres in Cyprus’s first attempt to find natural resources offshore in December 2011. Noble`s find was after being granted the country`s first offshore exploration license. As part of the second offshore exploration licensing round, launched by the Cypriot government in 2012, Italy`s ENI…
Following the enactment of Law 167(I)/2012 by the House of Parliament on the 6.12.2012, the standard rate of VAT in Cyprus increased from 17% to 18% from the 14.01.2013. As of the 13.01.2014 the standard VAT rate will again increase to 19%. With regards to reduced rate VAT, this will increase from 01.01.2014 from the…
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%…
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…
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…
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…
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.…
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…
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: ChargeableIncomeEUR € TaxRates% TaxAmountEUR € CumulativeTaxEUR € 0-19.500 0 _ _ 19.501-28.000 20 1.700 1.700 28.001-36.300 25 2.075 3.775 36.301 – €60,000 30 7.110 10.885 over €60,001 35 …