News
JSC LTB Bank of Latvia, exercising its right of the freedom of establishment and in accordance with article 10A(1) of the Banking Law No 66(I) of 1997, as subsequently amended, has informed the Central Bank of Cyprus of its intent to open a branch in Cyprus. JSC LTB Bank operates in Latvia since 1991 and…
The Supreme Court of the United Kingdom has ruled that tweeting and other forms of communication will be allowed in court hearings as long as their use does not disrupt the smooth running of the court. In the guidance published by the Supreme Court relating to the use of “live text based communications” the court…
On the 14.01.2011 Cyprus and Armenia signed a protocol of cooperation which provides for the enhancement of their bilateral relations in many fields. The protocol signed in Yerevan after the conclusion of the deliberations of the First Meeting of the Cyprus – Armenia Intergovernmental Committee, which was established on the basis of an economic agreement…
As of the 1 of January 2011 the new revised Incoterms® have come into force. The new rules reflect the changes in international trade since the last version of the rules was published in 2000. The Incoterms rules were first published in 1936 and are today recognized by UNCITRAL (United Nations Commission for International Trade…
As of the 10th of January 2011, in order to comply with EU obligations, the zero V.A.T. rate currently applied to a broad range of food, medicines and vaccines sold in Cyrpus will be abolished. Instead, a 5% V.A.T. rate will be applied to all food and beverage sales. Likewise a 5% rate will also…
On the 20/12/2010, the European Commission published a Communication which outlined the most serious tax problems encountered by EU citizens during cross-border transactions and announced plans for their resolution. The Communication announced plans covering areas such as cross-border income, inheritance taxes, dividend taxes, car registration taxes and e-Commerce. It proposes to make member states’ tax…
Following the recent visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011. The…
An agreement on the avoidance of double taxation and the prevention of income tax evasion between Cyprus and United Arab Emirates was announced by the Cyprus Government. Although details of the agreement have not yet been released, according to the official announcement, the agreement will contribute greatly to further capitalising on UAE investment interests in…
The Limitation of Actions Law 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 110(I)/2002 was passed, which provided that the Limitations Law would re-enter into force with effect from 1 June 2005. However, Law…
The Ukraine’s Prime Minister, Mykola Azarov, said he hopes to sign a Double Taxation Agreement (DTA) with Cyprus, in a meeting with President of Cyprus’s House of Representatives, Marios Karoyan. “For many years we are in talks to sign convention on avoiding double taxation. Ten years ago when I worked as the Head of Tax…