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%…
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 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.…
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 …
On the 18.02.2011, the Republic of Cyprus and the Federal Republic of Germany executed an updated agreement for the avoidance of double taxation on income and capital. The new agreement replaces the existing tax agreement of 1974. The agreement was signed in Nicosia, by Cyprus Minister of Finance Charilaos Stavrakis and German AmbassadorGottfried Zeitz. The…
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…
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…
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…
Cyprus has entered into almost 50 double-tax treaties, most of which follow the OECD Model Convention. The following countries are among those which have double-tax treaties with Cyprus: Azerbaijan Armenia Austria Belarus Belgium Bulgaria Canada China CIS (ex-USSR) Czech Republic Denmark Egypt Germany France Greece Hungary India Ireland Italy Kuwait Kyrgyzstan Lebanon Moldova Malta Mauritius…