News

News 23 Jul 2019

THE RUSSIAN House in Limassol marked its fifth anniversary with a brief ceremony in which leading Limassol lawyer Andreas Neocleous was honoured by the Russkyi Mir Foundation.

Nikolai Sergeichev, a representative of the Russkyi Mir Foundation, came to Cyprus for this event and awarded Neocleous a diploma for his: “outstanding contribution to the development of cooperation between the Russian Federation and the…

News 2 Mar 2017

Andreas Neocleous & Co LLC has transferred its business and operations to a new firm, Elias Neocleous & Co LLC

Andreas Neocleous & Co LLC has transferred its business and operations to a new firm, Elias Neocleous & Co LLC, which will have the same philosophy as its distinguished legacy firm of putting its clients first and providing quality…

News 1 Mar 2017

The new Merchant Shipping (Issue and Recognition of Certificates and Marine Training) (Amendment) Law of 2017

The Merchant Shipping (Issue and Recognition of Certificates and Marine Training) (Amendment) Law of 2017 was published in the official gazette on 17 February 2017 and took effect from that date. It amends the Merchant Shipping (Issue and…

News 1 Mar 2017

Reference rates for Notional Interest Deduction for 2017

Article 9(B) of the Income Tax Law of 2002 as amended provides for a notional interest deduction for tax purposes on new equity capital (paid-up share capital and share premium) injected into companies and permanent establishments of…

News 1 Mar 2017

New procedure for announcing international sanctions against states, individuals or entities

The Department of Merchant Shipping (“DMS”) has adopted a new procedure for informing interested parties of United Nations economic sanctions and European Union restrictive measures in the field of merchant shipping. With effect from the…

News 23 Feb 2017

Reporting changes at administrative service providers

In November 2016 the Cyprus Securities and Exchange Commission (CySEC) issued a circular (C166 dated 4 November 2016) to administrative services providers it regulates informing them of their obligations to notify CySEC of changes in their…

News 21 Feb 2017

Withholding of benefits under the Cyprus-Russia double tax agreement – the importance of proper structuring

Article 10 of the double taxation agreement between Cyprus and Russia, as modified by the protocol dated 7 October 2010, provides that withholding tax payable on dividends paid by companies resident in one state to shareholders resident in…

News 14 Feb 2017

Consultation on Cyprus Investment Firms’ regulatory obligations when providing binary options

The Cyprus Securities and Exchange Commission (“CySEC”) has published a consultation paper (CP 2017-01) setting out proposed reforms to the regulatory framework governing the provision of investment services in binary options by Cyprus…

News 9 Feb 2017

Executive summaries in the reports of the compliance, risk management and internal audit functions of regulated entities

The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a circular instructing Cyprus Investment Firms (‘CIFs’) to include an executive summary at the beginning of the periodic reports to the senior management and board of…

News 7 Feb 2017

Guidance to Cyprus Investment Firms on communications with clients

In preparation for the entry into force on 3 January 2018 of the European Securities and Markets Authority’s guidelines for the assessment of knowledge and competence, set out in its publication ESMA/2015/1886 dated 17 December 2015, the…

News 7 Feb 2017

Exchange of information with Austria under Directive 2014/107/EU

The Cyprus Tax Department has issued guidance relating to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information, imposing Common Reporting Standard (“CRS”) based reporting as…

News 6 Feb 2017

Payment of arrears of taxes

On 27 January the Cyprus parliament approved a new law which provides for the payment of overdue taxes by monthly installments. The taxes eligible are income tax, VAT, special defence contribution, immovable property tax, capital gains…