Insights
Insightful Perspectives with Meaningful Impact
Ministry of Finance issues 12th Decree regarding Regulations of Banking Transactions.
Further to the recent decisions contained in the Memorandum of Understanding regarding the Cyprus banking sector, as adopted by the Eurogroup, the Ministry of Finance in Cyprus has put into effect a series of - Read More...
Amendments on Cyprus taxation provisions
Pursuant to the obligations undertaken by the Cyprus Government to the European Union, the IMF and the European Central Bank, as set out in the Memorandum of Understanding that has been agreed in an - Read More...
Cyprus implements new EU directive on combating late payment in commercial transactions
In order to protect European businesses, in particular SMEs, against late payment and to improve their competitiveness, a new Directive 2011/7/EU on combating late payment in commercial transactions was adopted on 16 February 2011 - Read More...
EU Member States set up a Unified Patent Court
Pursuant to an international agreement concluded outside the EU institutional framework, 24 European Union member states have now agreed to establish a Unified Patent Court (UPC) that will ensure the uniform applicability of patent law - Read More...
Amendments on Cyprus stamp duty laws to apply from March 2013
Cyprus stamp duty is levied on ‘documents’ (i.e. written agreements/contracts) relating to assets located in Cyprus and/or matters or things taking place in Cyprus. As of March 1, 2013, the calculation of stamp duty - Read More...
Cyprus and Ukraine sign new DTA
On 08 November 2012 Cyprus and Ukraine signed a new double taxation treaty, replacing the old convention of 1982 concluded with USSR. According to the principle terms of the Treaty, the withholding tax on - Read More...
Cyprus Supreme Court in full bench rules on sham hire purchase agreements
In an 11-2 majority decision, the full bench of the Cyprus Supreme Court has ruled on the question of a Bank’s entitlement to receive funds drawn pursuant to a credit facility, in the event - Read More...
EU Commission opens public consultation οn cross-border road traffic accidents
The EU Motor Insurance Directive 2009/103/EC (“Insurance Directive”) is intended to help EU residents involved in a road accident in another EU country. Under the Directive, subscribers to compulsory motor insurance policies in all EU - Read More...
Cyprus endorses competitive tax rules on Intellectual Property rights
Cyprus recently adopted a new framework of rules governing taxation of IP rights, which introduces a favourable IP regime in Cyprus. This development is expected to enhance the competitiveness of Cyprus in the area of - Read More...
Exemptions in anti-usury law in aid of international business
Following the introduction of interest rate ceilings last year, the law has now been amended to allow exemption on usury sanctions in cases where loans are related to international finance transactions. According to section - Read More...
Double-tax avoidance agreement between Cyprus and Poland
Cyprus and Poland signed an amendment to the current double tax treaty agreement between the two countries, introducing substantial benefits for entrepreneurs using Cyprus companies as investment vehicles in Poland. The amended double tax - Read More...
Cyprus introduces unique new framework on Trusts
Through new legislation that has been enacted by the Cyprus Parliament, the Cyprus International Trust Law (CITL) has been modernised in many aspects, becoming a very attractive instrument for international investment and asset protection - Read More...