News

Through a new legislation that has been enacted by the Cyprus Parliament, the Cyprus International Trust Law (CITL) has been amended, becoming a very attractive instrument.

The Tenders Review Authority (TRA) was initially established under the Law 101(I)/2003, and started operations on 1st of April 2004. Based on its seven years of life, the said law has been amended.

Cyprus together with another four EU Member States, i.e. Germany, Slovakia, Estonia and Netherlands has refused to sign the Anti-Counterfeiting Trade Agreement, known as ACTA.

According to the interpretation of the Law, regarding to the obligation of payment of the corporate levy ' the dormant company' shall be interpreted in its broad meaning.

The Cyprus Investment Promotion Agency (CIPA) welcomes the decision of the Portuguese Ministry of Finance to remove Cyprus from the so-called "black list" of countries - Territories providing preferential and more favorable tax regimes. Indicating that this development further consolidates the position of Cyprus in the international investment map and opens the way for the advent of new investments, notes that Portugal is the second country after Italy, the last twelve months, making the removal of Cyprus from the so-called "black list".

General and Limited Partnerships and Trade Names Law, Cap.116 was amended on the 4th of November 2011 by the amendment Law No.146(I)/2011. Provisions of the Company Law Cap.113 in relation to the Annual Financial Statements and Financial Statements and Audit shall Apply to Partnerships ...

With the amendment of the Cyprus Company's Law, Cap. 113, an electronic signature may be accepted by the Cyprus Company Registrar regarding all forms, certificates, minutes or any other documents which are presented or sent to the Company's Registrar for their Registration or Issuance by the Cyprus Company Registrar.

The Inland Revenue informs the operators as well as the service providers (individuals and legal entities) that during 2011 and early 2012, representatives of the workers will conduct site visits with a view to checking the invoicing and collection of evidence and the legality, under current law the Department.

The Government of the Republic of Cyprus and the Government of Ukraine, animated by the desire to secure and further strengthen friendly relations between the people of their two countries, concluded the agreement on economic, scientific, technical and industrial cooperation on the 4th of July 2011.

Cypriot MPs voted in favour of a six-month extension to the period during which ‘Statements of Intent’ may be submitted under the provisions of the Town Planning Amnesty.

According to the amendments in the Cyprus Tax Law in December 2010, the accounting records of a company should be updated until the end of the fourth month following the month in which the transaction took place. The above requirement applies to companies as of 1st January 2011.

It has been decided by the Registrar of Companies, that from now onwards, an annual fee will be imposed on all listed companies in Cyprus, in accordance with Article 391 of the Company Law Chapter 113 as amended by the N117 (I) of 2011.

On the 26th of August 2011, the House of Representatives voted as a first package of austerity measures a number of amendments to tax legislation for the purpose of raising revenues and decreasing government spending and for the objective of avoiding entry into the support mechanism.

The Cyrus Capital Gains Tax Regulations provide that for every sale of property in Cyprus Capital Gains Tax, must be paid. From this tax Cyprus Economy benefits about 250 mi Euros, every year. This Capital Gains Tax is paid of course by the Vendor. It is paid at the time of transfer of the property. No transfer of immovable property is allowed in Cyprus unless this Cyprus Tax, has first been paid!

The New Tonnage Tax system for Cyprus merchant shipping was approved by the European Commission on the 24th of March 2010 (Case N.37/2010), as compatible with the requirements of the EU acquis in accordance with the relevant guidelines on State Aid to Maritime Transport.