In line with the OECD Model Convention, four new Double Taxation Treaties (DTT) have come into force with effect from 1st of January 2014, between Cyprus and the following countries: 1. DTT between Cyprus and Ukraine The new DTT between Cyprus and Ukraine replaces the old DTT between Cyprus and the USSR. The main provisions […]
Challenging the Bank Resolution Measures Before the Supreme Court of Cyprus
A depositor at Bank of Cyprus and Cyprus Popular Bank whose deposits were haircut last March 2013, has the option to challenge the decision by filing a recourse at the Supreme Court of Cyprus. The recourse will be against the bank, the government and the governor of the Central Bank of Cyprus on the basis […]
Increase in the Corporate Tax Rate
With effect from 1 January 2013 the corporate tax rate has been increased from 10% to 12,5%. Transfer and carry forward of tax losses by credit institutions With effect from 25 March 2013, in the event of a transfer of operations, assets, rights or obligations from one credit institution to another under the Credit Institutions […]
CASH RESTRICTING MEASURES
The Minister of Finance, in exercise of the powers conferred by Articles 4 and 5 of the restrictive measures in trade in Case of Emergency Act of 2013, upon the recommendation of the Governor of the Central Bank has issued a decree provides for the following restrictive measures among others: 1. From current accounts/sight accounts/ […]
UPDATE ON THE CYPRUS ECONOMY
Cyprus reached a €10bn bailout deal with international lenders on Monday (25/03/2013) morning. The deal avoids a levy on bank accounts but will force large losses on big deposits in the island’s two largest lenders Bank of Cyprus and Laiki Bank. What is important is that the European Central Bank will keep its emergency lifeline […]