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LEGAL UPDATES
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10.02.2017
Tax Update – Intention to abolish back to back profit margins
Taxation Law

On 8 February 2017, the Cyprus Tax Department indicated the intention to abolish the current tax legislation which requires minimum profit margins on loan transactions of a Cypriot resident company to and from related companies, in light of international tax developments, such as the OECD/G20 BEPS Project.

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30.01.2017
Tax Update – Repayment of overdue taxes in instalments
Taxation Law
On  27 January 2017, the Cyprus House of Representatives passed legislation affording people the opportunity to repay overdue taxes in monthly instalments.
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30.12.2016
Postponement of the provisions of the Protocol amending Article 13 “Capital Gains” of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation
Taxation Law
On 29 December 2016, the Cypriot Ministry of Finance issued a press release announcing that an agreement has been reached between the Russian and Cypriot Tax Authorities for postponing the application of the Protocol that amends Article 13 of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation, with respect to taxes on income and on capital, which was signed on 7 October 2010. read more
21.11.2016
Cyprus and India sign revised Double Tax Treaty agreement
Taxation Law
On 18 November, 2016 Cyprus and India signed a new Treaty for Avoidance of Double Taxation (Treaty), which will replace the existing treaty signed by two countries in June 1994. The treaty was signed by Ravi Bangar, High Commissioner of India to Cyprus, and Harris Georgiades, Minister of Finance, Cyprus.
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09.07.2015
Approved amendments on tax legislation
Taxation Law

A legislative package comprising three bills of law that amend existing tax legislation was approved on July 9, in an effort to further improve and modernise the existing legislative framework. 

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