News
As of the 1 of January 2011 the new revised Incoterms® have come into force. The new rules reflect the changes in international trade since the last version of the rules was published in 2000. The Incoterms rules were first published in 1936 and are today recognized by UNCITRAL (United Nations Commission for International Trade…
As of the 10th of January 2011, in order to comply with EU obligations, the zero V.A.T. rate currently applied to a broad range of food, medicines and vaccines sold in Cyrpus will be abolished. Instead, a 5% V.A.T. rate will be applied to all food and beverage sales. Likewise a 5% rate will also…
On the 20/12/2010, the European Commission published a Communication which outlined the most serious tax problems encountered by EU citizens during cross-border transactions and announced plans for their resolution. The Communication announced plans covering areas such as cross-border income, inheritance taxes, dividend taxes, car registration taxes and e-Commerce. It proposes to make member states’ tax…
Following the recent visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it is expected that the amended treaty will be ratified by the Parliaments of the two countries and will become effective from 1 January 2011. The…
An agreement on the avoidance of double taxation and the prevention of income tax evasion between Cyprus and United Arab Emirates was announced by the Cyprus Government. Although details of the agreement have not yet been released, according to the official announcement, the agreement will contribute greatly to further capitalising on UAE investment interests in…
The Limitation of Actions Law sets out the time limits within which claims must be brought before a court. The Law was suspended following inter-communal disturbances in 1964 and has remained suspended ever since.Law 110(I)/2002 was passed, which provided that the Limitations Law would re-enter into force with effect from 1 June 2005. However, Law…
The Ukraine’s Prime Minister, Mykola Azarov, said he hopes to sign a Double Taxation Agreement (DTA) with Cyprus, in a meeting with President of Cyprus’s House of Representatives, Marios Karoyan. “For many years we are in talks to sign convention on avoiding double taxation. Ten years ago when I worked as the Head of Tax…
A new Double Taxation Agreement has been added to the wide network of Double Taxation Treaties that Cyprus already has with a large number of countries. Following its emergence as an independent state, Slovenia adopted the double taxation agreement dated 29 June 1985 between the former Yugoslavia and Cyprus. A new double taxation agreement has…
An Agreement between the Republic of Cyprus and the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, was signed on 11.10.2010 in Copenhagen. The document was signed by Cyprus’s Ambassador to Denmark, George C. Kasoulides, and Denmark’s Tax Minister, Troels Lund Poulsen…
The Central Bank of Cyprus announced that as of the 01.03.2011 the duration of the validity cheques issued will be reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques…