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Elias Neocleous & Co LLC |

Philippos Aristotelous

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Elias Neocleous & Co LLC | Cyprus, United Kingdom | 6 Apr 2018

New Cyprus-UK double tax agreement

Cyprus and the United Kingdom recently signed a new double tax agreement. Once it has been ratified by both parties, it will replace the current agreement, which dates back to 1974 and is one of the oldest tax agreements still in force in Cyprus. The changes introduced will have little direct effect on the tax liability of most taxpayers, but the modernisation of the agreement will provide......
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Elias Neocleous & Co LLC | Cyprus | 30 Mar 2018

Tax Department circular clarifies VAT treatment of dividends

Cyprus holding companies are widely used in the context of international business structuring to optimise the channelling of inbound and outbound investments with countries that have signed a double tax treaty with Cyprus. The Tax Department recently issued a circular on the value added tax treatment of holding companies, which aims to provide clarity regarding the circumstances in which......
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Elias Neocleous & Co LLC | Cyprus | 2 Mar 2018

Reference rates for notional interest deduction for 2018

Article 9(B) of the Income Tax Law 2002 (as amended) provides for a notional interest deduction for tax purposes on new equity capital injected into companies and permanent establishments of foreign companies on or after January 1 2015 to finance business assets, calculated by applying a reference rate to the new equity. The Tax Department recently announced the 10-year government bond yields......
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Elias Neocleous & Co LLC | Cyprus | 26 Jan 2018

Further extension for applications to settle tax arrears by instalments

The Process of Adjustment of Tax Arrears Law 2017 establishes a procedure for settling tax arrears by monthly instalments and provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes. Although the law was enacted in February 2017, it did not take effect immediately in order to allow time for the necessary payment systems to be implemented. The deadline for......
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Elias Neocleous & Co LLC | Cyprus | 19 Jan 2018

New double tax agreement between Cyprus and Saudi Arabia

Cyprus and Saudi Arabia recently signed an agreement for the avoidance of double taxation with respect to taxes on income and the prevention of tax evasion. The agreement provides for the exchange of financial and other information in accordance with the relevant article of the Organisation for Economic Cooperation and Development Model Convention for the Avoidance of Double Taxation on......
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Elias Neocleous & Co LLC | Cyprus | 12 Jan 2018

Taxation of deemed benefits on loans and advances to directors and shareholders

The Tax Department recently issued Interpretative Circular 14, which has clarified the application of the Income Tax Law regarding a deemed benefit which is to be assessed on any drawings, loan or other financial facilities granted by a company to a non-resident director or shareholder or their spouse or close relatives. The circular clarifies that the deemed benefit is taxable in full,......
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Elias Neocleous & Co LLC | Cyprus | 5 Jan 2018

Treatment of additional taxes for deemed distribution purposes

The Cyprus Tax Department recently clarified the treatment of additional taxes imposed under the Assessment and Collection of Taxes Law. The department has specified that any additional tax is to be treated as such, meaning that penalties and interest will be imposed if they are not paid on time. The taxes are included under the term 'corporation tax' and are deductible from accounting......
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Elias Neocleous & Co LLC | Cyprus | 22 Dec 2017

Extension of country-by-country reporting deadlines

The Tax Department recently extended the deadline for the submission of country-by-country reports to be filed by the end of 2017. The deadline for reporting entities to submit country-by-country reports for multinational groups for the fiscal year ending December 31 2016 has been extended by two months, while the deadline for Cyprus-resident constituent entities to file their notifications......
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Elias Neocleous & Co LLC | Cyprus | 15 Dec 2017

Further reminder of instalment scheme for tax arrears

With the extended deadline for the submission of applications for inclusion in the deferred settlement scheme for tax arrears established by Law 4(I)/2017 now less than one month away, the Tax Department has issued a further reminder of the scheme's main features. For example, all tax returns due must have been submitted and all tax liabilities for periods after December 31 2015 must have......
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Elias Neocleous & Co LLC | Cyprus | 8 Dec 2017

Extension of accelerated writing-down allowances for tax purposes

The Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased between 2012 and 2014, inclusive. For plant and machinery acquired up to the end of 2018, the annual writing-down allowance rate will be 20% or any higher rate applying to the category of assets concerned. For industrial buildings and hotels acquired up to the end of 2018,......
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