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TAX UPDATE JANUARY, 2012
Towards the end of 2011 the Cyprus Parliament enacted a number of tax changes affecting international business companies operating in Cyprus:-
1. The VAT rate was increased from 15% to 17% with effect from 1st March, 2012. The reduced VAT rates of 5% and 8% respectively have not been affected.
2. [...]
Continue Reading →OBLIGATIONS OF CYPRIOT COMPANIES
Companies registered in Cyprus have obligations imposed on them amongst others by the Companies Law and the Income Tax Laws irrespective of whether a company is active or dormant.
Companies Law Cap. 113 (the “Law”) requirements:
Section 142 (1) (a) of the Law provides that the directors of a company shall [...]
Continue Reading →Electronic Filing of Tax Returns
Following changes to our tax laws, effective as of 1st July 2011, the income tax returns for the year 2010 of all companies and those of self employed individuals with turnover in excess of €70.000,00 must be submitted to the Inland Revenue Department by electronic filing using the [...]
Continue Reading →RECENT CHANGES TO THE CYPRUS TAX SYSTEM
Recent changes to the obligations of companies registered in Cyprus which have just been introduced and certain changes to the Cyprus tax regime. They are as follows:
1. The introduction of a flat annual levy of €350,00 for all companies registered in Cyprus. No levy is paid [...]
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A new petroleum tank farm is to be established in Cyprus and the Georgiades & Pelides team has been the lead advisory team on the deal.
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The first hydrocarbon exploration license in Cyprus has been successfully represented by Georgiades & Pelides.
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G&P Latest News- Obligations of Cypriot Companies November 10, 2011
- Electronic Filing of Tax Returns September 10, 2011
- Recent Taxation Changes in Cyprus September 4, 2011