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. [...]

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 [...]