The House of Representatives voted amendments to the income tax law provisions for the taxation of the income derived from the exploitation or sale of intangible assets. The amendments were voted to bring the legislation in line with the provisions of OECD and EU rules on the subject. The amendments include transitional provisions for assets qualified as intangible assets under previous legislation. The transitional provisions […]
Fitch Ratings has upgraded Cyprus`s Long-term foreign and local currency Issue Default Ratings (IDRs) by one notch to BB- from B+, it announced on Friday 21 October. As stated on a press release: “The issue ratings on Cyprus`s senior unsecured foreign and local-currency bonds have also been upgraded to BB- from B+. The Outlooks on the long-term IDRs are Positive. The Country Ceiling has been […]
On 10 October the relevant committee of the Cyprus parliament discussed the issue of obligatory submission of the VAT return by businesses. Some of the MPs have requested that assistance to be provided to small business for their first electronic submission. The relevant authorities will examine the issue to satisfy the concerns raised. The obligatory electronic submission of the VAT form is expected to be […]
On 16 August 2016 a new tax circular issued for guidance on the procedure for issuing tax rulings from the Cyprus Tax Department office. The new tax circular (2016/13) is in addition to the existing tax circular (2015/13). The new circular clarified: The fees for the issue of the tax rulings Tax rulings – opinion to be issued within 21 working days €2.000 Tax rulings […]
