On February 2017, the Cyprus tax department (CTD) has send a letter to the Institute of Chartered Accountants (ICPAC) relating to the minimum margins on back to back loans transactions that CTD used to accept. As per the letter, the existing regime (with the minimum margin requirements) will be abolished from 01/07/2017 onwards. This decision was taken due to the international tax developments (OECD/G20 initiative […]
Postponement of application of Article 13 “Capital Gains” of the double tax treaty between Cyprus and Russia. The related article relates to taxes on gains on sale of shares of companies that derive more than 50% of their value from investment property. As per the double tax treaty from 01.01.2017 each contracting state could impose tax on such profits. The application of the article has […]
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 […]
