Update on CY — RUS tax treaty

Update on CY — RUS tax treaty

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 […]

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Fitch upgrade Cyprus economy to BB-

Fitch upgrade Cyprus economy to BB-

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 […]

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Amendments in the CY IP Box Regime

Amendments in the CY IP Box Regime

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 […]

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Poor’s upgrade of Cyprus economy

Poor’s upgrade of Cyprus economy

On September 2016 the S&P agency upgraded Cyprus economy from (BB-) to BB. Cyprus still part of the junk’ (high-yield) sector, but is expected that in 2017/2018 the country will return to the ‘elite club’ of the countries that belong to the Investment Grade market.

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