Changes in the companies’ law

Changes in the companies’ law

On 23 September 2016 the companies law has been amended. The main changes are as follows: The directors report, included in the financial statements, will change to a management report and the law specifies what should be included in that report There is a new definition for small – medium and large companies and also for small – medium and large groups On the calculation […]

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Guidance for application & tax ruling

Guidance for application & tax ruling

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 […]

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Electronic submission of the VAT form

Electronic submission of the VAT form

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 […]

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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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