CYPRUS – UNITED KINGDOM TAX TREATY
10/09/2018

CYPRUS – UNITED KINGDOM TAX TREATY

in 2018, Tax

A new double tax treaty with the United Kingdom has been signed on the 22nd of March 2018. All necessary steps have been performed by both countries and the treaty is effective since 18 July 2018. The new treaty is expected to strengthen and further develop the economic relations between the two countries. This treaty will come to replace the existing treaty between Cyprus and the United Kingdom which was signed in Nicosia on the 20th of June 1974 and came into effect on the 18th of March 1975.

For the main summarized provisions of the treaty, please click here.

ONLINE TAX PAYMENTS
26/04/2018

ONLINE TAX PAYMENTS

in 2018, Tax

The Tax Department, released an update to inform that, following the successful implementation of the compulsory electronically payment of the P.A.Y.E. Deducted that came into force as from the 1st of March 2018, the electronically tax payments will be further implemented to other taxes as well.

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Tonnage Tax – Cyprus Registry Maintenance Annual Fee Payment Extension
23/02/2018

Tonnage Tax – Cyprus Registry Maintenance Annual Fee Payment Extension

in 2018, Shipping, Tax

Both the (a) “Annual Fee” under section 4(2) of the Cyprus Registry Maintenance Annual Fee Law and the (b) “Tonnage Tax” for Cyprus ships under the Taxation of Owners of Cyprus Ships Notification of 2012 (P.I.137/2012) section 9 of the Merchant Shipping Law of 2010 (Law 44(I)/2010); are payable on the 31st of March each year.

The Cyprus Department of Merchant Shipping has decided to extend the date of payment for both the tonnage tax and annual fee of Cyprus flag ships to 2nd of April, given the fact that this year the 31st of March is a Saturday. Therefore the next working date is the Monday, 2nd of April 2018.

VAT changes on Land & Leasehold property
06/02/2018

VAT changes on Land & Leasehold property

in 2018, VAT

On the 3rd of November and 29th of December 2017, the House of Parliament voted the amendment of the Cyprus VAT Legislation regarding the taxation of building land, in order to align it with the provisions of EU VAT Directive.

The amendments relate to (1) the imposition of 19% VAT on the sale of building land, (2) the taxation of new commercial immovable property leasing contracts and (3) the application of reverse charge on transactions relating to transfers of immovable property during the process of loan restructuring.

For more details regarding the amendments voted, please click here.

Tax Calendar 2018
12/12/2017

Tax Calendar 2018

in 2018, Tax

A useful guide for tax payment deadlines and other filing obligations for the Year 2018. For more info click here

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