Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Tax Law
Following the ratification of the new treaty by the Government of Cyprus on the 22nd of March 2013, the Ukrainian parliament has proceeded with the ratification the new double tax treaty between Cyprus and Ukraine on the 4th of July 2013. The new treaty was put into effect as from the 19th of August 2013…. Read More
Tax Law
With effect from 1 January 2013 the corporate tax rate has been increased from 10% to 12,5%. Transfer and carry forward of tax losses by credit institutions With effect from 25 March 2013, in the event of a transfer of operations, assets, rights or obligations from one credit institution to another under the Credit Institutions Resolution Law, any… Read More
The Minister of Finance, in exercise of the powers conferred by Articles 4 and 5 of the restrictive measures in trade in Case of Emergency Act of 2013, upon the recommendation of the Governor of the Central Bank has issued a decree provides for the following restrictive measures among others: 1. From current accounts/sight accounts/ savings accounts/ cards Withdrawals… Read More
Cyprus reached a €10bn bailout deal with international lenders on Monday (25/03/2013) morning. The deal avoids a levy on bank accounts but will force large losses on big deposits in the island’s two largest lenders Bank of Cyprus and Laiki Bank. What is important is that the European Central Bank will keep its emergency lifeline open to Cypriot banks thus… Read More
The decision of the Cyprus Parliament to reject the bailout deal on Tuesday night has proven the trustworthiness of Cyprus as a major financial center sending out the signal that the deposit funds of all depositors are totally safe. Despite threats, unethical attacks and psychological violence that was exercised by the Eurogroup on Cyprus’s political… Read More
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