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Cyprus – VAT Update

30/11/2017

The Cyprus Parliament has passed on the 3rd November 2017 an amendment to the relevant VAT law, effectively introducing VAT imposition at the standard rate (currently 19%) to the sale of land which is for building purposes and the leasing and/or rental of business premises.

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Update on the Tax Treatment of intra-group back-to-back Financing Agreements

04/07/2017

Further to the recent amendments introduced in Cyprus as to the Tax Treatment of intra-group back-to-back Financing Agreement, as of the end of June 2017 the Tax Department in Cyprus has released its Circular as to its interpretation of these new provisions. A brief summary of the interpretation to be followed by the Tax Department is indicated below.

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Cyprus – Iran Double Tax Treaty

18/04/2017

In continuation of the ratification of the Cyprus-Iran Double Tax Treaty in January 2017, the Cyprus Government has announced that the Cyprus-Iran Double Taxation Treaty has now entered into force and will come into effect as from the 1st January 2018.

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Cyprus – Loans Between Related Parties To No Longer Have Minimum Acceptable Margins

14/03/2017

In accordance with relevant notification by the Cyprus Tax Department, there will be a termination of the current tax practice in relation to the minimum acceptable margins on loans granted to related parties. This decision comes as a result of the Tax Department  taking into consideration the International developments

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