On July 14th 2017 the Parliament of Cyprus has approved by common consent the proposal of amending the rules for determining tax residency of individuals in Cyprus. The “60 day rule” intents to attract a significant number of individuals (investors, entrepreneurs, digital nomads, artists, sportsmen and other businessmen) who do not fulfill the tax residency […]
Convention for the Elimination of Double Taxation between the Republic of Cyprus and the Grand Duchy of Luxembourg
The Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance was signed 8th May2017 in Nicosia. The text has been agreed between the two countries will contribute to further develop the economic relationship and to enhance the co-operation in tax […]
New Tax Relief For Investors In Small And Medium Sized Innovative Enterprises
The tax relief for investors in qualifying small and medium-sized innovative enterprises was approved by the Parliament on 2 December 2016 and entered into force on 1 January 2017. The provisions are included in the new section 9A of the Income Tax Law and aim to foster investments in start-up companies and innovative companies in […]
UK Introduces New Penalties For Tax Evasion ‘Enablers
“Enablers” of offshore tax evasion in the UK face tough new sanctions that came into force on January 1, 2017. As part of new powers announced in the 2015 Budget, individuals or corporates who deliberately help others to evade paying tax could be fined up to 100 percent of the tax they helped evade or […]
Cyprus – Russian Double Tax Treaty Update 26 December 2016
An agreement has been reached between Russian and Cypriot authorities to suspend the taxation of profits from the sale of shares of companies deriving more than 50% of their value from immovable property located in Russia. On 29 December 2016 the Cyprus Ministry of Finance announced that an agreement has been reached between Cyprus and […]
New Cyprus-India Double Tax Treaty
On 18 November 2016 Cyprus and India signed a new agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income (DTT). The new DTT replaces the previous double tax treaty concluded between the two countries in 1994. The new agreement was ratified by Cyprus and published in […]