The Economics Research Centre at the University of Cyprus has presented a comprehensive tax reform proposal to the public. This proposal is the first of its kind since 2002 that engages in a series of changes that aims the support of the core of the economy being the middle class and the international business sector. The [...]

Distance Selling and B2C Services. New One Stop Shop (OSS) & Import One Stop Shop (IOSS) schemes WHAT IS NEW The new One Stop Shop (OSS) and the new Import One Stop Shop (IOSS) will replace the traditional distance selling rules which are currently in place across the EU from 1 July 2021. The main provisions [...]

A new tax circular EE25 of the Cyprus Tax Department was issued clarifying the treatment of NRCC. When a Cyprus company contributes to the net assets of its foreign subsidiary company (usually Russian) without the latter issuing new shares in the form of NRCC there was a dispute whether the said contribution is treated as a [...]

Cyprus Tax Department publishes the 10 year bond yield for Notional Interest Deduction (NID) purposes for 31st December 2016 The Cyprus tax authorities have announced the interest yield of the 10 year government bonds as at 31st December 2016 which increased by 3 % grants  tax allowance on new capital introduced into the Cyprus company.                                                                 [...]