1   Changes to Law for IBCs holding IP Assets We would like to update you regarding Belize International Business Companies (“IBCs”), and their legal obligations regarding the holding of international property assets (“IP assets”): IBCs shall not acquire, hold, own, or deal in any IP assets, pursuant to Section 5(4) of the International Business Companies…

The deadline for the settlement of the second instalment of the 2019 temporary tax is the 31st of December 2019. The deadline refers to the second and final instalment of the temporary tax for the current year, which all Cyprus tax resident companies and individuals having income subject to income tax other than salary income…

All Cyprus companies have an obligation to file to the Registrar of Companies an Annual Return (HE32), which must be accompanied by the audited financial statements of the previous year. The Annual Returns (HE32) are always accompanied by the audited financial statements of the previous year (e.g. the Annual Return (HE32) for the year 2019…

The Cyprus Parliament voted on 5 April 2019 the first implementation law in Cyprus of the EU AntiTax Avoidance Directive (ATAD) and specifically on the following areas: Controlled Foreign Company (CFC) rule – effective date 01 January 2019 (Net) Interest limitation rule – effective date 01 January 2019 General Anti-Abuse rule (GAAR) – effective date…

The Special Contribution for Defence rate on the interest income received by Cyprus tax resident domiciled individuals from corporate bonds has been reduced from 30% to 3%. The above amendment to the Special Contribution for Defence Law (“The Law”) was published in the Official Government Gazette on 26 June 2019. According to the amendment of…

We are proud to announce that all our trainee lawyers have succeeded in their professional examinations for admission to the Cyprus Bar Association. Yioulia Svana, Marissa Ferentintou, Ioanna Mesimeri and Loukiana Protopapa joined us last year as law graduates and during their training contracts with Areti Charidemou & Associates LLC have worked at the Property…

Employees The deadline for settlement of income tax due via self-assessment (as per the T.D.1 form) and the deadline of electronic submission of T.D.1 form is: 31 July 2019. ‘Self-employed’ whose annual turnover does not exceed €70.000 For ‘self-employed’ individuals whose annual turnover does not exceed €70.000 and who do not have an obligation to…

The Cyprus Ministry of Finance has announced that Cyprus and Kazakhstan signed a first-time Double Tax Treaty (DTT) on 24 May 2019.  The agreement is based on the OECD (Organisation for Economic Co-operation and Development) Model Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion. Main Provisions Withholding tax rate on…

We are proud to announce the signing of a cooperation agreement between the Cyprus University of Technology and Areti Charidemou & Associates  LLC and Oktonex. The objective of this agreement is to promote relations among all parties but also to establish a successful cooperation in fields of common interest through the execution of activities and…