According to the National Health Insurance System Law of 2010 (as amended in 2017), employer and employee contributions for the implementation of the system commence in 2019. Specifically, as of 1/3/2019, Public and private employees, pensioners, state officials and rentiers will contribute 1.7% of their monthly income, while self-employed persons will have to pay 2.55%….

VAT Treatment Exit of the United Kingdom from the European Union REQUIREMENTS FOR SUBMISSION OF INTRASTAT/VIES DECLARATIONS The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. In the absence of a Withdrawal Agreement, the UK will…

The Government of Cyprus issued its first ever 15 year bond at 2.75%. The EUR 1bn Bond was oversubscribed more than 8 times! The Republic of Cyprus, successfully launched a first ever 15-year bond, due 26 February 2034, the longest in its history. The EUR1bn bond carries a coupon of 2.75%. Citi, Goldman Sachs and…

The following changes in the criteria and terms of the Cyprus Investment Programme have been put into force from the 26/02/2019 and onwards: The investor may replace the investment during the 3 years period, during which he/she should retain the investment, provided that he/she has obtained beforehand an approval by the Ministry of Finance. An…

The Cyprus Cabinet approved a series of changes in the Cyprus Investment Programme in order to make the Cyprus Investment Programme even more targeted and trustworthy, Finance Minister Harris Georgiades said. the Minister pointed out the mandatory contribution to the Foundation for Research and Innovation to further encourage the creation of an eco-system of business…

  Cyprus is in the process of adopting and publishing the laws, regulations and administrative provisions necessary to comply with the provisions of the EU Anti -Tax Avoidance Directive (“ATAD”), which was approved by the EU Commission in 2016. EU Anti -Tax Avoidance Directive (“ATAD”) creates a minimum level of protection against corporate tax avoidance…

Cyprus has recently introduced an advantageous Filming Scheme providing proving tax incentives for film production companies. Cash Rebate Rebate of up to 25%-35% on eligible expenditures incurred in Cyprus. The amount granted will depend on the score of the production at the cultural test. The rebate will be given once filming is completed, on receipt…

The deadline for the settlement of the second instalment of the 2018 temporary tax is the 31st of December 2018. 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…

According the Cyprus Income Tax Laws, all companies that will have taxable income for tax year 2018 should submit to the Tax Authorities by 31 July 2018, a temporary tax return form (T.D6), based on their estimated taxable profits for the current year and pay the temporary tax in two equal instalments before or on…

Η οικονομία της Κύπρου έχει κλονιστεί σε μεγάλο βαθμό τα τελευταία χρόνια και παρά τις προσπάθειες ανάκαμψής της, ο τομέας των μη εξυπηρετούμενων δανείων χρήζει ακόμη προσοχής και βελτίωσης. Εν μέρη, λύση στο πρόβλημα δίδει το Μέρος VIA του Νόμου του 1965 (9/1965) που τέθηκε σε εφαρμογή με τον τροποποιητικό Νόμο 142(Ι) 2014 το οποίο…