Three years of unclarity and uncertainty over Cyprus’ position as a notable alternative tax jurisdiction for India, due to the absence of exchange of information between the jurisdictions, has now come to an end.

The new Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has now become official through the execution of the new treaty by representatives of the two countries. The new treaty is expected to come to effect in April 2017 after it has been sanctioned by the governments and once the treaty is in force, the Indian authorities will withdraw C...

January 20, 2017

Introduction

Law 97(Ι) of 2016, which was published in the official gazette on 23 September 2016, amends the Companies Law Cap 113 in order to comply with the EU Accounting Directive (2013/34/EU) and also results in amendments to the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013 regarding the new management report. 

One of the most substantial changes is the abolition of the exemption from producing consolidated financial statements that was formerly only available to small or dormant companies.

Furthermore, now there are additional changes in connection with the exemptions from specific accounting disclosure regu...

November 21, 2016

On the 4th of August 2015, after lengthy negotiations, the first double tax agreement between Cyprus and Iran was signed.  As with many of Cyprus' recent double tax agreements, it broadly follows the 2010 Organisation for Economic Cooperation and Development (OECD) Model Tax Convention. The agreement covers taxes on income only; including income tax in Iran and corporate income tax, the special contribution for defence and capital gains tax in Cyprus.

The DTT provides for withholding tax on dividends, interest and royalty payments, at the following rates:

Dividends

The maximum rate of withholding tax that may be imposed on dividends paid to a resident of...

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