On the 8th May 2018, the finance ministers of Luxembourg and Cyprus signed the Double Taxation Avoidance Agreement between the two countries. The new Agreement is expected to come into force as from 01/01/2018 with the aim to strengthen and expand the commercial ties between the two Member States.
The Agreement echoes all the required international standards as provided by the Base Erosion and Profit Shifting (“BEP”) recommendations in respect of the exchange of information, providing thus greater level of legal certainty and predictability.
The Agreement provides, inter alia, for the following:
Dividends: 0% withholding tax if there is at least 10%...
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...