August 23, 2019

The Cyprus Tonnage Tax System – a useful tool for ship owners, managers and charterers

With the emergence of Cyprus as a leading maritime centre encompassing the full range of shipping related activities coupled with its attractive tax regime, we would like to remind clients of the benefits and importance of the Tonnage Tax System (the “TTS”) which was approved by the European Commission transposed into national legislation by the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (the “Law 44(I)/2010”). 

Qualifying owners of Cyprus and foreign ships, charterers and ship managers who opted and are accepted to be taxed under the TTS are subject to...

July 5, 2019

Kazakhstan - Cyprus Double Tax Treaty

The double tax treaty between Cyprus and Kazakhstan was signed in Nursultan, Kazakhstan on 15th of May 2019 (the “Treaty”).

The Treaty is based on the OECD Model Tax Convention, a model for countries concluding bilateral tax treaties, aiming in removing tax related barriers to cross border trade and investment by implementing provisions for the avoidance of double taxation on income and capital gains tax.

Main Provisions of the Treaty:

1. Dividend Income

If the ultimate beneficial owner of a company is a company – not a partnership (as defined under Cyprus law), and holds a direct shareholding of at least 10% of the iss...

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%...

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