Cyprus- Bahrain New Double Tax Agreement

Cyprus and Bahrain signed a new Double Tax Agreement (DTA) on 17 March 2015. Similar to the majority of Cyprus’ DTA’s, the Cyprus-Bahrain agreement is in accordance to the 2010 OECD Model Tax Convention. The main features of the agreement are reviewed below. Taxes covered The agreement concerns Income Tax imposed by either of the […]


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Noble Energy-Cyprus offshore gas field ready for business venture

Noble Energy recently announced that a Cyprus natural gas field, lying approximately 85 kilometers from the island’s southern coast, would be ready for business within the following weeks. It is estimated that the natural field includes approximately 5 trillion cubic feet of natural gas. Following a meeting with the president of the Cyprus Republic, Nikos […]


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Tax Authorities will get their hands on Taxpayers’ Bank Accounts-Cyprus

A new law has been introduced in Cyprus, allowing the Tax Authorities to tap into taxpayers’ bank accounts in order to acquire unpaid taxes. The new legislation does not require a court order to be issued before the tax officials tap into people’s accounts. The Ministry of Finance passed the law in an attempt to […]


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Russia’s Deoffshorization Legislation & Cyprus companies

Cyprus companies have long been part of Russian business structures. However the introduction of the Russian Controlled Foreign Company (CFC) legislation threatens the position of Cyprus companies within Russian structures. According to the CFC, profits generated from Russian companies cannot be transferred to jurisdiction with preferable tax regimes only to be retransferred back. Nevertheless, nothing […]


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What is FATCA?

The Inland Revenue Department of the Republic of Cyprus on the 2nd of December 2014 signed Model 1 IGA (Inter Governmental Agreement) with the US Treasury, in regards to the Foreign Account Tax Compliance Act (FATCA). What is FATCA? The Foreign Account Tax Compliance Act (“FATCA”) is a US tax legislation which was enacted as […]


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HC rejected request against blacklist of Cyprus

Recently, the courts of Uttarakhand rejected a written plea, which challenged its decision to blacklist Cyprus as a notified jurisdiction regarding income tax. The court’s rejection dissatisfied a flow of foreign investors. Foreign investors were hoping the petition would lead the courts to reconsider the Indian’s government notification issued in November 2013, declaring Cyprus as […]


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Alteration made to the EU Parent-Subsidiary Directive

As anticipated, the Council of the European Union altered the EU Parent-Subsidiary Directive and included an anti-abuse clause in order to put a stop to tax avoidance and assert that all member states apply the directive consistently and effectively. The purpose of the Parent-Subsidiary Directive is to make certain that profits generated by groups outside […]


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Economic Cooperation between Russia and Cyprus

The eighth in a series of meeting was held between Russian and Cypriot government officials last Friday concerning Intergovernmental Committee for Economic Cooperation. The Cyprus Minister of Finance and the Russian Deputy Minister of Economic Development established the rules and regulations of the protocol regarding economic collaboration between the two countries, which will be signed […]


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Cyprus Government Asserts No New Taxes will be implemented in 2015 Budget

The government of Cyprus verifies that no new taxes will be implemented and not cutbacks will be made concerning the 2015 budget. The government informed that the 2015 budget would be conservative and realistic, while still being within the targets set. The government opted to follow a conservative path in order to make up for […]


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Advantages of the Cyprus International Trust

The Cyprus International Trust is possibly the strongest and most flexible corporate facility the island of Cyprus provides. It offers utmost protection concerning the assets included in the trust while simultaneously can be customised to suit the most complicated situations. The trust provides potential investors, who seek EU protection, with great opportunities like planning of […]


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