Eurogroup’s decision overview On the 25th of March Eurogroup has decided to provide financial assistance (low rated loan) to the Republic of Cyprus for its state budgetary needs (mainly for refinancing existing government bonds, which will expire in the next few years). Unlike prior decisions relating to other EU member states facing debt problems, Eurogroup deemed reasonable not to provide…

The recent amendments to the Cyprus Companies Law affect the provisions relating to the Annual Government Levy that was introduced back in 2011: http://www.httaudit.com.cy/index.php/component/k2/item/34-fixed-annual-levy-on-companies The changes introduced are: From 2013 all Cyprus registered companies regardless their incorporation date are required to pay the Annual Government Levy of €350. The Levy is payable to the Registrar of Companies by 30 June…

Cyprus and Spain have concluded and signed a Double Taxation Avoidance Agreement (DTAA) on 14 February 2013. The DTAA, which is based on the OECD Model Convention, was signed by the Cyprus Minister of Finance and the Ambassador of Spain in Cyprus. It is our belief that the treaty will further enhance the business cooperation between the two EU countries,…

We are pleased to inform you that the latest Reanda network tax newsletter PRISM 1st Quarter 2013 issue is now published online in our website. Please click here to download a digital copy of the 1st quarter 2013 issue of PRISM.

In December 2012, a number of amendments and new laws were voted by the House of Representatives based on the Memorandum of Understanding between Troika and the Republic of Cyprus. The new laws and amendments, which are summarized below, intend to strengthen the state financials: Tax lossesTax losses can be carried forward to offset future taxable profits for a period…