All Cyprus registered companies are required to pay the Annual Government Levy of €350 to the Registrar of Companies by 30 June of each year. Penalties apply in case of delayed payments. Please note that the Levy is payable only through the Department’s website and through JCCsmart. If you prefer Reanda Cyprus Limited to assume responsibility for this procedure and…

Cyprus and UK have signed a new Double Taxation Avoidance Agreement (DTTA) on 22 March 2018 that will replace the existing treaty that was effective since 1975. The treaty is expected to enter into force in 2019, once both Cyprus and the UK exchange notifications that their formal ratification procedures have been completed. The treaty is based on the OECD…

  The latest issues of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics. Read the publication online. Highlights Australia Non-Compliance with Laws and Regulations (NOCLAR)What is NOCLAR?• What does NOCLAR mean?• How do professional accountants…

According to our previous newsletter, the house of Representative of the Republic voted into law the amendment to the Cyprus VAT legislation on 13 November 2017. According to the provisions of the law, the imposition of VAT on the rentals of immovable property is effective as from the same date (effective date). On 02/01/2018, the Cyprus Tax Authorities published an…

Cyprus and Saudi Arabia have concluded and signed a Double Taxation Avoidance Agreement (DTTA). The treaty will be confirmed and finalized within 2018 and will be effective from the 1st of January 2019. The treaty is based on the OECD Model Tax Convention framework with some modifications. Regarding Saudi Arabia, the treaty covers the Zakat (religious obligation of Muslims) and…

Introduction The House of Representatives of Cyprus on 3 November 2017, voted into law an amendment to the Cyprus VAT legislation, which will impose VAT at the standard rate of 19% on certain transactions involving immovable property that are carried out for business purposes and that currently are exempt from VAT, in order to be in line with the EU…