According to an announcement of the Cyprus Securities and Exchange Commission (CySEC) dated 18 May 2012, CySEC has signed a bilateral Memorandum of Understanding and Cooperation (MoU) with the China Securities Regulatory Commission in Beijing on the 17th of May 2012. The MoU was signed by the Vice-Chairman of the Cyprus Securities and Exchange Commission, Mr. Andreas Andreou and the…

HTT Audit Limited presents a synopsis of the recently drafted Indian Union Budget, which was prepared by our firm‟s associate Mr. Sundar Sundarraman. Mr. Sundarraman is a fellow member of the Institute of Chartered Accountants of India and a graduate in Commerce and a Partner of M/s. S. Venkatram & Co., Chennai. In practice in India from the year 1992…

The House of Parliament voted for the extension until 31 October 2012 of the validity of the Law 160(Ι) of 2011, which provides for settlement of tax liabilities for the years up to 2008 with a penalty of 5% only (http://www.httaudit.com.cy/index.php/component/k2/item/39-interest-and-penalties-on-tax-liability) at 29 March 2012. In addition and on the same day, the Director of Inland Revenue announced that the…

Following the austerity measures presented by the government in August 2011 toward the increase of State revenue and reduction of State expenditure, on 14th of December 2011 the House of Representatives voted a number of amendments to the tax Laws as follows: • Law Amending the Income Tax Law• Law Amending the Special Contribution for the Defence Law• Law Providing…

Μετά τα τελευταία μέτρα λιτότητας που παρουσίασε η κυβέρνηση τον Αύγουστο 2011 προς αύξηση των κρατικών εσόδων και τη μείωση των κρατικών δαπανών, στις 14 Δεκεμβρίου 2011, η Βουλή των Αντιπροσώπων ψήφισε τους ακόλουθους τροποποιητικούς νόμους:  Νόμος που τροποποιεί τον Περί Φορολογίας του Εισοδήματος Νόμο  Νόμος που τροποποιεί τον Περί Εκτάκτου Εισφοράς για την Άμυνα της Δημοκρατίας Νόμο  Νόμος που…

The rate of VAT is increased from 15% to 17% for supplies of goods and provision of services from 1 March 2012. This amendment affects goods and services, which are currently taxed under 15% for VAT purposes; goods and services currently being taxed under other reduced VAT rates (5% and 8%) or are exempted from VAT are not affected. The…