Income Tax Law amendmentsFrom 1 January 2013 the corporate income tax rate increases from 10% to 12.5%. Law amending the Special Levy on Credit Institution LawFrom 1 January 2013 the special levy rate for institutions operating in Cyprus increases from 0.11% to 0.15%. Law amending the Excise Duty LawThe rates of excise duty will be revised on a frequent basis…

The Reanda International network is pleased to bring to you our new tax publication, Tax Year Book 2013, which aims to be a tax handbook for our clients and associates to access to the tax rates, main reliefs and exemptions of the countries of our 12 member firms. Please click here to download a copy of Tax Year Book 2013.

The Reanda International Network is pleased to present you the special 2nd Quarter 2013 issue of PRISM. In this special edition PRISM provides a general overview of information and developments of transfer pricing rules in various countries where Reanda has presence. Please click here to download a digital copy of the 2nd quarter 2013 issue of PRISM.

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,…