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…

The Portuguese Ministry of Finance has removed Cyprus from the country’s ‘black list’ of jurisdictions which are considered to have privileged tax regimes (tax heavens), based on the Decree No. 292/2011, in both countries’ efforts to be in full compliance with relevant EU Directives, such as the EU Directive on mutual assistance and exchange of information in the field of…

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…