The Reanda International network is pleased to bring to you the latest issue 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. Please click here to download a digital copy of the 2nd quarter 2017…

The law Regulating the Settlement of Overdue Taxes passed on 3 July 2017 provides for the procedure for settling Οverdue Τax payments. The law also provides information on the procedure and the years in which settlement and discounts are applied. The scope of the law includes the following laws: • Income Tax Law• Special Contribution for the Defense Law• Immovable…

Introduction The Cyprus Parliament approved the amendment to the legislation in respect to the tax incentives relating IP regime, which is in line with the latest international developments on the subject and the recommendations of the Organisation for Economic Co-operation and Development (OECD) taking into account transparency and substance. Current Legislation Under the previous regime, 80% of the net profit…

Introduction Cyprus’ House of Representatives approved the introduction of revised tax incentives for investment in innovative businesses. The new incentives granted for investment in innovative SMEs are effective from 1 January 2017 for a three-year period and replace the previous incentives that were available to investors until 31 December 2016. Tax incentive According to the new provisions of Article 9A…

Cyprus and Barbados have concluded and signed a Double Taxation Avoidance Agreement (DTTA) on 3 May 2017 in London. The DTTA generally complies with the provisions of the OECD Model Convention and will come into force as from the 1st January next following the year in which each country completes the ratifications process. The treaty sign off was well received…

May 2017 The tax treaties signed between Cyprus and Iran and Cyprus and Jersey enter into force as of 1 January 2018, a development which further enhances Cyprus positioning as a preferred hub for international investments and tax planning. Regarding tax treaty with Iran visit our earlier publication for details: Cyprus signs off a Double Taxation Avoidance Agreement (DTAA) with…