Directors accountable for taxes due on company assets

Cyprus company law was updated in 2015, but still provides no codification of directors’ duties. However, a recent bill submitted to Parliament for review makes directors accountable to the Tax Department for taxes due on company assets. Parliamentary bill Under the bill, company directors or other persons exercising management and control over a company will be required to…

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Expected changes to taxation of IP: Reasoning and Further Steps

Intangible assets are steadily becoming the most valuable assets of an organisation, often accounting for over 60% of a company’s value. The reason is simple; strong brands influence customers’ decision-making process, and ensure that premium prices can be charged.  Intangible assets including trademarks, brands, patents, copyright etc. (IP) are constantly swotted and refreshed to respond…

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Derivative Actions in Cyprus – Protection of Minority’s Rights Revisited

There are many reasons for which Cyprus courts refrain from interfering in the internal affairs of a limited liability company. At the core of the courts’ approach lies commercial reality that is deemed to be better understood and applied by the company’s governing bodies; its board of directors and its shareholders at General Meeting. However…

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Automatic Exchange of Financial Information: OECD’s CRS Now In Force – Cyprus

  Following Cyprus’ accession to OECD’s Common Reporting Standard on 29th October 2014, in an attempt to combat tax evasion and promote transparency, the practical implementation of automatic exchange of financial information is now a reality. Pursuant to the latest amendment to the Cyprus Collection of Taxes Law of 1978 as published in the Official…

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International Updates

I.M.F. expects members of Gulf Cooperation Council to introduce taxation to combat low oil prices In its latest report, the International Monetary Fund suggests that introduction of VAT across the countries of the Gulf Cooperation Council could raise GDP by a staggering 2%. It seems Gulf Monarchies are already taking steps to implement the suggestion…

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Cyprus Developments

Tax updates: Corporate taxation As the year comes to an end, the Cyprus Parliament in its last session before the holidays passed a string of tax updates attempting once again a balancing act between flexibility and tax transparency. Some of the most important provisions passed include the FOREX Neutralisation which targets the significant exchange volatility experienced…

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