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The Cyprus government has presented a new strategy for attracting businesses to Cyprus with emphasis on high technology, shipping, innovation, and research and development, in a bid to turn the island into a business and trade centre in the wider region and Europe. Speaking at the presentation on Friday 15 October, President Nicos Anastasiades said...
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Six investors have been shortlisted in the context of the project “Ledra” concerning a sale a €477 million package of performing loans by Cyprus state-owned asset manager KEDIPES. The deadline for the transaction provides that final binding offers will be submitted by the end of October. At the initial stage 13 investors entered the virtual...
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Russia and Cyprus on Tuesday 8 September signed a protocol amending the double taxation treaty following the conclusion of negotiations in August. “Signing the protocol ensures continuation of the implementation of the double taxation avoidance treaty, which undoubtedly is beneficial for both sides since it encourages investment, trade across all sectors of the economy, but...
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In light of the negative consequences of Covid-19, the Cyprus government has announced a national fiscal package of measures to help the affected economy. The support package includes a VAT payment pause of two (2) months and the reduction of VAT from 19% to 17% and from 9% to 7%. The VAT-related measures are: Temporary...
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Standard & Poor’s Global Ratings has affirmed its BBB-/A-3 long- and short-term foreign and local currency sovereign credit rating on Cyprus with a stable outlook. The stable outlook incorporates Cyprus` robust growth prospects, improving public debt dynamics, and track record of running budgetary surpluses, according to the report released Friday, 6 March. It also takes...
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The Republic of Cyprus and Kazakhstan have signed a Convention for the Avoidance of Double Taxation and for the Combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the Cypriot Minister of Foreign Affairs Nikos...
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The newly appointed Governor of the Central Bank of Cyprus Constantinos Herodotou has spoken of a new culture of compliance in Cyprus banks on anti-money laundering since 2013. Addressing the 9th Nicosia Economic Congress on “the Cyprus Economy – The way forward,” Herodotou said anti-money laundering efforts undertaken by the Cyprus authorities “are beginning to...
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US Department of Treasury Assistant Secretary for Terrorist Financing Marshall Billingslea has praised Cyprus’ “enormous progress” in issues relating to anti-money laundering. Billingslea, who was in Cyprus last week, met with Finance Minister Harris Georgiades, a visit described as part of the US’ scrutiny over the island’s financial sector. Georgiades pointed out the two countries...
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EU Finance Ministers have updated the EU list of non-cooperative tax jurisdictions, based on an intense process of analysis and dialogue steered by the Commission. The list has proven a true success with many countries having changed their laws and tax systems to comply with international standards. Over the course of last year, the Commission...
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The agreement for avoidance of double taxation concluded between Cyprus and Saudi Arabia in January 2018 came into effect on 1 March 2019. As announced by the Tax Department of the Cyprus Ministry of Finance, the provisions of the agreement and of the related protocol apply with regard to: Taxes withheld at the source, in...
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