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...Read More

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...Read More

A Protocol for the Elimination of Double Taxation with respect to Taxes on Income and on Capital Gains and the Prevention of Tax Evasion and Avoidance was signed December 19, 2018 in Nicosia between the Government of the Republic of Cyprus and the Government of the United Kingdom of Great Britain and Northern Ireland. On...Read More

Cyprus and the United Kingdom have signed a new double tax treaty and accompanying Protocol (DTT). Certain formal legal procedures must now take place in each State, following which the new DTT will enter into force. Once the new DTT enters into force it will take effect in Cyprus as from 1 January of the...Read More

The Cypriot economy expanded 3.4 per cent in the first quarter of the year, compared to the respective three-month period of 2016, and a seasonally adjusted 3.3 per cent, the statistical service said citing a flash estimate. Compared to October to December, the Cypriot economy grew 0.6 per cent in the first quarter, Cystat said...Read More

A sοlid growth rate of 2.5% and 2.3% of GDP in 2017 and 2018, a budgetary surplus of 0.2% and 0.7%, and a fall in unemployment to 11.7% and 10.6% respectively are included in Cyprus` spring economic forecasts, which the Commission has made public in Brussels. The Commission also estimates that it is highly probable...Read More

Cyprus and Luxembourg have signed a double tax avoidance and prevention of tax evasion treaty, based on the model convention of the Organisation for Economic Cooperation and Development, the finance ministry said. Finance minister Harris Georgiades and his Luxembourgian peer Pierre Gramegna signed the agreement, which aims at helping the two EU members strengthen bilateral...Read More

The University of Cyprus said it expects the economy to expand 3.1 per cent this year, boosted by an unusually strong economic performance in the first quarter, and consumer prices to rise 1.7 per cent. “In the first quarter of 2017, real GDP (gross domestic product) is projected to rise (an annual) 3.5 per cent...Read More

Italy’s Eni, the energy giant which made the largest gas discovery in the Eastern Mediterranean off the coast of Egypt in 2015, expects that Cyprus will play a key role in the development of the region’s gas resources, an official said. “We consider this country as a potential pivot for gas development,” Lapo Pistelli, international...Read More

Revenues from Cyprus’ ship management industry reached €896 million in 2016, the Central Bank of Cyprus (CBC) has announced. According to the ship management survey, revenues for the second half of 2016 amounted to €458 million, marking a slight increase compared with €438 million in the first half of 2016. Compared with 2015, revenue declined...Read More