Liquidation of ABLV bank in Latvia. Reclaim of funds
Following FinCeb USA announcement the European Central Bank has initiated on 23.02.2018 the liquidation process of ABLV bank in Latvia. First payouts of state guaranteed deposits up to 100.000 EUR will start on 07.03.218. Further all remaining deposits will be claimed during process of liquidation. Both individual and corporate claims will be processed. Nasos A. […]
Preparation and submission of Transfer Pricing Analysis for Back-To-Back loans
Following the introduction of the transfer pricing legislation since July 1st 2017, we wish to inform you that Nasos A. Kyriakides & Partners LLC is in a position to assist you and your clients to prepare the relevant transfer pricing studies and adhere to the new reporting obligations according to the revised tax treatment of […]
Legal Entity Identifier (LEI) code – Do you need it?
The Legal Entity Identifier (LEI) is a 20-digit alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO) and refers to a unique identification given to legal entities participating in financial transactions. In simple words, the publicly available LEI data pool can be regarded as a global directory, which […]
81.680 companies to be dissolved
The Department of Registrar of Companies and Official Receiver warns for dissolution of 81,680 companies. Please be informed that further to the Department of Registrar of Companies and Official Receiver (hereby referred to as the “RoC”) announcement dated October 10, 2017 the RoC further announces that companies that have not paid the annual fee for […]
VAT Summary
Dear Associates, With this letter, we would like to inform you that we, Nasos A. Kyriakides & Partners LLC, have recently proceeded with setting up a VAT advisory and compliance department. The services to be provided will include specific review of agreements and assistance with VAT compliance including registration and filing of quarterly VAT returns. […]
Cyprus: Announcement by the Department of Registrar of Companies and Official Receiver in relation to the Annual Company Fee (Levy)
Please be informed that further to the Department of Registrar of Companies and Official Receiver (hereby referred to as the “RoC”) announcement dated 15 December 2016 and in accordance with Article 327 (3) (c) of Chapter 113, the RoC announces that as at September 22, 2017, it has proceeded to a Quarterly Publication of Companies […]
Cyprus Tax Residency In Only 60 Days as at 14.07.2017
Friday 14th of July 2017 – A new bill was voted amending the Income Tax Law allowing an individual to acquire Cyprus tax residency by staying only 60 days in Cyprus, instead of 183 days, according to the Income Tax Law of 2002. All of the following criteria must be met by an applicant: 1. […]
New Position on Back-To-Back loans
Cyprus Tax Department has announced that as from 1st July 2017 all related Company transactions, including B2B (Back-To-Back) loans, where Cyprus Tax Resident Companies are involved, should follow the arm’s length principle. The Cyprus Tax Authorities decided to change the current tax regime in relation to the B2B Loans with intention to fully comply with the […]
Legal Alert! Annual Levy 2017
Dear Associates, We would like to remind you that the deadline for the payment of the special levy of €350 to the Department of the Registrar of Companies for the year 2017 is on 30 th of June 2017. Please note that in case of late payment, penalties are imposed and due amount is increased […]
Abolishment of minimum margins on back-to-back loans – Notional Interest Deduction on new equity
Abolishment of minimum margins on back-to-back loans. Following notification provided to the Institute of Certified Public Accountants of Cyprus (ICPAC) by the Cyprus Tax Department (CTD) by, the existing policy on minimum profit margins back-to-back loan transactions (“the back-to-back regime”) shall be abolished by the 1st of July 2017. The decision was made so as […]