Monthly Archives - September 2015

September 2015

The new Protocol to the Cyprus – South Africa double taxation agreement

On 1 April 2015 Cyprus and South Africa signed a Protocol amending their existing double taxation agreement (“DTA”), which was signed in 1997 and has been in force since 8 December 1998. The Protocol amends the 1997 DTA in three areas, namely the definition of residence, withholding taxes on dividends and exchange of information. Importantly, it does not change the existing, highly beneficial, arrangements regarding taxation of capital gains. Residence The Protocol aligns the definition of "resident of a Contracting State" with the...

New double taxation agreement between Cyprus and Iran

The Republic of Cyprus and the Islamic Republic of Iran have signed an agreement in Nicosia on the avoidance of double taxation and fiscal evasion with respect to taxes on income, after negotiations spanning several years. The agreement was signed on 4 August 2015 by the Cyprus Minister of Finance and the Iranian Deputy Economy Minister and Head of the Islamic Republic of Iran’s Tax Organisation, who was on an official visit to Cyprus. The signature of the agreement is the...

Entry into force of the Companies (Amendment) Law of 2015

The Companies (Amendment) (No 4) Law of 2015, Law 89(I) of 2015, took effect on 19 June 2015. It introduces several changes to the Companies Law, the most important of which are as follows: · a company may be incorporated as a general commercial company with power to carry on any trade or business and to do all such things as are incidental or conducive to this, rather than having a detailed objects clause in its memorandum of association; · where security...