Blog

Protection of fixed-term employees’ rights – Interview on 24hours

Christos Paraskevas2019-04-29T22:48:59+01:00 The leading Cyprus portal 24 hours, has recently published an interview of our law firm’s managing partner Mr. Christos Paraskevas, in relation to the protection of fixed-term employees' rights under the Law on Employees with Fixed-Term Work (Prohibition of Less Favourable Treatment) of 2003, Law 98(I) of 2003 (“the Law on Fixed Term Employees”), which transposes Directive 1999/70/EC into the domestic legal order. You may read the full article here. 

Transfer of ownership rights to immovable property

Christos Paraskevas2019-04-29T22:49:36+01:00 Law 39(I) of 2018 amended the VAT Law to make VAT chargeable on the transfer of the effective right to dispose of real estate or immovable property as owner. With effect from 1 January 2019 a long-term assignment of the right of ownership of immovable property (long-term lease), or the transfer of such a right is deemed to be a taxable supply of goods subject to VAT at the standard rate or at a reduced rate of 5% depending on...

ESMA Guidelines under MiFID II

Christos Paraskevas2019-04-29T22:50:44+01:00CESMA Guidelines under MiFID II The Cyprus Securities and Exchange Commission (“CySEC”) has notified Cyprus Investment Firms, of the guidelines published by the European Securities and Markets Authority on 2 October 2017 under Directive 2014/65/EU (“MiFID II”) and Regulation (EU) No 600/2014 (“MIFIR”). The guidelines apply solely in relation to synchronisation of business clocks pursuant to article 50 of MiFID II and recording of orders and submission of transaction reports pursuant to articles 25 and 26 of MIFIR. They are designed to ensure...

The EU list of non-cooperative jurisdictions

Christos Paraskevas2019-04-29T22:52:06+01:00The EU Economic and Financial Affairs Council, which is made up of the economics and finance ministers of all member states, has approved the EU Commission’s recommendations on a unified EU list of non-cooperative jurisdictions in taxation matters, more familiarly referred to as a blacklist. Inclusion in the list is based on three sets of agreed criteria regarding tax transparency, fairness of taxation and implementation of anti-base erosion and profit shifting measures. The list is intended to be continuously reviewed and...

VAT guidelines for insolvency practitioners

Christos Paraskevas2019-04-29T22:58:46+01:00The Cyprus Tax Department has issued guidance to professional bodies and other potential stakeholders about VAT registration issues and procedures affecting insolvency office-holders in companies in receivership, liquidation or other insolvency proceedings, taking account of the prohibition in the Insolvency Advisers Law of 2015 against companies acting as insolvency practitioners, and the fact that many licensed insolvency practitioners are employees of professional service firms rather than independent contractors.

Intention to abolish minimum profit margins

Christos Paraskevas2019-04-29T22:59:34+01:00On 8 February 2017, the Cyprus Tax Department indicated the intention to abolish the current tax legislation which requires minimum profit margins on loan transactions of a Cypriot resident company to and from related companies, in light of international tax developments, such as the OECD/G20 BEPS Project. As of 1 July 2017, all such financing transactions between related companies must be supported by Transfer Pricing Studies, which shall be prepared by independent experts and based on the OECD transfer pricing guidelines....

Cyprus Investment Firms’ obligations in binary options

Christos Paraskevas2019-04-29T23:01:02+01:00Cysec proposed Reforms of Investment firms The Cyprus Securities and Exchange Commission (“CySEC”) has published a consultation paper (CP 2017-01) setting out proposed reforms to the regulatory framework governing the provision of investment services in binary options by Cyprus Investment Firms (“CIFs”). The full text of the consultation paper is available on the CySEC website here . According to CySEC, the proposed reforms aim to enhance the nature, characteristics and trading methodology of binary options offered to retail investors. New proposed standards for...

Cyprus and India sign revised Double Tax Treaty agreement

Christos Paraskevas2019-04-29T23:03:42+01:00On 18 November, 2016 Cyprus and India signed a new Treaty for Avoidance of Double Taxation (Treaty), which will replace the existing treaty signed by two countries in June 1994. The treaty was signed by Ravi Bangar, High Commissioner of India to Cyprus, and Harris Georgiades, Minister of Finance, Cyprus. The provisions of new Treaty will enter into force after the completion of necessary internal procedures in both countries for its ratification and is expected to come into effect on April 1,...