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LEGAL UPDATES
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24.06.2014
Amendments to the VAT and Tax Collection Law
Taxation Law
The Value Added Law [95(Ι)/2000] and the Tax Collection Law [31/1962] were amended, with the aim of strengthening the powers of the tax authorities, namely the VAT Commissioner and the Director of the Inland Revenue Department (IRD), to ensure payment of outstanding tax obligations. read more
23.06.2014
Cyprus - Norway Double Tax Treaty
Taxation Law
The Cyprus Government has signed and ratified the new Treaty for the Avoidance of Double Taxation with Norway, which came into effect on 20 June 2014. read more
02.06.2014
Cyprus – Spain Double Tax Treaty
Taxation Law
On 1 January 2015, the new Treaty for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion, signed by Cyprus and Spain on 14 February 2013, will come into effect.
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05.05.2014
FATCA and the Intergovernmental Agreement between the U.S.A. and Cyprus
Taxation Law

On 22 April 2014 the U.S.A. Department of Treasury (the “Treasury”) announced that Cyprus is among the jurisdictions that have reached an Intergovernmental Agreement ("IGA") with the Treasury to improve international tax compliance with the Foreign Account Tax Compliance Act (“FATCA”). The FATCA is a U.S.A. statute, targeting perceived tax abuse by American persons through the use of offshore accounts. American nationals, including individuals who live outside of the U.S.A, are required to report to the U.S.A. Internal Revenue Service (“IRS”) their financial accounts held outside of the U.S.A., while Foreign Financial Institutions (“FFIs”) are required to report to the IRS the financial assets and income of their American clients.

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02.05.2014
Double Tax Treaty between Cyprus and the UAE
Taxation Law
Cyprus and the United Arab Emirates (UAE) signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 27 February 2011, which was ratified and became effective as of 1 January 2014.
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