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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
23.06.2014
The “Resolution of Credit and Other Institutions (Amendment) Law of 2014” designates the Central Bank of Cyprus as the new Resolution Authority
Banking and Secured Financing
Following the approval of the above amending law on 19 June 2014, the Central Bank of Cyprus (CBC) is designated as the new Resolution Authority. 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.
read more
09.05.2014
The Securities and Exchange Commission (Amendment) Law of 2014
Corporate and Commercial Law, European Union Law

The Cyprus Securities and Exchange Commission Law [73(I)/2009, 5(I)/2012] was amended in order to clarify that the Securities and Exchange Commission (“The Commission”) shall be designated as the competent supervisory authority for the following issues that derive from EU legal acts:

• short selling and certain aspects of credit default swaps;
• over-the-counter (OTC) derivatives, central counterparties and trade repositories
• credit rating agencies;
• European venture capital funds;
• European social entrepreneurship funds.

read more
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