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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Kinanis LLC

View the listing for Kinanis LLC

ECJ CASE C-28/26 - RECOVERABILITY OF INPUT VAT OF A HOLDING COMPANY

March 2017 - Tax & Private Client. Legal Developments by Kinanis LLC.

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Case C-28/26 - Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration.

On 12 January 2017, the European Court of Justice delivered its judgment in the case of MVM (C-28/16), concerning the right of MVM to deduct input value added tax (VAT) paid in relation to services procured in the interest of its subsidiaries.

European Commission proposes new VAT rules to support e-commerce and online businesses in the EU

March 2017 - Tax & Private Client. Legal Developments by Kinanis LLC.

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On 1 December 2016, the European Commission has published proposals to improve the Value Added Tax (VAT) environment for e-commerce businesses in the EU. Particularly, the proposed changes, aiming to allow start-ups and SMEs, to buy and sell goods and services more easily online.

The Malta Individual Investor Programme (MIIP)

January 2017 - Tax & Private Client. Legal Developments by Kinanis LLC.

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A. INTRODUCTION

The whole process to obtain a Malta passport via the Malta Individual Investor Program (MIIP) is divided into a number of stages.

With each stage, different documentation, forms and fees need to be submitted and paid accordingly.

New Double Tax Treaty Between Cyprus & Ukraine

November 2012 - Tax & Private Client. Legal Developments by Kinanis LLC.

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On the 8th of November 2012, the governments of the Republic of Cyprus and the Ukrainian People's Republic concluded a new double tax treaty replacing the 30 year old USSR - Cyprus treaty. The new treaty aims to put an end to the long standing uncertainty that existed in the future investment relationship between the two countries and to create a new framework that will ensure that a stable tax environment will exist in the years to come.

Cyprus – The Ultimate Royalty and Holding Structure Jurisdiction

May 2012 - Tax & Private Client. Legal Developments by Kinanis LLC.

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In May 2012 the Cypriot House of Representatives voted on certain amendments to various tax laws aiming to establish Cyprus as the ultimate royalty and holding structure jurisdiction.

The most important change in the law is the creation of a specific tax regime for companies owning any kind of intellectual property right out of which royalty income is generated, making “The Cyprus Royalty Company” the best vehicle for holding intangible assets

- Kinanis LLC

May 2012 – Tax Department of Kinanis LLC

Cyprus yacht registration- New Preferable VAT Treatment

May 2012 - Tax & Private Client. Legal Developments by Kinanis LLC.

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In March 2012 the Cyprus VAT Authority launched a special scheme making Cyprus as one of the most attractive EU jurisdictions for yacht registration.

This new favorable VAT scheme requires a Cyprus company to enter into a lease agreement of a yacht with a third party, paying VAT only on a predetermined percentage of the time that the yacht is deemed to sail within EU waters, hence reducing the effective VAT rate down to only 4,42% when taking into account as well the required profit condition.

- Kinanis LLC

May 2012 – Accounting & VAT Division of Kinanis LLC

Cyprus International Trusts Reborn

May 2012 - Corporate & Commercial. Legal Developments by Kinanis LLC.

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In March 2012, the Parliament of Cyprus enacted the long awaited International Trust (Amending) law of 2012 effecting various structural changes to the International Trust law of 1992.

The amendments were necessary to adapt the Cyprus law on International Trusts, to the current needs of international investors and at the same time strengthening the role of Cyprus as a trust jurisdiction.

- Kinanis LLC

May 2012 - Corporate Division of Kinanis LLC

New Tax Measures voted in December 2011 by the House of Representatives of Cyprus

January 2012 - Tax & Private Client. Legal Developments by Kinanis LLC.

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In December 2011 the Parliament of Cyprus voted on certain amendments to various Tax Laws aimed at increasing the revenues of the government as well as reducing government expenditure. Most of the amendments affect residents of Cyprus and were designed in such a way so not to affect Cyprus’ position as an international business center.

- Kinanis LLC

January 2012 – Tax Department of Kinanis LLC

Criteria and conditions for the grant of citizenship to foreign investors and businessmen

December 2011 - Real Estate & Property. Legal Developments by Kinanis LLC.

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On the 10th of October 2011 the Council of Ministers of Cyprus issued a new decision laying out the criteria and conditions for the granting of Cypriot citizenship by exemption, aiming to attract wealthy businessmen and foreign investors, who desire easier access beyond their borders. By virtue of the new decision the threshold values of the direct investments, entrepreneurial activities, and bank deposits have decreased considerably.

- Kinanis LLC

December 2011 – Property Division of Kinanis LLC

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NEW TAX LEGISLATION-FIXED ANNUAL CHARGE ON COMPANIES

September 2011 - Tax & Private Client. Legal Developments by Kinanis LLC.

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In August 2011 the Parliament of Cyprus voted certain amendments to the Companies’ Law as well as various Tax Laws aimed at increasing the revenues of the Government as well as reducing government expenditure. The amendments include the imposition of a fixed annual charge for all Cyprus registered companies as well as the increase in applicable tax rates of Special Defence Contribution Tax on interest and dividends.

- Kinanis LLC

BACK TO BACK LOANS BETWEEN RELATED PARTIES

July 2011 - Tax & Private Client. Legal Developments by Kinanis LLC.

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In July 2011 the Commissioner of Inland Revenue Office provided guidance on the minimum acceptable profit margins on back to back loans between related companies. Much of the guidance provided was already applied in practice before, but nevertheless this is the first time that an official confirmation in given. In addition, the guidance clears some grey areas of the Income Tax law that existed in the past.

-Kinanis LLC

July 2011 – Tax Department of Kinanis LLC

Recent amendments in Tax Legislation in Cyprus

February 2011 - Tax & Private Client. Legal Developments by Kinanis LLC.

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The House of Representatives of Cyprus has voted in December 2010 several amendments to the current tax legislation for the prevention of tax evasion and tax avoidance.

Recent Developments on the Double Tax Treaty between Cyprus & Russia – Protocol signed on the 7th

October 2010 - Tax & Private Client. Legal Developments by Kinanis LLC.

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On the 7th of October 2010, officials representing the Republic of Cyprus and the Russian Federation concluded and signed a Protocol to the 1998 Double Tax Treaty between the two countries. The Protocol amends 10 existing articles of the Double Tax Treaty and introduces one new. With the new Protocol, Cyprus still remains the most favourable route for investments into Russia and ensures that Cyprus is removed from the Russian black list of “Offshore Jurisdictions”.

NEW Tax Legislation on Shipping Activities – The Tonnage Tax System

August 2010 - Tax & Private Client. Legal Developments by Kinanis LLC.

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Cyprus has recently introduced new tax legislation regulating the taxation of income from shipping activities which will have a retrospective applicability as from 1 January 2010. The Law introduces the Tonnage Tax System (“TTS”) which imposes taxation according to the tonnage of the ships owned, managed or chartered and not according to the profit on shipping activities. Certain conditions must be met in order for a ship-owner / ship manager or a charterer to be qualified to be taxed under the tonnage tax system.

- Kinanis LLC

Кипрская компания

August 2010 - Corporate & Commercial. Legal Developments by Kinanis LLC.

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Кипрская компания - Регистрация и администрация -Практические вопросы

С её предпочтительной налоговой системой, поддержанной с многочисленными соглашениями об избежании двойного налогообложения, и со стабильной, легко управляемой правовой системой, основанной на английском Общем Праве, Кипрская Компания стала ценным средством в международном налоговом планировании. Она стала инструментом, который  часто используют международные инвесторы, чтобы самым эффективным образом осуществлять свои инвестиционные возможности.

- Kinanis LLC

ZYPRISCHES STEUERRECHT FÜR UNTERNEHMEN (VORGEHENSWEISE AUSLÄNDISCHER INVESTOREN)

August 2010 - Tax & Private Client. Legal Developments by Kinanis LLC.

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Mit dem vereinfachten und modernisierten Steuersystem verfügt Zypern über ein hochgradig wettbewerbsfähiges Steuersystem und fördert dieses. Es sollte von internationalen Investoren bei jedem Schritt im Hinblick auf internationale Steuerplanungsstrukturen genau berücksichtigt werden.

Value Added Tax (VAT) and Cyprus Companies (The International Investors’ Approach)

July 2010 - Tax & Private Client. Legal Developments by Kinanis LLC.

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The report covers in detail the Cyprus VAT Law and its practical implementation with Cyprus companies viewed from the International Investors' angle.

It is a very good manual for those interested to elaborate this delicate matter and especially it will be helpful to those who constantly are faced with VAT issues involving Cyprus companies and EU VAT rules. 

- Kinanis LLC

THE CYPRUS PUBLIC COMPANY (The vehicle for IPOs and Listings in Stock Exchanges)

May 2010 - Tax & Private Client. Legal Developments by Kinanis LLC.

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The favorable tax regime of Cyprus in conjunction with the numerous double tax treaties Cyprus has signed and its flexible management and corporate procedures, has created a unique environment for Cyprus public companies giving to the international investor a suitable vehicle for public offerings and listings of their securities, debentures or other titles in European and international markets. - Kinanis LLC