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ARTICLE · 13 DECEMBER 2017

Cyprus Tax Round-Up 2017: Part I

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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As we approach the turn of the year it is an appropriate time to summarize the various changes that have taken place to date in 2017 and look forward to the changes on the horizon

CyprusTax
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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As we approach the turn of the year it is an appropriate time to summarize the various changes that have taken place to date in 2017 and look forward to the changes on the horizon.

In this Part I of a two-part series, I review the double taxation agreements and direct taxation developments in Cyprus during 2017. In Part II, I shall reflect on value-added tax and tax administration developments.

Double Taxation Agreements (DTAs)

Deferral of new provisions regarding taxation of gains on disposal of shares in companies holding immovable property in Russia

One of the most important developments on the DTA front took place as 2016 drew to a close, with the announcement by the Cyprus Ministry of Finance that the Russian government had agreed to defer the introduction of source-based taxation of capital gains on shares in "property-rich" Russian companies (companies whose assets mainly comprise real estate), which was due to take effect from the beginning of 2017.

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