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ARTICLE · 12 JANUARY 2017

Cyprus Tax Roundup 2016

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Although the changes have been fewer than in 2015, tax professionals in Cyprus have had plenty of new developments to keep them busy during 2016...

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Introduction

Although the changes have been fewer than in 2015, tax professionals in Cyprus have had plenty of new developments to keep them busy during 2016, including several new or substantially modified double tax agreements and a reformed intellectual property box regime. The main changes are summarized in the following paragraphs.

Double Taxation Agreements (DTAs)

Deferral of the provisions of the 2010 Protocol regarding shares in companies holding immovable property in Russia

As 2016 drew to an end, the Cyprus Ministry of Finance announced that the Russian govern- ment had agreed to defer the introduction of new provisions allowing for source-based taxation of capital gains on shares in "property-rich" Russian companies, which were due to take effect on January 1, 2017.

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