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To this effect, a relevant Bill has already been prepared and is anticipated that it will shortly be enacted into Law by the Cyprus Parliament.

Cyprus is considered as one of the most competitive shipping centres in the world in terms of registration fees and taxes.

The Capital Gains Tax (Amendment) (2) Law of 20161 has been implemented with immediate effect.

The Value Added Tax (Amendment) Law of 2016, which took effect on 18 November 2016, amends the Value Added Tax Laws of 2000-2015 with regard to the reduced rate of VAT payable on owner-occupied residential property.

Circular 2016/15, which was issued by the Tax Department on November 24 2016, clarifies the application of Article 33 of the Income Tax Law 2002 following the amendments made by Law 187(I)/2015.

The original article 33 only allowed the tax authorities to make an upward adjustment to the taxable profit of an enterprise in order to tax a profit that should have accrued to the enterprise on an arm's length basis.

On October 29 2014 Cyprus became one of the 51 jurisdictions to sign the new Organisation for Economic Cooperation and Development.

The Tax Department has announced that the double tax agreement with Bahrain, which was signed on March 9 2015, entered into force on April 28 2016...

Elias Neocleous is the author of the Cyprus chapter of the third edition of the LexisNexis® Guide to FATCA Compliance, which was published earlier this month.

The Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased between 2012 and 2014, inclusive.

In December 2015 the Cyprus tax laws were amended to temporarily exempt loan restructurings from tax in order to facilitate and encourage the restructuring of non-performing loans.

The Barbados Government Information Service has announced that negotiations are in progress for a double tax agreement between Cyprus and Barbados, as well as for cooperation in other areas, such as tourism.

The Tax Department recently revised reference rates used to calculate the notional interest deduction under Article 9B of the Income Tax Law for new capital used to finance assets employed in Russia.

The Cyprus tax authorities have issued a circular on the practical application of the provisions introduced in 2015 for a notional interest deduction (NID).

In order to ensure compliance with EU Directive 2015/2376/EU amending EU Directive 2011/16/EU on the compulsory automatic exchange of information in the field of taxation –

Circular 2016/16, which was issued by the Cyprus Tax Department on 25 November 2016, clarifies the requirements regarding returns of income received by non-residents...

The Cyprus Tax Department has announced a revision of the previously-announced reference rates used to calculate the NID under article 9B of the Income Tax Law for new capital used to finance assets employed in Russia.