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According to the Central Bank of the Russian Federation, there was a significant increase in investment into Russia from Cyprus during the first nine months of 2013, the latest period for which figures are available.

Under the current legal framework in Cyprus, shares can be held through nominees, which can be either individuals or entities, in trust for the beneficial owner of the shares without public disclosure of the ultimate owner's identity.

The Cyprus Tax Department announced on 22 November that Constituent Entities of Cyprus Ultimate Parent Entities will not be subject to local filing in their jurisdiction of tax residence

On November 8 2012 Cyprus and Ukraine signed a new double tax agreement to replace the 1982 agreement between Cyprus and the Soviet Union, which Ukraine had adopted on independence.

On 1 January 2014 five new agreements for the avoidance of double taxation (DTAs) between Cyprus and other countries took effect.

Under the Cyprus self-assessment system employed persons must submit their annual tax return no later than seven months after the end of the income tax year, ...

The new double taxation agreement between Cyprus and the United Kingdom entered into force on 18 July 2018 following completion of the requisite ratification procedures.

The Cyprus Tax Department has announced an extension of the time allowed for banks and other financial institutions to submit their corporate tax returns for the tax year 2017.

The Cyprus Tax Department has announced that 31 October 2018 is the deadline for employees and self-employed individuals who are not required to submit audited financial statements to file their tax returns...

The draft law and regulations replicate the Greek language text of the directive almost verbatim.

The Cyprus Tax Department has issued a circular (EE 33 dated 29 January 2019) giving guidance on the tax residence provisions for individuals introduced by Law 119(I)/2017.

As reported in previous issues of this newsletter, in November 2011 the Cyprus Parliament enacted a law allowing for a partial write-off of interest and penalties on overdue tax liabilities of companies and individuals in respect of tax years up to and including 2008.

The Barbados Government Information Service has announced that negotiations are in progress for a double taxation agreement between Cyprus and Barbados...

In September 2017 the government approved an initiative to encourage the development of the film and audiovisual production industry in Cyprus by means of grants, tax incentives and other assistance.

No exemption is available if the taxpayer has received a grant under the programme.

New arrangements for the taxation of loans or advances to directors and shareholders were introduced to the Income Tax Law through Law 197(I)/2012.

Cyprus has further extended its network of double tax agreements by signing a new agreement with Jersey.

he Tax Department recently informed the Cyprus International Businesses Association that it expects its new electronic taxation service to be operational imminently.