Cyprus achieves €147.2ml fiscal surplus in Q1
Nicosia - The Cyprus government generated a fiscal surplus on a cash basis of €147.2 ml in the first quarter of 2016 after posting a fiscal deficit of €19 ml…
Cyprus-Bahrain DTT enters into force
Nicosia - The Double Tax Treaty (DTT) between Cyprus and Bahrain was entered into force, the Cyprus Ministry of Finance has announced. The treaty, signed 9 March 2015, was activated…
Notional Interest Deduction allowance
Nicosia - The Cyprus Tax Department has announced the interest rates to be used for the Notional Interest Deduction (NID) allowance for the tax year 2016. The Tax Department issued…
BoC posts first quarter profits
Nicosia - The Bank of Cyprus (BoC) has announced it will post a net profit of €50 ml for the first quarter of 2016. “The strong momentum in the Bank’s…
Cyprus imposes fee on tax rulings
Nicosia - Cyprus has introduced a €1.000 fee on tax rulings, effective immediately. The Cypriot Cabinet issued last week Decree No.130/2016 relating to the tax rulings issued by the Commissioner…
Barclays closes its offices in Cyprus
Nicosia - Barclays PLC (“Barclays”) has announced it intends to close its offices in Cyprus, in the context of a strategic restructuring and simplification of the Group. “Barclays PLC today…
Cyprus’ Public Debt to Drop Below 100% in 2016
Brussels - The European Commission sees the public debt of Cyprus dropping below 100% of GDP in 2016, Commission Vice President Valdis Dombrovskis has told the Cyprus News Agency in…
Cyprus – Switzerland DTT enters into force
Nicosia - The Double Tax Treaty (DTT) signed between Cyprus and Switzerland on 25 July 2014 was entered into force on 15 October 2015 with the treaty provisions with respect…
High marks for Cyprus in OECD tax compliance report
Paris - Cyprus was recently awarded a tax compliance rating of ‘largely compliant,’ the same as the US, Italy, Malta, Netherlands, Germany, Singapore and the UK. The favourable rating was…
Troika returns to Cyprus for its eighth evaluation
Nicosia - Cyprus’ Troika of international lenders is returning to the island tomorrow for its eighth evaluation of the country’s economic adjustment programme. The programme, which came as a prerequisite…