Russia and Cyprus sign amended double taxation treaty

Russia and Cyprus on Tuesday 8 September signed a protocol amending the double taxation treaty following the conclusion of negotiations in August. “Signing the protocol ensures continuation of the implementation of the double taxation avoidance treaty, which undoubtedly is beneficial for both sides since it encourages investment, trade across all sectors of the economy, but also the job market,” Finance … Read more


Value Added Tax (VAT) Changes

In light of the negative consequences of Covid-19, the Cyprus government has announced a national fiscal package of measures to help the affected economy. The support package includes a VAT payment pause of two (2) months and the reduction of VAT from 19% to 17% and from 9% to 7%. The VAT-related measures are: Temporary extension of the VAT payment … Read more

Standard & Poor's headquarters in the financial district of New York on August 6, 2011. The United States' credit rating was cut for the first time ever August 5 when Standard and Poor's lowered it from triple-A to AA+, citing the country's looming deficit burden and weak policy-making process. AFP PHOTO/Stan HONDA

Standard & Poor’s affirms Cyprus’ growth prospects, highlights risks from virus

Standard & Poor’s Global Ratings has affirmed its BBB-/A-3 long- and short-term foreign and local currency sovereign credit rating on Cyprus with a stable outlook. The stable outlook incorporates Cyprus` robust growth prospects, improving public debt dynamics, and track record of running budgetary surpluses, according to the report released Friday, 6 March. It also takes into account Cyprus` high stocks … Read more


Cyprus and Kazakhstan signed double taxation convention

The Republic of Cyprus and Kazakhstan have signed a Convention for the Avoidance of Double Taxation and for the Combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the Cypriot Minister of Foreign Affairs Nikos Christodoulides and the Kazakh First … Read more


Central Bank Governor: Anti-money laundering efforts beginning to be recognised abroad

The newly appointed Governor of the Central Bank of Cyprus Constantinos Herodotou has spoken of a new culture of compliance in Cyprus banks on anti-money laundering since 2013. Addressing the 9th Nicosia Economic Congress on “the Cyprus Economy – The way forward,” Herodotou said anti-money laundering efforts undertaken by the Cyprus authorities “are beginning to be recognised abroad.” This, he … Read more


US official praises Cyprus’ “enormous progress” on anti-money laundering

US Department of Treasury Assistant Secretary for Terrorist Financing Marshall Billingslea has praised Cyprus’ “enormous progress” in issues relating to anti-money laundering. Billingslea, who was in Cyprus last week, met with Finance Minister Harris Georgiades, a visit described as part of the US’ scrutiny over the island’s financial sector. Georgiades pointed out the two countries and the EU are promoting … Read more



EU Finance Ministers have updated the EU list of non-cooperative tax jurisdictions, based on an intense process of analysis and dialogue steered by the Commission. The list has proven a true success with many countries having changed their laws and tax systems to comply with international standards. Over the course of last year, the Commission assessed 92 countries based on … Read more

Riyadh skyline at night #7, Capital of Saudi Arabia

Agreement for avoidance of double taxation concluded between Cyprus and Saudi Arabia

The agreement for avoidance of double taxation concluded between Cyprus and Saudi Arabia in January 2018 came into effect on 1 March 2019. As announced by the Tax Department of the Cyprus Ministry of Finance, the provisions of the agreement and of the related protocol apply with regard to: Taxes withheld at the source, in amounts paid or credited on … Read more

Υπουργός Οικονομικών – Υπογραφή π

Protocol amending the Convention for the Elimination of Double Taxation between the Government of Cyprus and the British Government

A Protocol for the Elimination of Double Taxation with respect to Taxes on Income and on Capital Gains and the Prevention of Tax Evasion and Avoidance was signed December 19, 2018 in Nicosia between the Government of the Republic of Cyprus and the Government of the United Kingdom of Great Britain and Northern Ireland. On behalf of the Republic of … Read more


Cyprus and the United Kingdom have signed a new double tax treaty and accompanying Protocol (DTT)

Cyprus and the United Kingdom have signed a new double tax treaty and accompanying Protocol (DTT). Certain formal legal procedures must now take place in each State, following which the new DTT will enter into force. Once the new DTT enters into force it will take effect in Cyprus as from 1 January of the next calendar year; and in … Read more