Important News

Contributed by Fiducenter (Cyprus) Ltd [www.fiducenter.com.cy]

Dear Sirs,

We would like to bring to your kind attention a summary of the newsfeeds released in our Portal, www.ciibp.com.cy. To view the full version please click on the links below.

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VAT relief measures decided by the Council of Ministers

As part of the overall effort by the Cyprus Government to take measures to alleviate companies that have been affected by the decisions of the Eurogroup and the reorganization measures imposed on the Cypriot banking sector, the Council of Ministers has approved an amendment of the VAT legislation. Specifically, the decision taken is to reduce the penalty for late payment of VAT liabilities from 10% to 5% for VAT periods ending on 31 May 2013, 30 June 2013, 31 July 2013, 31 August 2013 and 30 September 2013.

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Fiducenter obtains license for provision of corporate, trust and fiduciary services

We reported on 14 December 2012 about the voting by the Parliament of Cyprus of the Law entitled “The Regulation of Undertakings Providing Administrative Services to Private Companies and Related Matters Law of 2012” (the Law), also known as Fiduciary Law. The Law is purported to regulate the activities of providers of corporate, trust, fiduciary and related services.

We are in the pleasant position to announce that Fiducenter already obtained the license to operate as per the Law, and it is thus now licensed by both Luxembourg (through its parent company, Fiducenter S.A.) and Cyprus.

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Enactment of Law implementing the Alternative Investment Fund Managers Directive in Cyprus

We reported back in the (old format) Newsletter 16 about the plans of Cyprus for transposition of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU of 8 July 2011) in to Cyprus legislation. This has happened on 5 July 2013 with the publication of the Alternative Investments Fund Managers Law of 2013 –L. 56(I)/2013 (the Law) in the Official Gazette of the Republic The Law also transposes into Cyprus legislation the amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010.

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Double Tax Treaty between Cyprus and Ukraine

As last reported on 24 May 2013, a Double Tax Treaty (DTT) was signed between Cyprus and Ukraine but still needed to be approved by the Ukrainian Parliament in order to be considered ratified by Ukraine. This happened on 5 July 2013. Once it enters in to force the DTT will replace the Cyprus –USSR DTT.

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Double Tax Treaty between Cyprus and Portugal

As last reported on 4 December 2012, a Double Tax Treaty (DTT) was signed between Cyprus and Portugal. The DTT was ratified by Portugal on 21 June 2013 and published in the Official Gazette on 1 July 2013.

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Double Tax Treaty between Cyprus and Estonia

As reported back when we were using the old format of Newsletter (Newsletter 13) a Double Tax Treaty (DTT) was agreed and initialled between Cyprus and Estonia on 16 February 2011.

The agreement was signed on 15 October 2012. On June 2013 the DTT was ratified by Estonia.

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