We would like to inform you that as per the Decree No. 586/2014 published on the official Gazette of the Republic on 23 December 2014, the public interest rate imposed on any overdue or refundable taxes has been decreased from 4.50% per annum to 4.00% per annum.
We would like to inform you that the Tax Department of the Republic of Cyprus has issued on 01 December 2014, Circular No. 189, clarifying the exchange rates that should be used for translating the value of services or goods from any other currency to Euro.
According to Circular 051 the Cyprus Securities and Exchange Commission ("CySEC") would like to inform that the Annual fees for 2014 will be calculated according to the Directive DI-144-2007-04 before the amendments. in this respect and in order to help CIFs the CySEC has amended form 144-04-12 (calculation of the annual fees).
Action 5 of BEPS requires substantial activity for any preferential regime to be evident, and its purpose is to align taxation with substance so that profits are subject to tax in the country in which value is created.
The European Securities and Markets Authority ("ESMA") launched a consultation on draft guidelines on complex debt instruments and structured deposits in the Markets in Financial Instruments Directive ("MiFID") II.