Due to COVID-19 outbreak, European Insurance and Occupational Pensions Authority ("EIOPA") is carrying out extraordinary calculations every two weeks to monitor the evolution of the relevant risk-free interest rate term structures ("RFR") and the symmetric adjustment to equity risk ("ED"A).
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published twelve opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation ("MiFID II/MIFIR").
Following Circular C373 issued on March 31, 2020, with regards to the reporting/notification deadlines amid the impact of COVID-19, CySEC wishes to inform CIFs that the deadline regarding the submission of the COREP forms based on the audited financial statementsis further extended until 31 August 2020.
Following Circular C211 on the "Expansion of CySEC Portal to include CIF Record Content", which requires CIFs to submit to the Cyprus Securities and Exchange Commission ("CySEC"), via the CIF Record, data relevant to their services and/or activities, CySEC wishes herein, to remind CIFs on the implementation of the CIF Record and to inform them on the actions that should further be taken with regards to this matter.
The Cyprus Securities and Exchange Commission ("CySEC"), wishes with this Circular, to inform the Regulated Entities regarding the Covid19- related Money Laundering and Terrorist Financing Risks and the Policy responses of FATF.
Further to our direct taxation newsletter issue 06/2020, we would like to inform you that the Minister of Finance has granted an additional extension to the deadline for submission of the Income Tax Returns (T.D.1) and payment of final tax for the tax year 2019, from 30 October 2020 to 30 November 2020.
We would like to inform you that the Cyprus Tax Department (“CTD”) has announced that the 2019 personal Income tax Return (T.D.1 form), for employees and self-employed individuals with no requirement to prepare audited financial statements, is now available for submission through TaxisNet system.
In August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus – Russia Double Tax Treaty (DTT). The new Protocol was signed on 8 September 2020 in Nicosia and has been published in the Government Gazette on 11 September 2020.
The Cyprus Parliament has proceeded with the amendment of a number of provisions in the Assessment and Collection of Taxes Law 4/78. The amendments have been published in the Government Gazette on the 20 August 2020 and relevant circular has been issued by the Cyprus Tax Department on 28 August 2020.
We would like to inform you that the following amendments in the Income Tax Law which concern the tax treatment of intangible assets (other than intangible assets which benefit from the transitional provisions of the old Cyprus IP Regime) have been published in the Government Gazette, with effect as from 1 January 2020.
Following the amendment of the relevant EU Directive allowing EU Members an option to defer the time limits for the filing and reporting of cross-border arrangements under DAC6, the Cyprus Tax Department announced a six month deferral in reporting.
We would like to inform you that the Cyprus Parliament has voted into law the following anti-tax avoidance measures under the European Union (EU) Anti-Tax Avoidance Directive (ATAD).
Further to our Newsletter issue 02/2020, we would like to inform you that the House of Representatives has voted an additional extension to the deadline for the settlement of overdue taxes law.
The Cyprus Securities and Exchange Commission ("CySEC") has carried out a review of the circumstances that are considered by Cyprus Investment Firms (the "CIFs") when applying inactivity fees to clients ("the Review") to ensure compliance with the provisions of Article 25(1) of the Investment Services and Activities and Regulated Markets Law ("the Law").
The European Banking Authority ("EBA") published its final Guidelines on the treatment of structural FX positions.
We would like to bring to your attention that the deadline for the first temporary tax installment for the tax year 2020 is approaching.
The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law").
We would like to inform you that on the 23 June 2020 it was published in the Official Gazette of the Government the decree K.D.P 268/2020 issued by the Council of Ministers.
An amendment to article 9B of the Income Tax Law (ITL) was published on 16 June 2020 in the Official Gazette, in relation to the Notional Interest Deduction (NID), in order to comply with the European Commission recommendations.
The present Circular is issued pursuant to section 25(1)(c)(ii) &(iii) of the Cyprus and Exchange Commission Law ("the CySEC Law").
On 2 June 2020, the House of Representatives voted an amendment in respect to tax relief on taxes relating to rental income, in order to support the Cyprus economy. The amendment provides a tax incentive to landlords that voluntarily reduce the rental amount charged to tenants (individual or company).
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has submitted a response to the European Commission’s ("EC") consultation on a revision of the Non-Financial Reporting Directive ("NFRD").
We would like to inform you that the Minister of Finance has granted an extension to the deadline for submission of the 2019 Income Tax Returns (T.D.1).
The European Banking Authority ("EBA") launched a consultation on draft Regulatory Technical Standards ("RTS") on the capitalisation of non-modellable risk factors ("NMRFs") for institutions using the new Internal Model Approach ("IMA") under the Fundamental Review of the Trading Book ("FRTB").
Extension to the deadline for submission of the 2018 Income Tax Return.
The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the CIFs that the European Securities and Markets Authority ("ESMA") has published on 6 April 2020, the Guidelines on standardised procedures and messaging protocols ("the Guidelines").
The European Securities and Markets Authority ("ESMA"), the EU securities markets regulator, publishes the first complete risk dashboard for 2020, and highlights the very high risks in all areas of ESMA’s remit.
The European Banking Authority ("EBA") welcomed the EU Commission’s action plan on anti-money laundering and counter terrorist financing ("AML/CFT").
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published the template for the publication of the quarterly non-equity Systemic Internaliser ("SI") data.
Further to our direct and indirect taxation Newsletter issued on March, Issue 03/2020 regarding the Tax and VAT measures voted by the Cyprus Parliament to stimulate the economic activity following the COVID 19 outbreak, we would like to summarize in this newsletter the past measures and bring to your attention the recent additional measures announced by the Cyprus Government.