Updates

International Men's Day is a day dedicated to celebrating the contributions and achievements of men across the globe as well as a global awareness day for many issues that men face, including parental alienation, abuse, homelessness, suicide, and violence.

The European Banking Authority ("EBA") launched three consultations on draft Regulatory Technical Standards ("RTS") to specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the new quarterly liquidity assessment of bonds, the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR.

A change in legislation has brought cryptoasset promotions under our remit. From 8 October, we have been supervising firms against the new regime that is designed to give consumers the right information and risk warnings.

We would like to inform you that the Cyprus Tax Department has issued a Circular providing the following guidance on the tax treatment of income generated from properties rented out through online platforms, such as Airbnb or Booking, or through other means.

The EBA published the European Supervisory Examination Programme ("ESEP") for 2024, which identifies key topics for heightened supervisory attention across the European Union.

The EBA published a Report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms. Taking a risk-based approach, the Report assesses how the current prudential framework captures environmental and social risks.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, publishes a second consultation package under the Markets in Crypto-Assets Regulation ("MiCA"). Stakeholders are encouraged to provide their feedback to this consultation by 14 December 2023.

The three European Supervisory Authorities (EBA, European Insurance and Occupational Pensions Authority ("EIOPA") and ESMA – the ESAs) have published an indicative overview of information and communication technology ("ICT") third-party providers ("TTP") as part of their preparations for the Digital Operational Resilience Act ("DORA").

We would like to inform you that on the 21st of September 2023 the Cyprus Tax Department (“CTD”) issued an announcement regarding a new feature which has been implemented to the platform Tax For All (“TFA”).

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA") and European Securities and Markets Authority ("ESMA") - "ESAs") issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system.

We would like to inform you that the Ministry of Finance has issued an announcement extending the deadline for the electronic submission of personal income tax returns (forms TD1) for employees and pensioners for the year 2022 from 2 October 2023 to 31 October 2023. The deadline for settlement of the relevant income tax liability for the year 2022 has also been extended to 31 October 2023.

A unique agreement recently penned between K. Treppides & Co Ltd and the European Institute of Management and Finance (EIMF) offers full-time employment while covering all study costs associated with obtaining EIMF’s accredited Diploma in “Accounting and Financial Management”.

The financial markets regulatory authority; i.e. the Cyprus Securities and Exchange Commission (CySEC and/or the Commission) made an extraordinary effort to discipline the market in Cyprus, especially the CFD providers. The European Securities and Markets Authority (ESMA) and a number of national competent authorities of Member States have expressed their concerns about the Cypriot CFD providers’ practices adopted. Responding to the relevant concerns raised and for restoring the reputation of the Cypriot financial market, CySEC took a number of preventing and remedial measures to address the challenges faced, including the enhancement of its supervisory activities.

The European Banking Authority ("EBA") issued a revised list of validation rules in its Implementing Technical Standards ("ITS") on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.

The Financial Conduct Authority ("FCA") has signalled that in response to industry readiness, it will consider giving cryptoasset firms more time to implement certain changes, for instance, a 24-hour cooling off period.

ESMA, the EU’s financial markets regulator and supervisor, publishes the second Trends, Risks and Vulnerabilities ("TRV") Report of 2023.

The European Banking Authority ("EBA") updated the 13 systemic importance indicators and underlying data for the 32 largest institutions in the EU whose leverage ratio exposure measure exceeds EUR 200 bn.

The Financial Conduct Authority ("FCA") set the expectations for cryptoasset businesses that need to comply with a change in money laundering legislation legislated by government in July 2022.

We would like to inform you that the Cyprus VAT Law N95(I)/2000 has been recently amended in relation to the VAT rate applicable for the provision of certain goods and services.

The European Banking Authority ("EBA") updated its roadmap for the implementation of internal ratings based ("IRB") model requirements to limit compliance costs for institutions.

The European Banking Authority ("EBA") launched a public consultation on draft Regulatory Technical Standards ("RTS") to identify extraordinary circumstances of market disruption, permitting to waive certain requirements for the calculation of own funds requirements for market risk on the basis of internal models. The consultation runs until 3 November 2023.

The European Banking Authority ("EBA") launched a public consultation on its draft guidelines on the establishment and maintenance of national lists or registers of credit servicers under Directive 2021/2167 (the Credit Servicers Directive, CSRD). The consultation runs until 26 October 2023.

We would like to inform you that the personal Income Tax Return (T.D.1 form) for the year 2022, for employees, self-employed individuals, and pensioners, is now available for submission through the TaxisNet system.

The European Banking Authority ("EBA") launched a public consultation on draft templates for collecting climate related data from EU banks.

The European Banking Authority ("EBA") published its fourth biennial Opinion on the risks of Money Laundering and Terrorist Financing ("ML/T"F) affecting the European Union’s financial sector.

The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") on Initial Margin Model Validation ("IMMV") under the European Markets Infrastructure Regulation ("EMIR").

We would like to inform you that the Cyprus Tax Department has issued a Circular on the transfer pricing documentation requirements and simplification measures for transactions which are exempted from the obligation of being documented in a Cyprus Transfer Pricing (“TP”) Local File.

We would like to inform you that an amendment to the Special Defence Contribution (“SDC”) Law was published in the Official Gazette of the Republic on the 9th June 2023 in relation to the deadline for the payment of SDC withheld from rents.

We would like to inform you that the Cyprus Income Tax Law has been amended to extend the benefit of a 50% exemption from income tax which is granted on the remuneration earned for employment exercised in Cyprus by persons who were not tax residents of Cyprus before commencing their first employment in Cyprus, so that taxpayers can benefit from this exemption even if they change employer.