Winter Newsletter January 2019

The management and staff of Totalserve Group welcome you to the new year, with best wishes for a healthy, happy and prosperous 2019.


We do remain committed to continue providing a most efficient service to our clients and associates. We shall also continue to keep you updated with our frequent newsletter alerts on internal and technical matters and assist you to celebrate greater results and important achievements in the new year.

 

This Newsletter mainly concentrates on Cyprus tax updates and also includes links to various recently contributed articles.

 

Taking this chance, we would like to thank you again for your support!

Banking regulations in Cyprus regarding ‘shell’ companies

The Central Bank of Cyprus (CBC) has issued a Circular through which it sets out the definition of “shell companies”, and clarifies in which cases a bank in Cyprus is permitted to engage in business relations with new as well as existing Cyprus and foreign companies. For further information, you may refer to our related detailed information sheet.

Read the Information Sheet »

What is a Notional Interest Deduction (NID)?

As per the relevant Cyprus tax provision, the Notional Interest Deduction (NID) reference rate results in an annual notional interest expense that reduces the relevant taxable profit of a Cyprus resident company. For further information on NID, you may refer to our related detailed information sheet.

Read the Information Sheet »

2018 Cyprus Reference Rates for Notional Interest Deduction

The Cyprus Tax Department has announced the official reference rates of the 10-year government bonds of a number of countries as at 31 December 2017. These rates, when increased by 3%, constitute the reference rates for the purpose of calculating NID for the year 2018, with the minimum reference rate used being the one of Cyprus.

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Imposition of VAT on the sale of undeveloped land and on rental income

The Cyprus VAT Law has been amended to provide for the imposition of VAT at the standard rate of 19% on the sale of undeveloped building land by persons exercising economic activities, as well as on the leasing or rental of immovable property for business purposes.

Read the Information Sheet »

Getaway weekend for Totalserve Group employees!

On the 1st of December 2018 a getaway weekend was organised for all employees of Totalserve Group at Agros village. A seminar on customer service was organised by Philippos Aristotelous.

Read More »

TECHNICAL NEWS

•Cyprus - UK revised Double Tax Treaty
•Cyprus - Luxembourg new Double Tax Treaty
•BVI: Introduction of Substance Requirements
Totalserve

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