LEGAL 500 CYPRUS RANKINGS 2024: RANKED BUT RESTLESS
E&G Economides LLC has once again been recognized and ranked in the prestigious Legal 500 directory for the year 2024 in almost all categories and areas of practice. The firm has also been included in the area of Maritime & Admiralty for the first time.
George Economides has been recognized as a Next Generation Partner in Real Estate as well as in Tax. Xenia Kasapi has also been recognized as a Rising Star under the Intellectual Property category.
The Management extends its heartfelt gratitude to their international clients and associates for their continuous trust and to the firm’s team for their relentless and restless commitment to excellence.
TRANSFER PRICING: INCREASE OF THRESHOLDS FOR LOCAL FILE
On 1 February 2024, the Cyprus Tax Department sent a letter addressed to the Institute of Certified Public Accountants of Cyprus (among other recipients), informing that the Ministry of Finance has agreed to increase the thresholds for exemption from the obligation to prepare a Cyprus Local File for transfer pricing purposes.
March 14th, 2024 – EU Parliament passed the Artificial Intelligence Act, which aims to ensure safety, compliance with fundamental rights and promote innovation.
Marios Yenagrites, our Tax Manager, with this article explains how a structure should be thoroughly considered at the planning stage, and be fit and proper for the clients’ needs. Otherwise, trouble is bound to arise sooner or later.
2024 CYPRUS REFERENCE RATES FOR NOTIONAL INTEREST DEDUCTION
The Cyprus Tax Department announced on 7 March 2024 the 10-year government bond yield rates for a number of countries as at 31 December 2023. These rates, when increased by 5%, can be used as reference rates for calculating Notional Interest Deduction (NID) for the year 2024.
