On the 3rd of November 2017, an amendment to the VAT legislation has been voted into Law by the House of Representatives in relation to the imposition of VAT at 19% on land transactions for business purposes.
In February 2017, the House of Representatives passed a law on the procedure for settling tax arrears. Baker Tilly published a document explaining the procedure. The taxes covered are the following:
Amendments to the Cyprus Intellectual Property regime
In an effort to fully align the existing IP regime with the parameters of the relevant OECD recommendations of the BEPS Action 5, on 14th October 2016 amendments to the current Cyprus Intellectual Property (IP) regime have been adopted and will apply retrospectively as from 1st July 2016.