News

2018 HLB Asia Pacific conference in Colombo, Sri Lanka

HLB’s recent 2018 Asia Pacific conference in Colombo, Sri Lanka was attended by 60 delegates from 20 HLB network countries. The conference was hosted by HLB’s local member firm Nihal Hettiarachchi & Company.

Talent scarcity: A top threat to business growth in the CEE region

When you ask business leaders across the globe what’s high on their agenda, chances are recruiting and retaining top talent is on the list. For countries within Central and Eastern Europe (CEE), finding the right talent is an even greater worry. Economic growth in this region is outperforming the EU average and businesses are growing fast. At HLB’s recent CEE regional meeting in Budapest, talent scarcity was identified as a top threat to business growth. 

HLB hosts annual audit & tax conference in Frankfurt, Germany

HLB, the global advisory and accounting network with presence in 150 countries, hosts annual audit & tax conference in Frankfurt - Germany, bringing together 215 professionals from 37 countries.

Extended deadline for 2017 personal tax returns

The amended articles provide that the deadline for the submission of the personal income tax returns (T.D1s) for employees as well as for self-employees (who do note prepare audited financial statements) and the final tax payment for 2017 has been extended until 31 October 2018.

Double tax treaty between Cyprus - Andorra

May 18th 2018: A Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed between the Republic of Cyprus and the Principality of Andorra.

Publication on substance

“Substance” is a well-known tax concept used in cross-border tax structuring. The term “substance” does not appear in the actual text of double tax treaties (DTTs).

CY-Russia - Thin Cap Rules

The Russian courts issued a decision on 6 March 2018 (case OJSC SUEK-Kuzbass) on the application of the Double Tax Treaty between Cyprus and Russia of 1998 as amended in 2010 (the ‘DTT’). Based on the decision interest expense was considered as non-tax deductible in accordance with the Russian thin capitalization rules.

Tax framework for newly established tax residents

Personal taxes and contributions - The main types of direct taxes applicable to an individual in Cyprus are:Income tax; Special defence contribution on dividend, interest and rental income; Capital gains tax on gains from the sale of real estate situated in Cyprus

VAT rules for the leasing of yachts is incompatible with the EU VAT Directive (2006112)

On 8 March 2018, the European Commission (EC) decided to send letter of formal notice to Cyprus. The EC held the view that the Cyprus VAT rules for the provision of yachts is incompatible with the EU VAT Directive (2006/112)

OPAP Limassol Marathon GSO - "Run with a smile" March 2018

Hlb Cyprus Ltd participated in the 5Km corporate race of the OPAP Limassol Marathon GSO- "RUN WITH A SMILE" among other companies from across Cyprus.