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European Union suggests automatic exchange of information concerning tax rules

European Union suggests automatic exchange of information concerning tax rules

April 23, 2015 8:53 am

During March 2015, the EU Commission publicized a proposal to modify and readjust the Directive 2011/16/EU concerning administrative collaboration amongst Member States by implementing a compulsory exchange of information regarding advance pricing and cross-border rulings. Part of the reason the EU Commission altered the Directive is due to The Irish Times as well as other […]

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Noble Energy-Cyprus offshore gas field ready for business venture

Noble Energy-Cyprus offshore gas field ready for business venture

March 30, 2015 6:27 am

Noble Energy recently announced that a Cyprus natural gas field, lying approximately 85 kilometers from the island’s southern coast, would be ready for business within the following weeks. It is estimated that the natural field includes approximately 5 trillion cubic feet of natural gas. Following a meeting with the president of the Cyprus Republic, Nikos […]

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Tax Authorities will get their hands on Taxpayers’ Bank Accounts-Cyprus

Tax Authorities will get their hands on Taxpayers’ Bank Accounts-Cyprus

March 30, 2015 6:25 am

A new law has been introduced in Cyprus, allowing the Tax Authorities to tap into taxpayers’ bank accounts in order to acquire unpaid taxes. The new legislation does not require a court order to be issued before the tax officials tap into people’s accounts. The Ministry of Finance passed the law in an attempt to […]

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Russia’s Deoffshorization Legislation & Cyprus companies

Russia’s Deoffshorization Legislation & Cyprus companies

March 30, 2015 6:24 am

Cyprus companies have long been part of Russian business structures. However the introduction of the Russian Controlled Foreign Company (CFC) legislation threatens the position of Cyprus companies within Russian structures. According to the CFC, profits generated from Russian companies cannot be transferred to jurisdiction with preferable tax regimes only to be retransferred back. Nevertheless, nothing […]

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