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New Laws voted by the Cyprus Parliament
New Law was enacted governing the provision of fiduciary and corporate services

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Communication on Double Taxation by the European Commission
Tuesday, November 15, 2011

The European Commission has recently adopted a Communication on Double Taxation, which highlights where the main double taxation problems lie within the EU and outlines concrete measures that the Commission will take to address them. The European Commission, with the implementation of this communication seeks to remove obstacles to a more competitive economy and make the EU easier to invest and do business in.

The European Commission as an immediate first step to strengthen existing legislation against double taxation also adopted a proposal to improve the Interest and Royalties Directive so as to reduce the instances of one Member State levying a withholding tax on a payment while another Member State taxes the same payment.

Further details will be provided as soon as they are published. However, as a result of the island's modern tax system with its wide network of double taxation treaties, no withholding taxes on interest and dividends, combined with a policy of allowing unilateral relief where no double taxation treaty exists, double taxation should not be an issue in Cyprus.

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