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Memorandum of Understanding

During December 2012, the House of Representatives voted for a number of new and amending laws under the Memorandum of Understanding between the Republic of Cyprus and Troika.The objective of the voting was to strengthen the public finances. The most relevant changes are discussed and analysed below

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Decrease of Public Interest Rate 2013

In accordance with the Degree No. 543/2012, which was published in the Cyprus Government Gazette on 28 December 2012, the public interest rate in force has been decreased from 5% p.a. to 4,75% p.a.

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Change of VAT rates

In accordance with the amendment in the V.A.T. Law, which was published in the Cyprus Government Gazette on 6 December 2012, the following changes have been voted

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Interest on Vat refundable amounts

An amendment in the VAT Law has been published in the Official Government Gazette on 19 October 2012, in relation to the repayment of VAT amounts owed to taxable persons together with interest.

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Εντοκες επιστροφές ΦΠΑ

Έχει δημοσιευτεί στην Επίσημη Εφημερίδα της Κυπριακής Δημοκρατίας, στις 19 Οκτωβρίου 2012, αλλαγή στη Νομοθεσία ΦΠΑ με την οποία προνοείται έντοκη επιστροφή φόρου εισροών από το Κράτος σε υποκείμενο στο φόρο πρόσωπο (υ.φ.π.)

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Provisional Tax

The returns for the temporary tax for 2012 have now been received or will be received shortly by Cyprus taxpayers. We would like to take this opportunity to remind you that these returns must be completed and submitted to the Inland Revenue Department on or before 1st of August 2012 for all companies which expect to have taxable income for 2012.

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Submission of employer's return (Form I.R.7A)

It was announced by the Inland Revenue Department (IRD) that, from tax year 2011, every employer has to submit the IR7A form electronically via the taxisnet system ONLY.

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Cyprus yacht leasing scheme

·  Interpretation of the Cyprus Yacht Leasing Scheme ·  Vat treatment of the yacht leasing agreement ·  Calculation of the use of yacht within the EU territorial waters ·  Conditions for applying VAT

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Φ.Π.Α σε σχέση με οικοδομές

Σύμφωνα με την ερμηνευτική εγκύκλιο 164 του ΦΠΑ με ημερομηνία 21 Μαρτίου 2012, η οποία τίθεται σε εφαρμογή από την 9η Μαρτίου 2012, όταν υποκείμενο στο φόρο πρόσωπο (υ.φ.π.) παρέχει υπηρεσίες ή υπηρεσίες μαζί με αγαθά μέσα στα πλαίσια κατασκευής, μετατροπής, κατεδάφισης, επιδιόρθωσης ή συντήρησης οικοδομής ή οποιουδήποτε έργου πολιτικής μηχανικής, σε άλλο υ.φ.π., τότε δεν επιβάλλεται ΦΠΑ επί της παροχής των υπηρεσιών.

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Increase in the standard rate of VAT

As of the 1st of March 2012, the standard rate of V.A.T. is increased from 15% to 17%.

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Amendments to tax legislation

On 14 December 2011 the House of Representatives voted a number of amendments to the tax laws in order to face the current economic crisis in Cyprus