currency

LIFTING OF ALL REMAINING CURRENCY CONTROLS

In the immediate aftermath of the banking crisis of March 2013 the Cyprus government imposed temporary restrictions on currency transfers in order to prevent a mass withdrawal of deposits then in the banking system and rapid outflow of funds. The controls, which affected only deposits in existence at the time of the banking crisis, and […]

bahrain

TAX AGREEMENT WITH BAHRAIN

The agreement for the avoidance of double-taxation with respect to taxes on income was signed recently between the Republic of Cyprus and the Government of the Kingdom of Bahrain. The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. According to the text agreed, the […]

eu

EU – PROPOSED AUTOMATIC EXCHANGE OF INFORMATION ON ADVANCE CROSS-BORDER RULINGS AND ADVANCE PRICING ARRANGEMENTS

On 18 March 2015, the European Commission published a proposal to amend the Directive on administrative cooperation between Member States (Directive 2011/16/EU) introducing a mandatory automatic exchange of information on advance cross-border rulings and advance pricing arrangements. The proposal is part of the Commission’s response to the publication of confidential documents on Luxembourg tax deals […]