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Cyprus – CYSEC Risk-Based Approach Guidance for the Securities Sector

05/12/2018

The Cyprus Securities and Exchange Commission (the ‘CySEC’), has issued a Circular on the 5th November 2018 (Circular C286), to inform the Regulated Entities that the Financial Action Task Force (FATF) has published a Risk-Based Approach Guidance for the Securities Sector.

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Cyprus – Passenger Name Record Directive

04/12/2018

The Cyprus Parliament has, on November 30th, 2018, approved the law which transposes the provisions of the Passenger Name Record (PNR) Directive of the EU (2016/681) into the national legislation.

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European Union Announces its first Tax Havens Blacklist

06/12/2017

The European Union, after a lengthy process, has announced on the 5th December 2017 its first Tax Havens Blacklist, being the first EU list of non-cooperative jurisdictions for tax purposes. The said blacklist includes seventeen (17) countries and follow the leak of the Panama Papers and the Paradise Papers which have seen increasing publicity and scrutiny.

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Cyprus – VAT Update

30/11/2017

The Cyprus Parliament has passed on the 3rd November 2017 an amendment to the relevant VAT law, effectively introducing VAT imposition at the standard rate (currently 19%) to the sale of land which is for building purposes and the leasing and/or rental of business premises.

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