News

A delegation of the Cyprus Shipping Chamber (CSC) has met with the Troika delegation to discuss the disadvantages of capital controls on the shipping industry. Troika is in Cyprus to review of the adjustment program which came into effect last march. The shipping industry constitutes 7% of the islands…


The company fees were imposed by the government in wake of economic measures to increase their liquidity needs. Official statements from the Department of the Registrar, have confirmed that the annual fee of 350 Euros was paid from a 73,267 companies. A total of 73,267 companies which are registered…


Cyprus Immigration - Regulatory Updates

The Schengen Borders Code, which outlines controls of immigration to Cyprus, is obliged to be implemented as indicated for EU member states. Civil Registry and Migration commentators have advised that new controls which are aimed to simplify the Schengen Borders code to avoid misinterpretation from…


In a time when many emerging countries are trying to implement, restructure and develop their economies, Ms Christine Lagarde (International Monetary Fund, Director) has warned of new global challenges. These challenges, already being evident from the BRIC's economies (Brazil, Russia, China, and India)…


Money outflow from Brazil, Russia, India, China and South Africa (BRIC's group) with the aim of the U.S. have sparked fears about their economies. The motion is apparent from the hike of the U.S. dollar, which the South American and Chinese governments are already coordinating action measures to diminish…


The OECD is a government-funded think tank that was charged by the G-20 to tackle the issue. Tax planning strategies used by companies as Google Inc. (GOOG), Apple Inc. (AAPL) and Yahoo! Inc. (YHOO) and other similar companies are in the Organization's for Economic Cooperation and Development (OECD)…


Tax amnesty for return of capital

A new proposition that has been approved by the Government to gear up capital by offering an amnesty period till the 31st of December 2013 could be a solution to increase the liquidity needs of Cyprus. The Government is aiming for the return of liquid funds that are currently held in tax havens abroad. In…


This month, the Russian government has released the extent of oil and gas reserve-  which have been kept secret. According to Reuters, the cost of Russian Urals crude rose to a maximum value of 109.88 dollars per barrel; the price for North Sea Brent also changed to 109, 53 dollars per barrel. Oil prices…


G20 fight against tax evasion

On the 19thof July, a meeting of G20 finance ministers will be held in Moscow. The leaders are planning to introduce a new scheme to fight tax evasion. The Organization of Economic Cooperation and Development (OECD) prepared a plan of action to combat the diversion of legitimate income from taxation…