News

The Cyprus VAT authorities have announced that they will issue a set of useful guidelines in order to prevent local traders from making unnecessary mistakes when issuing invoices to their EU VAT registered customers. All traders who are VAT-registered in Cyprus must fully comply with the Cyprus VAT Office's…


Consumers and security experts are calling for e-payment service providers to be regulated including banks following a series of fraudulent PayPal transactions on users credit cards in the last few months. This comes after The Straits Times reported over a week ago that hackers had stolen from a larger-than-usual…


The Andorran government is planning to submit a bill abandoning the long time advantage of having no personal income tax by the end of June 2013. The move was made under pressure from the EU in order to bring the Andorran tax system in line with international standards and to eliminate tax evasion inside…


Quotas on the number of European workers will be a reality in Switzerland soon. Switzerland, a non EU member, states that immigration has reached unacceptable levels. The foreign population is over one quarter of the population. The European Commission has expressed already its concerns about the measures…


Tax Havens: the end is near

The use of Tax Heavens in international tax planning and identity protection will be moderated due to a pressure from G8 and the EU. The widespread use of Tax Haven jurisdictions is attributed to the low cost of incorporation and maintenance of legal entities, and a limited access to information on directors…


Tax Havens are under threat

Britain which is hosting G8 meeting in June is taking actions to curb tax evasion around the world. The British Prime Minister has sent letters to traditional tax haven jurisdictions requesting them to participate in exchange of information on who is standing behind each tax haven company. The information…


Tax Avoidance: Apple Story

The USA congress is stating that Apple is using sophisticated tax arrangements to avoid paying fair taxes in the USA. CEO of Apple is to testify before the USA Congress regarding the company's tax arrangements. Apple has used Ireland, a low tax jurisdiction, to set up a holding brass plate company to…


Russia has not yet agreed to extend the terms of its 2.5 billion EUR loan to Cyprus, Russia's deputy finance minister Sergei Storchak said on Saturday. "There was a request to change the duration of the loan, we promised to think about it", Sergei Storchak told reporters. "This was a kind of promise…


Having the opportunity to become a strong energy centre in the Eastern Mediterranean Cyprus should invest in education in the field of oil and gas exploitation.   This message was conveyed by a workshop held yesterday in Nicosia on developing the oil and gas sector with a focus on education. The workshop…


On Monday Eurozone finance ministers will ratify the agreement reached at the technical level for the disbursement of Cyprus' first tranche of €3 billion out of the €10 billion EU bailout loan. There will be a first review of the course of the Cyprus aid programme at the meeting on Monday, while a political…