Limassol – In an effort to serve its clients, associates and vendors better and more efficiently, Chelco Management Services Ltd has changed its business hours. Effective Wednesday, 2 October 2019, its new office business hours will be as follows: Monday – Thursday: 8am-1pm and 2pm-5pm Friday: 8am-2.30pm During lunch time between 1pm and 2pm, the...Read More

The Cyprus Council of Ministers decided earlier this month to reduce the VAT rate on building land from 19% to 5% in the form of a refund, under certain conditions. In its meeting on 11 September 2019, the cabinet decided to lower the effective VAT rate on the acquisition of building land to 5%, so...Read More

Nicosia – The bankruptcy of Thomas Cook, which accounts for 5% to 6% of total tourist arrivals to Cyprus, left 15.000 tourists stranded on the island. The world’s oldest travel firm, Thomas Cook, collapsed today, stranding over half a million of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history, expected to be completed by...Read More

Limassol – Tsielepis staff and guests bid farewell to the summer holidays this year with a cruise along the Limassol coastline last Friday, 13 September 2019. The evening started with a one-hour walking tour of Limassol with tour guides Demetra and Andri who offered the group an inside look into the old town. Then, as...Read More

Brussels – The 20th International School on Indirect Taxation has extended its registration deadline until the 22nd of September. The conference will be held in Brussels, Belgium from 30 September to 4 October 2019 and is organised by the VAT Forum, an international partnership of indirect tax specialists. It will be addressed by an array...Read More

Nicosia – July 2019 registered the highest volume of tourist arrivals ever recorded in Cyprus for the specific month. Tourist arrivals reached 550,971 in July 2019 compared to 539,626 in July 2018, recording an increase of 2.1%. According to the Passengers Survey of the Cyprus Statistical Service, for the period of January-July 2019, arrivals of...Read More

Limassol – The European Union (EU) loses more than 150 billion in Value Added Tax (VAT) revenues every year, Tax Commissioner, Yiannis Tsangaris, revealed last week. Addressing the international 20th Annual VAT Summit at Parklane, a Luxury Collection Resort & Spa, in Limassol on 15-17 May, the Commissioner added that €50-70 billion of the so-called...Read More

Limassol has been ranked among the 100 best cities in the world to live in by Mercer’s latest Quality of Living ranking. It was ranked 86th from a total of 231 cities. Vienna topped the list for the 10th year in a row, followed by Zurich. Vancouver, Munich and Auckland shared third place. Making up...Read More

The Paris-based arbitration court of the International Chamber of Commerce on Tuesday ruled in favour of the Republic of Cyprus in an appeal filed against the country by the owners of FBME bank. The owners of the bank, which lost the licence of its Cyprus branch in December 2015, appealed to the court seeking €1.5bln...Read More

Cyprus recently introduced a highly lucrative Film Scheme with the aim of providing tax incentives to film production companies. The tax incentives encourage international producers to choose Cyprus as their next film destination. A summary of the incentives is mentioned below: Cash rebate up to €650.000 for each production; or Tax exemption of income generated...Read More