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25 August 2020 – Cyprus and Russia have agreed on an amendment of their 1998 tax treaty, earlier this month. The agreement was reached following negotiations between the two countries’ Finance Ministries on 10 August. 15% WHT on Dividend and Interest payments According to the agreement reached, the existing Withholding Tax (WHT) rates on dividend...
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Nicosia – Deposits and loans in the Cyprus banking system registered a net increase in June with total deposits amounting to €47.8 billion and total loans to €32.2 billion. Data published earlier this week by the Central Bank of Cyprus (CBC), show that total deposits in June 2020 recorded a net increase of €106.4 million,...
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Limassol – Chelco Management Services Ltd has just released its all-new website at www.chelcomanagement.com. The website was redesigned, rebranded and rewritten from the ground up. It features an all-new E-Library, making searching and finding information easier, faster and more intuitive. The website is also easier to navigate, it’s more search engine friendly and is fully...
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Nicosia – Cyprus raised earlier this month €1 billion in a double European bond issue through the reopening of existing bonds maturing on 3 December 2024 and 21 January 2040. The total demand exceeded 10 times the minimum amount announced of €250 million for each transaction. In a written statement, Minister of Finance, Constantinos Petrides,...
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Nicosia – The Cyprus Tax Department launched in early July its much-awaited digital Tax Portal, putting an end to tax payments at local district offices on 1 September 2020. The Tax Department launched the Portal with an announcement on its website, in which it outlines its purpose, features and access method. The Tax Portal can be accessed via the...
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Nicosia – President Nicos Anastasiades announced in a televised address last night a new set of economic measures to help businesses, the self-employed and employees soften the devastating financial effects of the coronavirus (Covid-19) pandemic. The President elaborated that the new package of measures, which includes €430 million in direct government assistance and the unlocking of up...
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Singapore – A Singapore University of Technology and Design study predicted that the Covid-19 virus will be eradicated in Cyprus in the second half of May. In a study published on 28 April, the University predicted the lifecycle of the Coronavirus pandemic in many countries, including Cyprus. According to the findings, the pandemic peaked in Cyprus on...
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Nicosia – The Cyprus government declared yesterday a state of emergency due to the coronavirus (Covid-19) pandemic and essentially locked down the country. In a press conference following day-long meetings at the Presidential Palace, Cyprus President, Nicos Anastasiades, stressed the times are critical and that the island is experiencing a state of emergency. “What is needed, and...
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Havana – Cyprus secured a respectable second place in the finals of the 3rd Habanos World Challenge cigar competition that took place in Havana, Cuba, late last month. The Cyprus national team, made up of the Head of Accounting of Chelco Management Services Ltd, Rodia Constantinou and smoking partner, Babis Kaidalidis, came in as runner...
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Nicosia – The number of unemployed persons in the 4th quarter of 2019 amounted to 6,3% of the labour force or 28.481 persons, according to data released by the Cyprus Statistical Service late last month. This compares favourably to an unemployment rate of 7,6%, or 33.383 in the corresponding quarter of 2018. For the whole...
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