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Further to our updates on the situation in Cyprus, here is a summary of the latest developments:

I. Tax Regime 

• The tax regime as already stated remains unaffected. The announced increase on Defence Tax on interest/...

As of 6 April 2013, a new Statutory Residence Test (SRT) came into effect in the UK. The SRT sets out the rules which determine an individual’s tax residence. The objective of this test is to replace the uncertain and complex UK tax...

When HMRC introduced legislative changes to QROPS at the beginning of 2012, the overseas pension market saw a massive shift, with Malta replacing Guernsey as the leading, recognised jurisdiction for international pension provision. STM’s...

The following is an overview of the agreement reached with the Eurozone:

1.Creation of a Solidarity Fund to pool state assets;

2.Legislation empowering the government to enforce capital controls on banks;

3.Bill for the...

Further to the recent and continuing information regarding the proposed solutions to the financial problem of Cyprus, it is important to note that there have been no changes to:

•the taxing provisions on Cyprus holding companies, which...

The new Cyprus President Nicos Anastasiades faces an unenviable task in his first few weeks in office. His country is working hard to reach a bailout deal with supranational bodies. The announcement this weekend that part of the conditions for a...

In a recent publication issued in response to work undertaken by the European Commission, the FSA has issued guidance on what is defined as a ‘retail investment product’.

This definition includes not just packaged products, but...

Introduction

Tax Information Exchange Agreements (TIEAs) have been created in order to promote international co-operation in tax matters through the exchange of information.

They were developed by a Working Group of the...

STM Nummos’s International Tax Manager Chris George is a guest speaker at a series of informative seminars hosted by the deVere Group on the subject of formulating a sustainable tax strategy to protect your assets in these times of...

To meet the requirements of the ECB, the Cyprus House of Representatives has published the following announcements:

All companies, including dormant companies, will now pay the annual companies levy of €350. The ceiling of €20,...

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