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By: A.G. Paphitis & Co LLC

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A.G. Paphitis & Co LLC

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We are elated to welcome two new trainee lawyers at AGP & Co. Myrto Anastasopoulou and Ioanna Martidi have joined the AGP & Co team and for the next year will work with us to complete their training in order to become qualified practicing lawyers. Myrto has studied in Russia, UK as well as in Cyprus where she has obtained her Law degree. She is also currently undertaking a Masters of Law. Ioanna graduated in…
On the 10th of August there was a meeting in Moscow where there has been an agreement on the Cyprus Russia Double Tax Treaty (DTT), and the revised protocol was signed on the 8th of September 2020. As a result, the process for the unilateral revocation of the treaty by the Russian Federation ceases and a period of uncertainty, following the request on 1 April by the Russian Federation to amend the Cyprus Russia DTT,…
On June 24, 2020, the European Union (EU) Council agreed to the EU parliament’s proposal to extend by 6 months the deadline for filing and exchanging information under the DAC6 mandatory reporting guidelines. This decision was taken in the wake of the ongoing Covid-19 crisis, which has caused disruption in activities for financial institutions, tax authorities and advisers all across the world. Under the current amendment, the Council can extend the deferral period for another…
In accordance with the International Business Companies (Amendment) Act 2018, all International Business Companies (“IBCs”) incorporated on or before October 16, 2017 will continue to benefit from the previously existing tax and stamp duty exemptions until June 30, 2021 save and except that any “relevant activity” or new asset acquired after October 16, 2017 shall not be eligible to benefit from such tax exemptions. Therefore, a Certificate of Tax Exemption may be issued to the…
The Marshall Islands has adopted the Economic Substance Regulations (“ESRs”) in relation to the compliance of legal entities which are tax residents or centrally managed and controlled in the Republic of Marshall Islands in order to ensure that profits are taxed where economic activity and value creation occurs. Which entities are required to have economic substance? The ESRs applies to the following entities: non-resident domestic entities (NRDEs) which are tax residents in the Republic of…
On May 27, 2020, the Cyprus government announced further stimulus measures to revive the economy, impacted by the COVID-19 crisis. After a cabinet meeting, President Nicos Anastasiades, in a televised address, announced major input from the European Investment Bank (EIB), in the form of loans worth €1.7 billion, along with interest rate subsidies for businesses and housing loans. The revised package will inject more than €1.2 billion into the economy, worth about 6% of the…
While the COVID-19 pandemic has caused global economic turmoil, Cyprus is also facing challenges owing to the global interconnectedness of its economy. The Financial Mirror reported that the International Monetary Fund’s April 2020 World Economic Outlook estimated that Cyprus’s gross domestic product would fall by 6.5% in 2020, followed by a sharp rebound in 2021. The tourism industry will be particularly affected due to booking cancellations, revenue reductions, increased costs and liquidity pressures. Cyprus-based hoteliers…
Σε αυτή τη δοκιμασία την οποία περνά η χώρα, η οποία δεν είναι μόνο υγειονομική αλλά και οικονομική, είχαμε από την αρχή διαβεβαιώσει ότι η Κυβέρνηση θα σταθεί δίπλα στους πολίτες, τους εργαζομένους και τις επιχειρήσεις, αναφέρει ο κ. Πετρίδης, Υπουργός Οικονομικών. Δράσαμε έγκαιρα και άμεσα, και ήδη βρίσκεται εν εξελίξει ένα μεγάλο πακέτο στήριξης της οικονομίας μας, το οποίο περιλαμβάνει πέραν των 60 μέτρων και το οποίο κοστολογείται κοντά στα 1.2 δις ευρώ. Το πακέτο…
Several times we came across shareholder(s) disputes with the directors regarding the day-to-day management of a Cyprus company or the blocking of a decision of a Cyprus company by its director(s). Such disputes can be solved through the provisions of the Cyprus Companies Law, Cap.113, (“the Law”) and especially section 178 of the Law as amended. Section 178(1) of the Law states: “A company may by ordinary resolution remove a director before the expiration of…
The Covid-19 crisis has not only led to serious implications for human lives, it is significantly impacting businesses and economies. As the outbreak continues to escalate, companies are faced with immense challenges of ensuring the well-being of their employees, while also ensuring business continuity. During country-wide lockdowns, travel restrictions and social distancing measures, manufacturing and sales figures have taken a severe hit. Massive disruptions to supply chains have debilitated business operations. There has been a…