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In February 2011, the European Parliament and the Council of European Union (EU) has adopted the Directive 2011/7/EU, “Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on late payment in commercial transactions” with the aim of protecting businesses within the EU, especially small and medium enterprises (SMEs), against delayed payments associated with commercial transactions and thereby improving their competitiveness as well as enhancing the functioning of the internal market.…
On Friday, 18th of December 2020, the Department of the Registrar of Companies and Official Receiver of the Republic of Cyprus (DRCOR) announced the postponement of the date of imposition of a fine for late submission of the Annual Return (HE32) Form to the 1st of April 2021. As such, private limited companies based in Cyprus are obliged by law to prepare and submit to the DRCOR the Annual Return Form (HE32) by the 1st…
The outbreak of COVID-19 and the continuation of social distancing measures have brought to light a variety of issues concerning the signing and execution of wills. Consequently, the legal world has had to resort to digital means in order to sign such documents. One of the key digital means is the use of electronic signatures instead of handwritten or wet-ink signatures. Are electronic signatures legally admissible under Cyprus law? Cyprus was among the few EU…
It is with great pleasure to announce that our law firm A.G. Paphitis & Co. is amongst the highly ranked Cypriot law firms recommended by IFLR1000 in the 30th Edition 2021 guide. IFLR1000 is the guide to the world’s leading financial and corporate law firms and lawyers. IFLR1000 annual review is conducted primarily on client feedback, and based on reviews and comments received by clients, ranks both law firms and lawyers in different categories. Our…
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…
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…
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…
As the coronavirus pandemic is currently affecting the economies of a number of countries all over the world, the Cypriot Government has decided to process the pending naturalisation applications via the Cyprus Investment Programme quicker in order to encourage foreign investments into the country and accordingly to increase liquidity into the market. The Cyprus Investment Programme requires 2 million euros if the investment is only for residential real estate, which from that particular amount at…