LATEST LEGAL UPDATES

JUNE 2015

Department of Land and Surveys Law and the Stamp Duty Law provide for the abolition of fees in certain cases

On 11 June 2015 the Cyprus Parliament approved amendments to the Department of Land and Surveys (Fees and Charges) Law and the Stamp Duty Law providing for the abolition of fees in certain cases.

In particular, the amendment of the Department of Land and Surveys (Fees and Charges) Law provides that no fee shall be imposed on the amount of the initial loan facility contract:

  • in cases where a mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day, regardless of whether it is in favour of the same or any other mortgagee.
  • in cases where a mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day in favour of the same mortgagee and the amount of the new mortgage, excluding any interest, is less or equal to the amount of the mortgage that has been cancelled.
  • in the case of transfer of a mortgage, for any amount that remains unpaid on the date of the transfer.

Accordingly, under the amendment of the Stamp Duty Law, no stamp duty is payable in cases where the mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day, regardless of whether it is in favour of the same or any other mortgagee.

MAY 2015

Amendments to the Companies Law, Cap 113 aim to reinforce the powers of Department of Registrar of Companies and simplify procedures

An amendment to the Companies Law, Cap 113, has been approved in order to implement paragraph 3.9 of the Memorandum of Understanding agreed between Cyprus and the Troika, regarding the modernization of procedures in the Department of Registrar of Companies and Official Receiver.

The new amending legislation is also in line with the provisions of the updated Memorandum of Economic and Financial Policies (MEFP) regarding money laundering.

In particular, the new law:

  • reinforces the implementing powers of the Registrar of Companies in order to ensure continuous updating of the information kept by the department and the removal of a company from the register for reasons of non-compliance with the law;
  • introduces simplified procedures (with regard to the electronic filing of documents, keeping a register in electronic form, conducting a general assembly meeting by electronic means, electronic verification of documents etc).

 

Find out details about Cyprus Tax by downloading our annual publication Tax Facts 2015.

Important note: This article has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice from a qualified accountant.

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