Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

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Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

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15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

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Russia is about to remove Cyprus from its “black list” of targeted tax havens, after the Duma passed a law this week to ratify the Protocol to the Double Tax treaty between the two countries.
The Protocol will enter into force upon signing of the ratifying law by President Dmitry Medvedev and after due procedural publication and notification to the Government of Cyprus which already ratified the Protocol in September 2011. The Protocol will come into effect as from January 1, 2013.
The new article concerning taxation of sale of shares in companies deriving their value primarily from the real estate will apply as from January 1, 2017, after a 4-year grace period.
“This will improve the image of Cyprus and will enable Russian companies to structure their investments in foreign ventures through Cyprus, as dividends coming to the Russian parent from a Cypriot subsidiary may be exempt from taxation (subject to conditions) as opposed to the currently applying 9% taxation,” explained Nicos Chimarides, Partner in charge of Direct Tax Services at PwC Cyprus.

For more details of the agreement please press HERE