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BHC – Honouring George Kourris, former President of the CY-UK Business Association
The British High Commissioner Ric Todd has hosted a lunch at the Residence in honour of George Kourris, Past President of the CY-UK Business Association.
In statements, the HC thanked Mr Kourris for his significant contribution to the CY-UK Business Association.
Financial Regulation & Advisory may Newsletter Issue 19/2015 by Treppides & CO
Download Financial Regulation & Advisory may Newsletter Issue 19/2015
Update on the Cyprus Oil & Gas Industry
Cyprus is an island with less than 1 million inhabitants located at the northernmost tip of the African plate, which in the Middle East area contains 65% of the world oil deposits. Following speculation over many years that there may be vast amounts of natural gas in Cypriot territorial waters and the June 2010 discovery of 453bn cubic metres of useable gas in the Leviathan gas fields in Israel, the Cypriot drilling finally begun in 2012 by the US-based energy company Nobel Energy in the zone known as Block 12 (Aphrodite field), an 800,000-acre (1,250-square-mile) area in the Cyprus Exclusive Economic Zone (EEZ) southeast of the island and only 34km from the Leviathan gas fields.
Of further interest
Touching upon issues which relate to and are useful to organisations, irrespective of size or industry. Helping to confront the challenges faced in these fast-moving times we conduct our businesses.
Cyprus Economy forecast – future positive outlook
As per the latest forecast by the European statistical service (Eurostat), the economy of Cyprus is expected to show positive growth in 2016. Given the effects of the recent bail-in of March 2013, the Cypriot economy is forecasted
to recover at a remarkable pace.
Cyprus – Bahrain Double Tax Treaty
The new double taxation agreement between Cyprus and Bahrain was signed in Manama on 9.3.2015.
The agreement shall enter into the force on 1/1/2016.
The significant provisions of the agreement mostly based on the OECD Model agreement are:
The Cyprus taxes covered (article 2) are the income tax, the corporate income tax, the special contribution for the defence of the Republic and the capital gains tax.