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        <title>Chrysses Demetriades &amp;amp; Co LLC - News</title>
        <description></description>
        <link>http://www.demetriades.com/</link>
        <lastBuildDate>Fri, 18 May 2012 05:52:12 GMT</lastBuildDate>
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            <title>The Great Game </title>
            <link>http://www.demetriades.com/news/68-great-game</link>
            <description><![CDATA[Chrysses Demetriades & Co. LLC hails Cyprus’ success in the 2nd Round of bidding for Offshore Exploration

11 May 2012 has been a historic day for Cyprus: 15 bidders have submitted applications for the second round of licensing for offshore exploration in the Cypriot exclusive economic zone. In total 15 applications have been submitted for 9 offshore zones, known as “plots”. The applicants included major companies from France, Italy, Russia, Israel, Norway, the UK, the USA and other countries. The government stated that they were extremely happy with the level of participation, which in addition to the proven reserves, estimated at 5-8 trillion cubic feet in plot 12 that was licensed to Noble Energy Inc. of the USA, in a previous round, puts Cyprus on the world energy map.

Our firm, now actively involved in this emerging field of energy law, has advised C.O. Cyprus Opportunity Energy Public Company Limited, owned through a private company by an Israeli Company, Israel Opportunity Oil & Gas Exploration Ltd, the Norwegian Operator AGR Energy AS and Cypriot interests, in legal matters pertaining to their application for two plots and is expected to remain their advisor in Cyprus for the duration of their involvement.

Partner Demosthenes Mavrellis, speaking on prime time TV, stated that the level of success registered in the second round of bidding, which was beyond any expectation, signifies a new chapter in Cypriot history and opens great avenues of opportunity for the legal community and Cyprus in general. He re-iterated the commitment of the Cypriot professional community, and that of Chrysses Demetriades & Co. LLC in particular, in pushing the process forward in a transparent, expedient and equitable way, that will benefit the people of Cyprus and prospective investors alike.

Chrysses Demetriades & Co. LLC is a pioneer in the energy field and is committed to finding innovative solutions for its clients, including representing their interests in Cyprus and particularly with Cypriot regulatory bodies.

For further information please contact:
Demosthenes Mavrellis
Partner
Demosthenes.Mavrellis@demetriades.com
Tel +357 25 800 123]]></description>
            <pubDate>Mon, 14 May 2012 13:46:56 GMT</pubDate>
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            <title>Effective Actions</title>
            <link>http://www.demetriades.com/news/67-effective-actions</link>
            <description><![CDATA[On 12 January 2011 the European Commission has applied for the first time the new rules of the strengthened Stability and Growth Pact (SGP), which are part of the so-called "six-pack" on economic governance, which entered into force on 13 December 2011.  

The European Commission announced that Cyprus, Belgium, Malta and Poland have taken effective action to keep their deadlines for the correction of their excessive deficits and that no further steps in the excessive deficit procedure are necessary for these four countries.]]></description>
            <pubDate>Mon, 06 Feb 2012 09:55:30 GMT</pubDate>
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            <title>New Head Offices in Limassol </title>
            <link>http://www.demetriades.com/news/66-new-head-offices-in-limassol-</link>
            <description><![CDATA[Chrysses Demetriades & Co. LLC is pleased to announce that the construction of its new Head Offices in Limassol 

Read more... (http://www.demetriades.com/news/66-new-head-offices-in-limassol-)]]></description>
            <pubDate>Mon, 06 Feb 2012 06:47:53 GMT</pubDate>
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            <title>New Proposed Tonnage Tax scheme for Cyprus pre-cleared by the European Commission </title>
            <link>http://www.demetriades.com/news/64-new-proposed-tonnage-tax-scheme-for-cyprus-pre-cleared-by-the-european-commission-</link>
            <description><![CDATA[The European Commission has approved a proposal by the Cypriot Maritime Administration for a special reduced flat tax ("Tonnage Tax") for companies engaged in international maritime transport, aimed at benefiting Shipowners, Shipmangers offering Technical and/or Crew management services, and Charterers.
Whilst Cyprus has had similar legislation in place and a Tonnage Tax scheme since 1963, the proposed legislation, which is in line with EU state aid rules, is expected to be much wider in scope, and is timetabled to become Law within the next couple of months.
Through the new scheme it is proposed that various shipping activities of Shipowners, Shipmangers, and Charterers shall eligible to be taxed under the “Tonnage Tax”, assessed by reference to the tonnage of the vessel(s) – notional profit, within the ownership, management or chartership of such companies.
Click here for EU Press Release (http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/352)]]></description>
            <pubDate>Thu, 22 Apr 2010 00:00:00 GMT</pubDate>
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            <title>Recent Amendments to the Cyprus Taxation Laws </title>
            <link>http://www.demetriades.com/news/62-recent-amendments-to-the-cyprus-taxation-laws-</link>
            <description><![CDATA[The Parliament of the Republic of Cyprus has recently enacted amendments to the Cyprus Taxation Laws, in particular the Income Tax Laws and the Special Contribution for Defence of the Republic Law, mainly aiming at improving and making more attractive and advantageous for foreign investors the legal framework for the creation and operation of Collective Investment Schemes in Cyprus.
For a summary of the amendments, please see our briefing note (/images/RecentAmendmentsToTheCyprusTaxationLaws.pdf) on this matter.]]></description>
            <pubDate>Wed, 11 Nov 2009 00:00:00 GMT</pubDate>
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            <title>Modernisation of the Cyprus Companies Law </title>
            <link>http://www.demetriades.com/news/61-modernisation-of-the-cyprus-companies-law-</link>
            <description><![CDATA[The Cyprus Parliament in its last session before the summer vacations on the 9th July, 2009 has enacted a law amending certain anachronistic provisions of the Cyprus Companies Law, Cap. 113, including provisions relating to the use of the common seal, the prohibition on financial assistance and the registration of amendments, assignments and other changes to registered charges. For a summary of the main amendments to the Cyprus Companies law, please see our "Modernisation of the Cyprus Companies Law (/images/ModernisationOfTheCyprusCompaniesLaw.pdf)" Briefing.]]></description>
            <pubDate>Fri, 31 Jul 2009 00:00:00 GMT</pubDate>
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            <title>Cyprus-Czech Republic Tax Treaty Provides for Beneficial Tax Rates </title>
            <link>http://www.demetriades.com/news/60-cyprus-czech-republic-tax-treaty-provides-for-beneficial-tax-rates-</link>
            <description><![CDATA[The Cyprus-Czech Republic income tax treaty, signed on 28 April, provides for withholding tax rates that are generally lower than those stipulated by the two countries' domestic tax laws. The treaty stipulates that dividends will be exempt from the withholding tax if the beneficial owner of the dividends is a company (other than a partnership) that directly holds at least 10 percent of the dividend payer's capital over an uninterrupted period of at least one year.
A 5 percent withholding tax rate will apply in other cases. Interest will be taxable only in the country of residence of the beneficial owner of the interest. Royalties will be subject to a rate not to exceed 10 percent. The treaty will become effective after the parties exchange instruments of ratification. Once in force, it will replace the 1980 Cyprus-Czechoslovakia tax treaty.]]></description>
            <pubDate>Fri, 10 Jul 2009 00:00:00 GMT</pubDate>
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            <title>Cyprus, Italy Sign Treaty Protocol</title>
            <link>http://www.demetriades.com/news/59-cyprus-italy-sign-treaty-protocol</link>
            <description><![CDATA[Cyprus and Italy on June 4 signed a protocol amending the Cyprus-Italy income tax treaty signed on April 24, 1974. The protocol was signed in Nicosia by Cypriot Finance Minister Charliaos Stavrakis and Italian Ambassador to Cyprus Luigi Napolitano.
The protocol will amend the tax treaty to facilitate the exchange of tax information between the two countries in accordance with the OECD standard. It will enter into force after it is signed and ratified by the two countries.]]></description>
            <pubDate>Thu, 25 Jun 2009 00:00:00 GMT</pubDate>
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            <title>Designation of the Cyprus Stock Exchange as a recognised stock exchange for tax purposes </title>
            <link>http://www.demetriades.com/news/58-designation-of-the-cyprus-stock-exchange-as-a-recognised-stock-exchange-for-tax-purposes-</link>
            <description><![CDATA[With effect from 22 June 2009 HM Revenue & Customs (HMRC) have designated the Cyprus Stock Exchange as a 'recognised stock exchange' under section 1005(1)(b) Income Tax Act 2007. Securities admitted to trading and listed on the EU regulated markets of the Cyprus Stock Exchange (those regulated under Title III of the Markets in Financial Instruments Directive (MiFID) will meet the HMRC interpretation of 'listed' as set out in section 1005(3)(a) and (3)(b) Income Tax Act 2007.
However, please note that securities traded on a new market (a multi-lateral trading facility) soon to be launched which will be called the Emerging Companies Market will not meet the HMRC definition of 'listed'. The list of overseas stock exchanges designated as recognised stock exchanges under section 1005(1)(a) and (1)(b) Income Tax Act 2007 can be found at Recognised stock exchanges. With effect from 22 June 2009 CSE will also be regarded as a recognised stock exchange for Inheritance Tax purposes.]]></description>
            <pubDate>Mon, 22 Jun 2009 00:00:00 GMT</pubDate>
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            <title>Russia Clarifies Treaty Tax Treatment of Income From Reduction of Entity's Capital </title>
            <link>http://www.demetriades.com/news/57-russia-clarifies-treaty-tax-treatment-of-income-from-reduction-of-entitys-capital-</link>
            <description><![CDATA[Russia's Ministry of Finance on May 25 issued guidance 03-08-05 clarifying the application of the Cyprus-Russia tax treaty to income earned by a Cypriot shareholder from a reduction of the resident legal entity's capital. The treaty was signed on December 5, 1998, and has been in effect since January 1, 2000. The MOF stated that based on Tax Code article 251, section 1, subsection 17, any sums for which the legal entity's capital is reduced in a reporting (tax) period, as provided by applicable Russian law, is excluded from the corporate tax base.
Consequently, income gained by a Cypriot shareholder in connection with the resident legal entity's capital reduction made in accordance with Russian law is not subject to corporate tax in Russia, provided that income does not exceed the shareholder's investment in the resident legal entity's capital. The MOF noted that according to the memorandum between the Russian and Cypriot competent authorities signed on August 10, 2001, for treaty purposes, a shareholder can invest in the legal entity's capital at the time of formation of that entity's capital (for example, by transferring assets to the incorporating legal entity) or later by making additional investments in that legal entity. Also, the term "investment" for treaty purposes means the acquisition of shares directly from the company on initial and supplementary share issues and in the secondary securities market.
The MOF clarified that Cyprus is entitled to tax income gained by a Cypriot shareholder from a reduction of the Russian legal entity's capital if that income is tax exempt in Russia. Because there is no double taxation of that income, the provisions of the Cyprus-Russia tax treaty will not apply, the MOF said. Income that is earned by a Cypriot shareholder from a reduction of a resident legal entity's capital in excess of its contribution in the legal entity's capital and that is payable from the resident legal entity's undistributed income will be treated as dividends and taxed in Russia in accordance with article 10 (dividends) of the Cyprus-Russia tax treaty.]]></description>
            <pubDate>Fri, 12 Jun 2009 00:00:00 GMT</pubDate>
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            <title>The Czech Republic and Cyprus sign New Tax Treaty </title>
            <link>http://www.demetriades.com/news/56-the-czech-republic-and-cyprus-sign-new-tax-treaty-</link>
            <description><![CDATA[The Czech Republic and Cyprus signed a tax treaty in Nicosia on April 28. Czech Ambassador in Nicosia Jan Bondy and Cypriot Minister of Finance Charliaos Stavrakis signed the treaty on behalf of their governments.
The agreement replaces the previous agreement between Cyprus and the former Czechoslovakia. Charliaos Stavrakis said the agreement would encourage investment and the development of commercial and financial relations between Cyprus and the Czech Republic.]]></description>
            <pubDate>Tue, 28 Apr 2009 00:00:00 GMT</pubDate>
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            <title>Cyprus to be removed from Russian Tax Blacklist</title>
            <link>http://www.demetriades.com/news/55-cyprus-to-be-removed-from-russian-tax-blacklist</link>
            <description><![CDATA[The Republic of Cyprus and the Russian Federation have initialed an agreement to avoid double taxation between the two countries. This will facilitate the removal of Cyprus from the Russian tax black-list and preserve the beneficial tax treatment of investments through Cyprus.
The principle difference that will apply once the new agreement is ratified is that after five years, the profit made on the shares of Russian subsidiaries of Cyprus holding companies which have more than 50% of their assets in real estate in Russia will be taxed in Russia at the applicable rate.]]></description>
            <pubDate>Mon, 27 Apr 2009 00:00:00 GMT</pubDate>
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            <title>Bank Deposit Guarantee to be raised to €100,000</title>
            <link>http://www.demetriades.com/news/54-bank-deposit-guarantee-to-be-raised-to-100000</link>
            <description><![CDATA[The Cyprus government is preparing a bill to increase the guarantee for bank deposits from to €20,000 to €100,000.The bill is expected to come before Cyprus Parliament in the next few weeks. Details of the proposed legislation are not available, but preliminary reports suggest that bank deposits of up to €100,000 per account per bank will be guaranteed and depositors will be reimbursed within a maximum of 20 days in accordance with the relevant EU directive
The proposed legislation is intended to shore up confidence in the financial sector and reassure depositors. However, both the government and the banks have made it clear that Cyprus banks are unlikely to be adversely affected by the global credit crisis, having adopted conservative business practices and having avoided investing in toxic assets.]]></description>
            <pubDate>Sun, 26 Apr 2009 00:00:00 GMT</pubDate>
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            <title>Chrysses Demetriades launches new Website</title>
            <link>http://www.demetriades.com/news/53-chrysses-demetriades-launches-new-website</link>
            <description><![CDATA[Chrysses Demetriades is delighted to announce the launch of its new website. The new site is aimed at helping clients find information about the firm more easily and provide a resource for up to date legal news. The site also better reflects Chrysses Demetriades' commitment to excellence and quality.]]></description>
            <pubDate>Mon, 26 Jan 2009 00:00:00 GMT</pubDate>
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            <title>Chrysses Demetriades converts to an LLC</title>
            <link>http://www.demetriades.com/news/52-chrysses-demetriades-converts-to-an-llc</link>
            <description><![CDATA[With effect from 1 January 2009, Chrysses Demetriades & Co. has converted to and will operate as a lawyers' limited liability company, Chrysses Demetriades & Co. LLC.
The conversion enables the firm to adopt a more appropriate business structure, but the change will have no impact on the high levels of service we provide to our clients, or on the identity of the people who provide it.]]></description>
            <pubDate>Thu, 01 Jan 2009 00:00:00 GMT</pubDate>
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            <title>New Memorandum of Understanding on Banking Supervision between the Cyprus and Ukraine</title>
            <link>http://www.demetriades.com/news/51-new-memorandum-of-understanding-on-banking-supervision-between-the-cyprus-and-ukraine</link>
            <description><![CDATA[The Central Bank of Ukraine and the Central Bank of Cyprus have updated the Memorandum of Understanding which was signed between them in 1999 to take into consideration new developments in the field of banking supervision.
The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as the effective supervision and regulation of credit institutions in their respective countries, in accordance with their national laws and regulations.
In the field of banking supervision, the Central Bank of Cyprus has already signed Memoranda of Understanding with its counterparts in 19 other countries, and negotiations are in progress with several other authorities for the conclusion of similar arrangements. In addition, there is a programme for existing agreements to be regularly reviewed and updated.]]></description>
            <pubDate>Fri, 19 Dec 2008 00:00:00 GMT</pubDate>
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