UBO Reporting: breach of personal rights
On 22 November 2022 the Court of Justice of the European Union (โCJEUโ) ruled that the provision of Directive (EU) 2015/849 establishing that all Member States must ensure that information on the beneficial ownership of legal entities is accessible in all cases to any member of the general public is invalid and in conflict with […]
Unpaid Annual Levy and possible strike off
On 3 November 2022 the Department of Registrar of Companies and Intellectual Property (โROCโ) announced that it intends to proceed with the ๐๐๐ซ๐๐ ๐ข๐ฌ๐ญ๐ซ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ, ๐ข๐ ๐ญ๐ก๐๐ฒ ๐๐๐ข๐ฅ๐๐ ๐ญ๐จ ๐ฌ๐๐ญ๐ญ๐ฅ๐ ๐ญ๐ก๐ ๐ฉ๐๐ฒ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ซ ๐๐ง๐ง๐ฎ๐๐ฅ ๐ฅ๐๐ฏ๐ฒ. The ROC may remove a company from the register if the company fails to pay the annual fee provided for […]
Tax Exemptions on the First Employment: Clarifications
On 01.11.2022 the Tax Department has issued the Circular (ฮฮฟ. 10/2022) for the purposes of clarifying new tax income exemptions for the practical application as well as conceptualizing the term โfirst employmentโ. By virtue of the Circular, it should be noted that the first employment of an individual ceased to exist or never existed in […]
Clarification on Bilateral Agreement between Cyprus and United States
On 13.10.2022 the Cyprus Tax Department notified all legal entities and their official representatives that the Bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America for Reporting Fiscal Years will be effective on or after 01.01.2022. As a result, if the Ultimate Parent Entity […]
