The Council of Ministers issued a set of regulations, published in the Official Gazette of the Republic of Cyprus on 3 September 2021, announcing that the application of the Social Insurance Regulations of 2017 shall become effective as of 13 September 2021. The said regulations will substitute the Social Insurance Regulations of 2010 as amended. …
Employment and HR – Significant Changes in Cyprus Read More »
A mandatory contribution on Cyprus immovable property disposals was introduced through recently announced legislation, published in the Cyprus Government Gazette on the 22nd February 2021. Under the amendment, a levy of 0.4% will be imposed on the sale of real estate in the Republic. The proceeds adding towards adding towards the support of refugees and owners …
New contribution on all immovable property sales in Cyprus. Read More »
If you require a company with a few months or years existence already behind it, a “readymade” or “aged” company is for you. Our readymade and aged companies offer a Company Name and Registration Number, which can be used immediately. Those of our readymade and aged companies that have not traded are supplied with a *Certificate …
10% – 20% DISCOUNT “READYMADE” & “AGED” COMPANIES – VARIOUS JURISDICTIONS. Read More »
New VAT Rules for cross-border e-Commerce take effect 1 July 2021. The new rules introduce certain provisions for persons facilitating supplies of goods or services using an electronic interface such as a marketplace, platform, portal or similar means. Cross-border sales of goods and services. New rules extend the scope of the Mini One Stop Shop to a One-Stop-Shop …
With the constant strengthening of AML regulation and enhancing transparency around the globe, the Cyprus Council of Ministers on 16/12/2020, have resolved to appoint the Registrar of Companies (RoC) as the competent authority to maintain a centralized register of beneficial owners (“UBO”) of companies and other legal entities; and an intermediate (temporary) platform has been …
Ultimate Beneficial Owner (UBO) register to be introduced in Cyprus from 2021 Read More »
On 15 December 2020, an amending law was published in the Official Gazette of the Republic which relates to Article 8(21) of the Income Tax Law. The purpose of the amendment is to extend the application of the 20% or €8,550 (whichever is the lower) tax exemption for remuneration from employment which is exercised in …
Expatriate tax relief for employment in Cyprus extended Read More »
Ponieważ obecna sytuacja zmusiła rządy do podjęcia bezprecedensowych środków (ograniczenia w podróżowaniu, kwarantanna itp.), pojawiają się problemy dotyczące interpretowania skutków podatkowych w razie nieplanowanego czy też przedłużonego pobytu w danym kraju. Zwłaszcza osoby, które spotkał „lockdown” w kraju, który nie jest ich krajem rezydencji (w tym podatkowej), np. na Cyprze, czy w Polsce, mogą mieć …
Last week the Tax Department issued a Circular along with the Implementing Instructions[1] on the application of the provisions on tax residence and permanent establishment in the context of the circumstances of the pandemic. Cyprus is following the guidance called “Analysis of Tax Treaties and the Impact of the COVID-19 Crisis” issued by OECD in …
Impact of COVID-19 measures on the tax residence status in Cyprus Read More »
Compulsory submission of tax returns Up until 2019, individuals with gross taxable income not exceeding €19.500, were not required to submit a tax return in Cyprus. From tax year 2020 almost all individuals earning taxable income, irrespective of the amount, will have the obligation to submit a personal income tax return, unless they meet certain …
Recent and important updates in regards to tax regulations and procedures in Cyprus: Read More »
As a general rule, individuals who spend at least 183 days per calendar year in Cyprus are considered Cyprus tax residents. However, according to the “60-day rule” introduced in 2017, also a person who satisfies all the below conditions can become a Cyprus tax resident: residing in the territory of Cyprus for at least 60 …
Tax certificate for Cyprus residents – is it worth to apply for? Read More »
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