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Government’s Plan for Tax Reform in 2022 – announcement of improve national taxation framework through the reduction of administrative burden associated with compliance.

Leave a Comment / Announcement, Cyprus, Economy, Regulation, Tax havens, Taxation, Uncategorized / December 16, 2021 December 17, 2021

The Minister stated that increasing corporate tax in Cyprus from 12,5% to 15% will not significantly affect the foreign investments in Cyprus. The main matter for the tax reformation to be examined are as follows: Increase of corporate tax from 12.5% to 15%; Reduction or abolition of the €350 annual company levy; Reduction of contribution …

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Cypriot DAC6 Guidelines Decree

Leave a Comment / Announcement, Companies, Cyprus, Tax havens, Taxation, Uncategorized / December 7, 2021 December 7, 2021

On 29th October 2021 the Cypriot Ministry of Finance issued guidelines in the form of Ministerial decree which clarify key terms of Cypriot Mandatory Disclosure Rules Law (we have already written article about the law itself). Its main target is to provide explanation for the relevant persons influenced by the EU Directive related to exchange …

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EU Corporations tax data to be unveiled to public

Leave a Comment / Announcement, Cyprus, Regulation, Taxation / November 18, 2021 November 18, 2021

The European Parliament announced on 11 November 2021 adoption of a CBCR directive (public country by country reporting). The new directive applies to multinational groups (MNE groups) operating in EU which revenues exceeds EUR 750 million within consolidated group. Tax related data of such groups should already be reported to Tax Authorities, but the directive …

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Crypto Asset Services Providers – registration with the CySEC

Leave a Comment / Announcement, Cyprus, Regulation / November 11, 2021 November 15, 2021

Crypto Asset Services Provider (CASP) established in the European Economic Area and registered with one or more EEA National Competent Authorities for the purpose of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (AML/CFT Law) that delivers services in or from Cyprus, must formally register with the Cyprus Securities and Exchange Commission (CySEC). In …

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10% additional tax for employees with „income other than employment income”

Leave a Comment / Announcement, Cyprus, Regulation, Taxation / November 4, 2021 November 4, 2021

On 19 October 2021, the Ministry of Finance, issued Interpretive Circular no. 54 (“Circular”), which concern of imposition of 10% additional tax for employees with income other than employment income. The circular reference to the provisions of article 26 of the Assessment and Collection of Taxes Law and article 24 of the Assessment and Collection …

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Banks in Cyprus to require audited accounts

Uncategorized / June 1, 2019 June 20, 2019

In regard to certain structural changes that are currently taking place on the Cyprus Banking sector, that also affect the status of your company/ies that hold bank accounts in Cyprus. Amongst other structural reforms, Cyprus banks have amended their requirements in regard to the submission of the Audited Financial Statements for all companies that maintain …

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Annual Levy

Uncategorized / May 1, 2019 June 20, 2019

Annual Levy of EUR 350.00 – companies registered in Cyprus Please be informed that as per the Article 391 of the Companies law (as amended Law No. 6(I)/2013), it is obligatory to pay the annual fee – Annual Levy for all companies registered in Cyprus. The fee equals to EUR 350.00 (three hundred and fifty …

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Banking and Shell companies in Cyprus

Uncategorized / December 1, 2018 June 20, 2019

Despite its very favourable tax regime, Cyprus has successfully avoided being implicated as a tax heaven and maintains its place among the lawful jurisdictions for business development. Nevertheless, the Cypriot banking system continuous to be closely scrutinized in the international press primarily due to the country’s poor compliance with the European Union directives and recommendations …

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Cyprus: Social Contribution increase and implementation of National Health Insurance System 2019

Uncategorized / November 20, 2018 June 20, 2019

We would like to inform our clients about the increase in Social Insurance Funds and the implementation of the new National Health Insurance System (NHIS). Social Insurance Contributions Increase As from 1 January 2019, both employer and employee contributions on insurance earnings to the Social Insurance Fund will increase by 0,5%, from 7.8% (currently) to …

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