Global CIT rate of min. 15%
130 countries and jurisdictions, representing more than 90% of global GDP, have agreed on 1st of July 2021 on a new two-pillar proposal to overhaul international tax regulations and ensure that multinational corporations pay their fair share of tax wherever they operate. At a turning point for the global economy, the Organization for Economic Co-operation […]
Cyprus: Provisional Tax 2021
Cyprus companies are required to apply a temporary tax assessment / calculation of their 2021 chargeable income under the Cyprus Income Tax Law. The temporary tax assessment/estimation is due in two equal instalments on or before following dates: 31st of July 2021, 31st of December 2021. If provisional tax payments were made based on an […]
The Netherlands – Cyprus: first-ever DTT
Cyprus approved the first-time Double Tax Treaty (DTT) between Cyprus and the Netherlands on June 4, 2021, after it had been signed on June 1, 2021. The Official Gazette has published of the same on June 4, 2021. After the appropriate legal procedures are completed, the treaty will enter into force. The treaty will take […]
Cyprus as an ideal location for Intellectual Property
Cyprus currently has one of the most favorable IP systems in the world, imposing only 2.5% – 0.0% of the effective tax rate on profits derived from IP structures (depending on the spending structure). And this is only one of the benefits. What precisely is an IP BOX? The Intellectual Property (IP) Box regime, also […]
NID – instrument for tax-efficient return
The Notional Interest Deduction (NID) is a significant instrument available to both domestic and foreign companies that allows them to deleverage and realize a tax-efficient return on new (qualified) equity. This return is obtained by deducting a “notional” interest charge from their taxable income.As a result of the NID, Cypriot enterprises may now attain effective […]
Annual Levy for the year 2021
We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Cyprus Companies are subject to an annual government levy of € 350 payable by 30.06.2021. Non-payment of the annual government levy will result in penalties and the de-registration (strike off) of the company from the registry of Cyprus companies. […]
New legal framework for Permanent Residency by investment in Cyprus
The Cypriot government recently announced certain amendments to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, which became effective on the 24th of March 2021, in an effort to further attract foreign investment to the island and to aid economic recovery and further economic growth. Investment criteria The applicant must make an […]
New crowdfunding & P2P lending regulations in EU
New EU Crowdfunding Regulations will apply from 10th November 2021 to providers of two key types of crowdfunding: investment-based crowdfunding and peer-to-peer lending. The operations of crowdfunding platforms will be subject to pan-European rules due to Regulation (EU) 2020/1503 and Directive (EU) 2020/1504, adopted by the European Parliament in October 2020. According to the new regulations, a crowd service provider “CSP” that facilitates either investment-based […]
UBO Register in Cyprus – Intermediate System Solution
With reference to our article, we would like to inform you that the Registrar of Companies (RoC) has announced on 12 March 2021 that the electronic service for registration of beneficial owner details for companies and other legal entities is now available as from 16 March 2021. Ultimate Beneficial Owner – definition According […]
New contribution on all immovable property sales in Cyprus.
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 […]
