Monika Luniewska

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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.

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

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

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

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”

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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