Non-compliance with UBO reporting – penalties announced
12 March 2022 is the last date when companies or other legal entities incorporated before 12 March 2021 in Cyprus should report data about their Beneficial Owners. According to the Circular issued on 25 January 2022 by the Registrar of Companies – in case of a non-compliance with any of the obligations – the company […]
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 […]
EU set to remove Seychelles, Anguilla and Dominica from the Tax Haven Blacklist
The European Union has agreed to remove Anguilla, Dominica, and Seychelles from its blacklist of tax havens. All three had previously been placed on the list because they did not fulfill the EU’s tax transparency standards of being assessed as at least “largely compliant” by the OECD Global Forum in terms of information exchange on […]
DAC6 – Automatic Exchange of Information
The Council of the European Union has adopted the Directive 2018/822 for amending the Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation. Genesis UE Member States find it increasingly difficult to protect their national tax bases from erosion as tax-planning structures have evolved to be particularly sophisticated. Such structures […]
Employment and HR – Significant Changes in Cyprus
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. […]
Nowy Ład – zmiany w PIT, CIT, VAT
Przedstawiony projekt przepisów podatkowych w ramach Polskiego Ładu to 225-stronicowy dokument, w którym zawarto zmiany w różnych podatkach (PIT, CIT, VAT). Nowe przepisy, które częściowo będą obowiązywać już od 1 stycznia 2022 r. oznaczają też nowe ulgi podatkowe i modyfikacje tych istniejących. Prawodawca wprowadza również nowe definicje a także doprecyzowuje te już funkcjonujące. Poniżej nasza […]
Controlled Foreign Company (CFC) Rule
Controlled Foreign Company Rules (CFC) were implemented in Cyprus following the approval by Cyprus of the EU Anti-Tax Avoidance Directive (ATAD), which may affect a variety of companies. Relatively limited number of companies may be affected whose profits are over € 750.000 annually provided their profits are not distributed as dividends up to 7 months […]
Georgia for business
Attractive transit location with easy access to Europe, the Black Sea coast, and the Caucasus Mountain range, as well as delicious cuisine and wine. These are not the only advantages of Georgia that make more and more companies locating there. Why Georgia? Following a severe economic slump in 2015, the Georgian economy has been able […]
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 […]
