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 […]
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. […]
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 […]
10% – 20% DISCOUNT “READYMADE” & “AGED” COMPANIES – VARIOUS JURISDICTIONS.
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 […]
Ultimate Beneficial Owner (UBO) register to be introduced in Cyprus from 2021
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 […]
Jak obostrzenia związane z pandemią wpływają na regulacje dotyczące rezydencji podatkowej na Cyprze?
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 […]
Impact of COVID-19 measures on the tax residence status in Cyprus
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 […]
CYPRUS: PROVISIONAL TAX 2020
Cyprus has a system of self-assessment for corporation tax. All Cyprus tax resident companies have to pay provisional tax based on the estimated current year’s profits (2020) in two instalments: 1st instalment: 31 July 2020; 2nd instalment: 31 December 2020. Therefore, we would like to remind our clients and associates about the upcoming deadline for […]
Protect your business from another COVID
Protect your assets and save your taxes with us The outbreak of pandemic Covid-19 all over the world has disturbed the political, social, economic and financial structures. Many businesses were unable to continue their operations because of the significant losses. We at IBCCS constantly work to help our clients protecting their assets and provide solutions to […]