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 […]
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 […]
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 […]
Banks in Cyprus to require audited accounts
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 […]
Annual Levy
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 […]
Banking and Shell companies in Cyprus
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 […]
Cyprus: Social Contribution increase and implementation of National Health Insurance System 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 […]
Cyprus UK Double Tax Treaty
On 22 March 2018, Cyprus signed a new tax treaty and accompanying Protocol (the new DTT) with the United Kingdom. The agreement updates the existing convention signed by the two countries in June 1974 and came into effect in March 1975 (amended by the 1980 Protocol). The agreement is based on the new OECD Model […]
UBO Registry in Malta
Following the transposition of the 4th AML Directive, the Maltese laws (hereinafter “the Regulations”) have been amended to introduce the provisions on beneficial ownership information in order to further promote transparency in corporate structures, trusts, etc. Effective from 01 January 2018, Malta has introduced a Register of Beneficial Owners (hereinafter “the Register’) that will become […]
New Beneficial Ownership regime now implemented by the British Virgin Islands
On July 1, 2017 in the British Virgin Islands (the ‘BVI’) a new legislation – The Beneficial Ownership Secure Search System Act – has been enacted. It is binding all registered agents to build and maintain a beneficial ownership database, access to which would be granted only to a limited number of designated persons and […]