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Personal Income Tax Return, IBCCS TAX Cyprus, companies, UBO Register, Tax havens

Personal Income Tax Return 2021

According to the announcement by the Tax Department of Cyprus on 08 April 2022, Personal Income Tax Return (Form T.D.1) for the tax year 2021 is now accessible for electronic submissions through the Tax Portal TaxisNet. The tax return (Form T.D.1) is addressed to employees, pensioners, and to self-employed individuals (Form T.D.1 self-employed) with turnover …

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UBO Reporting Cyprus, IBCCS TAX Cyprus, companies, UBO Register, Tax havens

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 …

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Estonia Tallin taxation tax havens, IBCCS TAX Cyprus, Georgia

Estonia – country with one of the most competitive tax system

The Tax Foundation recently published a report on the tax competitiveness of the Organization for Economic Co-operation and Development (OECD) countries, which ranked Estonia as the 1st country for the eighth consecutive year. Its top score is driven by three positive features of its tax system: First, it has a 20 percent tax rate on …

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polski ład ibccs.tax cyprus companies tax heaven residency optymalizacja podatkowa kreatywna księgowość spółki offshore

Sejm przyjął Polski Ład. Zmiany w podatkach 2022

Uwaga: Omawiane poniżej zmiany przepisów są w trakcie prac legislacyjnych. W dacie sporządzenia niniejszej informacji prace legislacyjne prowadzi Senat RP po czym projekt wraz z poprawkami zostanie przekazany na ostatnie, trzecie czytanie do Sejmu RP. Prezentowane zmiany mogą ulec zmianie a zamieszona informacja nie wskazuje wiążącego stanu prawnego od 1 stycznia 2022 roku. Polski Ład …

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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 request. The delisting was preceded by the forum’s decision to grant these jurisdictions a supplementary review on this matter. Nine jurisdictions still remain on the EU list of non-cooperative jurisdictions (Annex I): • American Samoa, • Fiji, • Guam, • Palau, • Panama, • Samoa, • Trinidad and Tobago, • US Virgin Islands • Vanuatu. Anguilla, Dominica, and Seychelles are now included in the state of play document (Annex II) called also “grey list”, which covers jurisdictions that do not yet comply with all international tax standards but have committed to adopting tax good governance principles pending the allowed additional review. Costa Rica, Hong Kong, Malaysia, North Macedonia, Qatar and Uruguay have also been added to this document, while Australia, Eswatini and Maldives have implemented all the necessary tax reforms and have therefore been removed from it. Turkey continues to be mentioned in Annex II. In its conclusions of February 2021, the Council called on Turkey to commit to automatic exchange of information with all member states. Even though progress has since been made, further steps need to be taken. The Council revises its list of non-cooperative jurisdictions and an accompanying state of play document twice a year. This practice was formed in 2017 to promote global good governance in taxes and to alert member countries on which non-EU jurisdictions engage in abusive tax practices. They can then take defensive steps to protect their tax income and fight against tax fraud, evasion, and abuse. The criteria for listing are in line with international tax standards and focus on tax transparency, fair taxation and prevention of tax base erosion and profit shifting. The Council engages with the countries that do not meet these requirements, monitors their progress, evaluates, and updates this list on a regular basis.

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 …

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DAC6 IBCCS TAX Cyprus

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 …

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Polski Ład Polish New Deal IBCCS TAX Cyprus

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 …

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CFC Controlled Foreign Company IBCCS TAX Cyprus

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 …

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Georgia Tbilisi tax incentives company incorporation free zone IBCCS TAX Cyprus

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 …

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Individual Tax Return deadline 2020 2021 IBCCS TAX Cyprus

Personal Income Tax Return

Individual Income Tax Return Submission Obligation Individuals with gross income that falls under the criteria of Article 5 of the Income Tax Law (i.e., dividends, interest, and certain other income) must file a personal income tax return (Form T.D.1). According to the decree issued on July 09, 2021, in the Republic’s official gazette, the Council …

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