Announcement

New VAT Rules for cross-border e-Commerce

New VAT Rules for cross-border e-Commerce take effect 1 July 2021. The new rules introduce certain provisions for persons facilitating supplies of goods or services using an electronic interface such as a marketplace, platform, portal or similar means. Cross-border sales of goods and services. New rules extend the scope of the Mini One Stop Shop to a One-Stop-Shop …

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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 …

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Expatriate tax relief for employment in Cyprus extended

On 15 December 2020, an amending law was published in the Official Gazette of the Republic which relates to Article 8(21) of the Income Tax Law. The purpose of the amendment is to extend the application of the 20% or €8,550 (whichever is the lower) tax exemption for remuneration from employment which is exercised in …

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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 …

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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 …

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Recent and important updates in regards to tax regulations and procedures in Cyprus:

Compulsory submission of tax returns Up until 2019, individuals with gross taxable income not exceeding €19.500, were not required to submit a tax return in Cyprus. From tax year 2020 almost all individuals earning taxable income, irrespective of the amount, will have the obligation to submit a personal income tax return, unless they meet certain …

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Cyprus-Russia compromise on the new Double Tax Treaty

In April we informed on our blog about the planned changes to the Double Tax Treaty between Russia and Cyprus. After months of tensions between the governments and threads of terminating the agreement, the treaty has been finally preserved. The deal is keeping the amendments demanded by Moscow: a 15% tax on the income paid …

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Changes to the Double Tax Treaty of Russia and Cyprus

As per the announcement of the president of Russia on 25 March 2020, the withholding tax rate on dividends and interests paid to bank accounts outside Russia will be 15%. The tax will be withheld in Russia as part of the new measures introduced by Vladimir Putin. A 15% rate currently exists for dividends paid …

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Tax and VAT measures of the Cyprus Government

We would like to inform about certain actions implemented by the Cyprus Government in order to support the country’s economy, as a consequence of the unprecedented events of the pandemic. The increased contributions to the General Health Scheme (GHS) will not be applied for April, May and June as originally planned. Extension of the deadline submission of the …

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General Healthcare System (GHS) Contribution Increase

As per the National Health System Law of 2001 89(I)/2001 and as amended in 2017, a national health system was introduced in Cyprus aiming to provide to the population equal access to a holistic health care system. Contributions to the GHS are deductible from the employer’s taxable income and of the individuals’ taxable income. The …

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