Announcement

Provisional Tax Liability by Newly Incorporated Companies

Leave a Comment / Announcement, Companies, Cyprus, Economy, Taxation / październik 13, 2022

According to the recent interaction between the Commissioner of Taxation and the Tax Compliance Committee of ICPAC (“The Institute of Certified Public Accountants of Cyprus”), no penalties or interest should be imposed on the entity which was incorporated within the period from 31.07.2022 (first installment of the provisional tax) to 31.12.2022 ( second installment) in …

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EU COMMISSION PROPOSED DIRECTIVE ON SHELL ENTITIES

Leave a Comment / Announcement, Banking, Companies, Cyprus, Economy, Regulation, Tax havens, Taxation / wrzesień 29, 2022

On 22 December 2021, the European Comission published the Proposal for a Council Directive 2021/0434, also known as the Anti tax Directive III („ATAD III“), with the stated intention being to prevent the misuse of so-called „shell“ entities for the tax purposes. ATAD III  aims to highlight the importance  of minimal substance requirements and is  applicable to …

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Expected Immigration Changes for Non-EU Family Members

Leave a Comment / Announcement, Cyprus, Residency / wrzesień 22, 2022

The European Court of Justice on 07.09.2022 has clarified that the family members of EU citizens, who come from third countries, may not fall under the scope of temporary residence, as it is established in the Directive 2003/109/EC (the Long-term Residents Directive, or LTRD), such as seasonal workers or students. Therefore, they can directly submit the application …

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Additional Corporate Tax Residency Test – our remarks

Leave a Comment / Announcement, Cyprus, Regulation, Residency, Tax havens, Taxation / wrzesień 15, 2022

On 21.12.2021, amendment 193(I)/2021 to the Income Tax Law has been published in the Official Gazette of the Republic of Cyprus by adopting an additional test for determination of corporate tax residency based on the incorporation principle. The new amendments will come into force on 31 December 2022. It provides that any company having its …

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IBCCS TAX Cyprus New Minimal Wages Employment Salary Labor Law

The Changes in the Minimum Wage in Cyprus

Leave a Comment / Announcement, Cyprus, Regulation, Residency / wrzesień 2, 2022

On 31.08.2022 the decree on the minimum wage has been adopted during the meeting of the Council of Ministers, which will be implemented under Article 3(1) of the Minimum Wage Law, Cap 183 as from 01.01.2023. New Minimum Wage Within first six months of employment in the Republic of Cyprus the minimum wage will be …

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Cyprus Tax Incentives 2022 IBCCS TAX International Tax Planning

New Tax Incentives for first employment in Cyprus

Leave a Comment / Announcement, Companies, Cyprus, Regulation, Tax havens, Taxation / sierpień 18, 2022

On 26.07.2022, new amending provisions under Articles 8(21) and 8(23) of the Income Tax Law have been published in the Official Gazette of the Republic of Cyprus, which establish 50% tax exemption for the first employment income under certain conditions: Prior to the commencement of employment in Cyprus, the employee should not be a tax …

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IBCCS TAX Cyprus Financial Statement review instead of Audit 2022

The Companies Amending Law 88/1 of 2022 announces the review instead of audit of financial statements for some companies

Leave a Comment / Announcement, Companies, Cyprus, Regulation / sierpień 16, 2022

On 24.06.2022 the Official Gazette of Cyprus has published the introduction of amendments to the Companies Law regarding the requirement of audit or review financial statements of the companies by virtue of the Companies Amending Law 88/1 of 2022.  The aim of such changes is to simplify the process of auditing financial statements of small …

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IBCCS TAX Cyprus immigration permits category A B C D E F tax residency

Recent changes in immigration permits for non-EU nationals

Leave a Comment / Announcement, Cyprus, Regulation, Residency / czerwiec 1, 2022

On 27 May 2022, the Cabinet of Ministers approved the list of amendments to the regulations governing immigration permits for third country nationals by virtue of The Aliens and Immigration Law (Cap. 105) and The Aliens and Immigration Regulations.The amendments concerning self – employed foreigners, employed foreigners, foreign investors and foreign investors with sufficient means …

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UBO Register Cyprus Companies 2022 IBCCS TAX

UBO Register in Cyprus – public access as from 01.06.2022

Leave a Comment / Announcement, Cyprus, Regulation / maj 27, 2022

According to the newest announcement by the Registrar of Companies in Cyprus, from 01 June 2022, the general public, as well as obliged entities, can have access to information regarding the Beneficial Owners Register of companies and other legal entities. Until now, only competent and law enforcement entities such as MOKAS (Unit for Combating Money …

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

Personal Income Tax Return 2021

Leave a Comment / Announcement, Cyprus, Regulation, Residency, Taxation / kwiecień 14, 2022

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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