Regulation

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

Recent changes in immigration permits for non-EU nationals

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

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

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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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 …

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EU Corporations tax data to be unveiled to public

The European Parliament announced on 11 November 2021 adoption of a CBCR directive (public country by country reporting). The new directive applies to multinational groups (MNE groups) operating in EU which revenues exceeds EUR 750 million within consolidated group. Tax related data of such groups should already be reported to Tax Authorities, but the directive …

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Crypto Asset Services Providers – registration with the CySEC

Crypto Asset Services Provider (CASP) established in the European Economic Area and  registered with one or more EEA National Competent Authorities for the purpose of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (AML/CFT Law) that delivers services in or from Cyprus, must formally register with the Cyprus Securities and Exchange Commission (CySEC). In …

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10% additional tax for employees with „income other than employment income”

On 19 October 2021, the Ministry of Finance, issued Interpretive Circular no. 54 (“Circular”), which concern of imposition of 10% additional tax for employees with income other than employment income. The circular reference to the provisions of article 26 of the Assessment and Collection of Taxes Law and article 24 of the Assessment and Collection …

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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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