On 07.10.2022 the Cyprus Parliament has adopted the Law on the Limited Liability Shipping Company (SLLC) of 2022, which establishes the official competent authority, the Register of LLSC’s with the purpose of promoting stop-shop framework for ship-owning companies. The Law creates a new category of a corporate entity named as “Shipping Limited Liability Company” or …
One-stop-shop services for Cyprus shipping companies Read More »
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 …
EU COMMISSION PROPOSED DIRECTIVE ON SHELL ENTITIES Read More »
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 …
Additional Corporate Tax Residency Test – our remarks Read More »
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 …
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 …
New Tax Incentives for first employment in Cyprus Read More »
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 …
Transfer Price is a practice in accounting occurring when goods or services are exchanged between divisions (subsidiaries, affiliates, or commonly controlled companies) of the same larger entity On 30 June 2022 the House of Representatives voted on and approved amendments to the Income Tax Law and the Assessment and Collection of Taxes Law (TP legislation). …
New Transfer Pricing Law Amendments and Regulations in Cyprus Read More »
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 …
Recent changes in immigration permits for non-EU nationals Read More »
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 …
UBO Register in Cyprus – public access as from 01.06.2022 Read More »
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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