Regulation

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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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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CYPRUS: PROVISIONAL TAX 2020

Cyprus has a system of self-assessment for corporation tax. All Cyprus tax resident companies have to pay provisional tax based on the estimated current year’s profits (2020) in two instalments: 1st instalment: 31 July 2020; 2nd instalment: 31 December 2020. Therefore, we would like to remind our clients and associates about the upcoming deadline for …

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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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ECONOMIC SUBSTANCE REGULATIONS

New regulations in key offshore jurisdictions including the British Virgin Islands, Cayman Islands, Bermuda, Guernsey, Jersey and Isle of Man, Marshall Islands came into force at the beginning of 2019 which require entities carrying on specific types of business to demonstrate adequate economic substance in that jurisdiction, with reporting requirements commencing in 2020. The rules …

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