Taxation

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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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Cypriot DAC6 Guidelines Decree

On 29th October 2021 the Cypriot Ministry of Finance issued guidelines in the form of Ministerial decree which clarify key terms of Cypriot Mandatory Disclosure Rules Law (we have already written article about the law itself). Its main target is to provide explanation for the relevant persons influenced by the EU Directive related to exchange …

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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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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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DAC6 IBCCS TAX Cyprus

DAC6 – Automatic Exchange of Information

The Council of the European Union has adopted the Directive 2018/822 for amending the Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation. Genesis UE Member States find it increasingly difficult to protect their national tax bases from erosion as tax-planning structures have evolved to be particularly sophisticated. Such structures …

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Polski Ład Polish New Deal IBCCS TAX Cyprus

Nowy Ład – zmiany w PIT, CIT, VAT

Przedstawiony projekt przepisów podatkowych w ramach Polskiego Ładu to 225-stronicowy dokument, w którym zawarto zmiany w różnych podatkach (PIT, CIT, VAT). Nowe przepisy, które częściowo będą obowiązywać już od 1 stycznia 2022 r. oznaczają też nowe ulgi podatkowe i modyfikacje tych istniejących. Prawodawca wprowadza również nowe definicje a także doprecyzowuje te już funkcjonujące. Poniżej nasza …

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CFC Controlled Foreign Company IBCCS TAX Cyprus

Controlled Foreign Company (CFC) Rule

Controlled Foreign Company Rules (CFC) were implemented in Cyprus following the approval by Cyprus of the EU Anti-Tax Avoidance Directive (ATAD), which may affect a variety of companies. Relatively limited number of companies may be affected whose profits are over € 750.000 annually provided their profits are not distributed as dividends up to 7 months …

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Georgia for business

Attractive transit location with easy access to Europe, the Black Sea coast, and the Caucasus Mountain range, as well as delicious cuisine and wine. These are not the only advantages of Georgia that make more and more companies locating there. Why Georgia? Following a severe economic slump in 2015, the Georgian economy has been able …

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