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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Employment and HR – Significant Changes in Cyprus

The Council of Ministers issued a set of regulations, published in the Official Gazette of the Republic of Cyprus on 3 September 2021, announcing that the application of the Social Insurance Regulations of 2017 shall become effective as of 13 September 2021. The said regulations will substitute the Social Insurance Regulations of 2010 as amended. …

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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 Tbilisi tax incentives company incorporation free zone IBCCS TAX Cyprus

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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Individual Tax Return deadline 2020 2021 IBCCS TAX Cyprus

Personal Income Tax Return

Individual Income Tax Return Submission Obligation Individuals with gross income that falls under the criteria of Article 5 of the Income Tax Law (i.e., dividends, interest, and certain other income) must file a personal income tax return (Form T.D.1). According to the decree issued on July 09, 2021, in the Republic’s official gazette, the Council …

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Global CIT 15% OECD IBCCS TAX Cyprus

Global CIT rate of min. 15%

130 countries and jurisdictions, representing more than 90% of global GDP, have agreed on 1st of July 2021 on a new two-pillar proposal to overhaul international tax regulations and ensure that multinational corporations pay their fair share of tax wherever they operate. At a turning point for the global economy, the Organization for Economic Co-operation …

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IBCCS TAX Cyprus The Netherlands DTT Double Tax Treaty

The Netherlands – Cyprus: first-ever DTT

Cyprus approved the first-time Double Tax Treaty (DTT) between Cyprus and the Netherlands on June 4, 2021, after it had been signed on June 1, 2021. The Official Gazette has published of the same on June 4, 2021. After the appropriate legal procedures are completed, the treaty will enter into force. The treaty will take …

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IP BOX Regime Cyprus IBCCS TAX

Cyprus as an ideal location for Intellectual Property

Cyprus currently has one of the most favorable IP systems in the world, imposing only 2.5% – 0.0% of the effective tax rate on profits derived from IP structures (depending on the spending structure). And this is only one of the benefits. What precisely is an IP BOX? The Intellectual Property (IP) Box regime, also …

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