CYPRUS: PROVISIONAL TAX 2015 – FINAL PAYMENT
We would like to remind our clients and contacts about the upcoming deadline for submission of the 2nd declaration concerning provisional tax for the year 2015. Computation of Temporary Tax According to art. 24 of the Assessment and Collection of Taxes Law No.4 of 1978, as amended, the official deadline for submission of the Provisional […]
Annual Levy of EUR 350.00 – companies registered in Cyprus
Please be informed that as per the Article 391 of the Companies law (as amended Law No. 6(I)/2013), it is obligatory to pay the annual fee (Annual Levy) for all companies registered in Cyprus. The fee equals to EUR 350.00 (three hundred and fifty euros) and has to be paid to the Registrar of Companies […]
Tax avoidance vs. tax evasion
The difference between those two is crucial. While tax avoidance is legal, tax evasion is not. It is understandable that the local governments try to fight with both, however very often it is a long-term and complicated process. In the meantime, the taxpayers might enjoy their attempts to pay less taxes. Let’s look at both […]
Types of entities available offshore
In typical offshore jurisdiction, the types of entities available often include the same entities (like various types of companies and partnerships) which are available elsewhere. They may however have different characteristics & regulations and may be treated differently by local law than the same entities in other countries. While companies are the most popular vehicles […]
Why companies & individuals go offshore?
There are various benefits for companies and individuals going offshore, but the most popular one is the possibility to reduce or avoid taxes. Tax avoidance was, is, and will be the most important reason for going offshore. We can mention some other reasons like e.g. protection of assets, holding of investments, using the offshore company […]
Offshore financial centre – defined
There are many debates on how the ‘offshore financial centre’ should be defined. Should people say ‘offshore centre’, ‘tax haven’, ‘low tax jurisdiction’, ‘offshore zone’ or the other combination? And what do they really mean? They all relate to similar area, but there are slight differences between some of them (which I will explain in […]
