CYPRUS: PROVISIONAL TAX 2024
Provisional tax in Cyprus is a system of advance tax payments. It is designed to ensure that taxpayers pay a portion of their expected annual tax liability throughout the year. Computation of Temporary Tax According to the Cyprus Income Tax Law, all Cyprus companies must proceed with the submission and payment of the provisional […]
Personal Tax Return 2023
The submission of the income tax returns for individuals in Cyprus (form IR1) for the year 2023 is now available via TaxisNet portal. The deadline for submitting tax returns and paying income tax for the tax year 2023 is on 31 July 2024. Why do you need to file IR1? All tax resident in Cyprus […]
ATAD 3: economic substance requirements
In December 2021, the European Commission published the first proposal for the Anti-Tax Avoidance Directive 3 (ATAD 3). Its goal is to tackle the abuse of companies that do not carry out any economic activities – namely shell entities. Therefore, the directive is also known as the “Unshell Directive”. The proposal was approved by the […]
Marshall Islands & Substance Reporting
As of November 1, 2023, the Trust Company of the Marshall Islands has implemented a penalty fee of USD 500 for entities failing to adhere to Economic Substance Reporting (ESR). This move comes as part of the country’s commitment to upholding international standards and remaining in the European Union’s whitelist. Reporting obligation Since 2020 […]
A New Era for AI Regulation: The First AI Act
On March 13, 2024, the European Parliament approved the world’s first harmonized regulatory act, The AI Act (hereinafter referred to as “The Act”), establishing a groundbreaking legal framework for Artificial Intelligence (AI). The Act aims to establish principles and obligations for AI developers and users concerning the ethical use of AI. It applies to: Providers […]
UAE Tax Landscape: 9% CIT
The United Arab Emirates is no longer a zero-tax jurisdiction. We were informing about this major shift in our article, back in June 2023: https://ibccs.tax/announcement/uae-corporate-tax/ Certain exemptions apply, however many of the businesses will now pay a corporation tax. On-shore entities, as well as Free Zone entities involved in transactions with on-shore entities, will be subject […]
Navigating the New Landscape: The New Law on Personal Data Protection in Georgia
As of March 1, 2024, the new law in Georgia, “On Personal Data Protection,” has been enacted (Hereinafter – “Law”). Certain provisions of this Law will take effect on June 1, 2024, while others will be implemented on January 1, 2025. The primary objective of the new Law in Georgia is to enhance the standards […]
What’s new in Cyprus in 2024?
We are highlighting 10 changes in laws and regulations that came into force this year or are expected soon. 1. Introduction of 15% Global Minimum Tax At the end 2022, the Council of the EU adopted the Directive ensuring a global minimum level of taxation -15%, for multinational enterprise groups and large-scale domestic groups. […]
Georgia’s Commitment to CRS and Its Impact on International Account Holders
In 2011, Georgia made a resolute move towards global financial transparency by embracing the Common Reporting Standard (CRS), an international framework developed by the Organization for Economic Co-operation and Development (OECD). This strategic decision not only solidifies Georgia’s commitment to combating tax evasion but also holds implications for international customers with bank accounts in the […]
Transfer Pricing rules in Cyprus
Transfer pricing is a very important and current topic in tax planning – effective as from January 2022 in Cyprus, with some amendments that have just been announced by the Tax Department. In brief, the concept of transfer pricing is directly connected to the application of the so called “arm’s length principle”. The term means […]
