IBCCS TAX Cyprus New Minimal Wages Employment Salary Labor Law

The Changes in the Minimum Wage in Cyprus

On 31.08.2022 the decree on the minimum wage has been adopted during the meeting of the Council of Ministers, which will be implemented under Article 3(1) of the Minimum Wage Law, Cap 183 as from 01.01.2023. New Minimum Wage Within first six months of employment in the Republic of Cyprus the minimum wage will be …

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Cyprus Tax Incentives 2022 IBCCS TAX International Tax Planning

New Tax Incentives for first employment in Cyprus

On 26.07.2022, new amending provisions under Articles 8(21) and 8(23) of the Income Tax Law have been published in the Official Gazette of the Republic of Cyprus, which establish 50% tax exemption for the first employment income under certain conditions: Prior to the commencement of employment in Cyprus, the employee should not be a tax …

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IBCCS TAX Cyprus Financial Statement review instead of Audit 2022

The Companies Amending Law 88/1 of 2022 announces the review instead of audit of financial statements for some companies

On 24.06.2022 the Official Gazette of Cyprus has published the introduction of amendments to the Companies Law regarding the requirement of audit or review financial statements of the companies by virtue of the Companies Amending Law 88/1 of 2022.  The aim of such changes is to simplify the process of auditing financial statements of small …

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IBCCS TAX Cyprus Provisional Tax 2022 First instalment transfer pricing

New Transfer Pricing Law Amendments and Regulations in Cyprus

Transfer Price is a practice in accounting occurring when goods or services are exchanged between divisions (subsidiaries, affiliates, or commonly controlled companies) of the same larger entity On 30 June 2022 the House of Representatives voted on and approved amendments to the Income Tax Law and the Assessment and Collection of Taxes Law (TP legislation). …

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IBCCS TAX Cyprus immigration permits category A B C D E F tax residency

Recent changes in immigration permits for non-EU nationals

On 27 May 2022, the Cabinet of Ministers approved the list of amendments to the regulations governing immigration permits for third country nationals by virtue of The Aliens and Immigration Law (Cap. 105) and The Aliens and Immigration Regulations.The amendments concerning self – employed foreigners, employed foreigners, foreign investors and foreign investors with sufficient means …

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UBO Register Cyprus Companies 2022 IBCCS TAX

UBO Register in Cyprus – public access as from 01.06.2022

According to the newest announcement by the Registrar of Companies in Cyprus, from 01 June 2022, the general public, as well as obliged entities, can have access to information regarding the Beneficial Owners Register of companies and other legal entities. Until now, only competent and law enforcement entities such as MOKAS (Unit for Combating Money …

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Personal Income Tax Return, IBCCS TAX Cyprus, companies, UBO Register, Tax havens

Personal Income Tax Return 2021

According to the announcement by the Tax Department of Cyprus on 08 April 2022, Personal Income Tax Return (Form T.D.1) for the tax year 2021 is now accessible for electronic submissions through the Tax Portal TaxisNet. The tax return (Form T.D.1) is addressed to employees, pensioners, and to self-employed individuals (Form T.D.1 self-employed) with turnover …

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UBO Reporting Cyprus, IBCCS TAX Cyprus, companies, UBO Register, Tax havens

Non-compliance with UBO reporting – penalties announced

12 March 2022 is the last date when companies or other legal entities incorporated before 12 March 2021 in Cyprus should report data about their Beneficial Owners. According to the Circular issued on 25 January 2022 by the Registrar of Companies – in case of a non-compliance with any of the obligations – the company …

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Estonia Tallin taxation tax havens, IBCCS TAX Cyprus, Georgia

Estonia – country with one of the most competitive tax system

The Tax Foundation recently published a report on the tax competitiveness of the Organization for Economic Co-operation and Development (OECD) countries, which ranked Estonia as the 1st country for the eighth consecutive year. Its top score is driven by three positive features of its tax system: First, it has a 20 percent tax rate on …

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