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 …
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 …
New Tax Incentives for first employment in Cyprus Read More »
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 …
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). …
New Transfer Pricing Law Amendments and Regulations in Cyprus Read More »
Cyprus companies are required to apply a temporary tax assessment / calculation of their 2022 chargeable income under the Cyprus Income Tax Law. The temporary tax assessment/estimation is due in two equal instalments on or before following dates: 31st of July 2022, 31st of December 2022. If provisional tax payments were made based on an …
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 …
Recent changes in immigration permits for non-EU nationals Read More »
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 …
UBO Register in Cyprus – public access as from 01.06.2022 Read More »
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 …
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 …
Non-compliance with UBO reporting – penalties announced Read More »
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 …
Estonia – country with one of the most competitive tax system Read More »
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