Ultimate Beneficial Owner (UBO) register to be introduced in Cyprus from 2021
With the constant strengthening of AML regulation and enhancing transparency around the globe, the Cyprus Council of Ministers on 16/12/2020, have resolved to appoint the Registrar of Companies (RoC) as the competent authority to maintain a centralized register of beneficial owners (“UBO”) of companies and other legal entities; and an intermediate (temporary) platform has been […]
Expatriate tax relief for employment in Cyprus extended
On 15 December 2020, an amending law was published in the Official Gazette of the Republic which relates to Article 8(21) of the Income Tax Law. The purpose of the amendment is to extend the application of the 20% or €8,550 (whichever is the lower) tax exemption for remuneration from employment which is exercised in […]
Jak obostrzenia związane z pandemią wpływają na regulacje dotyczące rezydencji podatkowej na Cyprze?
Ponieważ obecna sytuacja zmusiła rządy do podjęcia bezprecedensowych środków (ograniczenia w podróżowaniu, kwarantanna itp.), pojawiają się problemy dotyczące interpretowania skutków podatkowych w razie nieplanowanego czy też przedłużonego pobytu w danym kraju. Zwłaszcza osoby, które spotkał „lockdown” w kraju, który nie jest ich krajem rezydencji (w tym podatkowej), np. na Cyprze, czy w Polsce, mogą mieć […]
Impact of COVID-19 measures on the tax residence status in Cyprus
Last week the Tax Department issued a Circular along with the Implementing Instructions[1] on the application of the provisions on tax residence and permanent establishment in the context of the circumstances of the pandemic. Cyprus is following the guidance called “Analysis of Tax Treaties and the Impact of the COVID-19 Crisis” issued by OECD in […]
Recent and important updates in regards to tax regulations and procedures in Cyprus:
Compulsory submission of tax returns Up until 2019, individuals with gross taxable income not exceeding €19.500, were not required to submit a tax return in Cyprus. From tax year 2020 almost all individuals earning taxable income, irrespective of the amount, will have the obligation to submit a personal income tax return, unless they meet certain […]
Tax certificate for Cyprus residents – is it worth to apply for?
As a general rule, individuals who spend at least 183 days per calendar year in Cyprus are considered Cyprus tax residents. However, according to the “60-day rule” introduced in 2017, also a person who satisfies all the below conditions can become a Cyprus tax resident: residing in the territory of Cyprus for at least 60 […]
Cyprus-Russia compromise on the new Double Tax Treaty
In April we informed on our blog about the planned changes to the Double Tax Treaty between Russia and Cyprus. After months of tensions between the governments and threads of terminating the agreement, the treaty has been finally preserved. The deal is keeping the amendments demanded by Moscow: a 15% tax on the income paid […]
CYPRUS: PROVISIONAL TAX 2020
Cyprus has a system of self-assessment for corporation tax. All Cyprus tax resident companies have to pay provisional tax based on the estimated current year’s profits (2020) in two instalments: 1st instalment: 31 July 2020; 2nd instalment: 31 December 2020. Therefore, we would like to remind our clients and associates about the upcoming deadline for […]
Protect your business from another COVID
Protect your assets and save your taxes with us The outbreak of pandemic Covid-19 all over the world has disturbed the political, social, economic and financial structures. Many businesses were unable to continue their operations because of the significant losses. We at IBCCS constantly work to help our clients protecting their assets and provide solutions to […]
Changes to the Double Tax Treaty of Russia and Cyprus
As per the announcement of the president of Russia on 25 March 2020, the withholding tax rate on dividends and interests paid to bank accounts outside Russia will be 15%. The tax will be withheld in Russia as part of the new measures introduced by Vladimir Putin. A 15% rate currently exists for dividends paid […]
