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 […]
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. […]
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 […]
Tax treatment of rental income from online platforms (Airbnb, Booking etc.)
In Cyprus the real estate is booming. We observe a growing number of investments– especially in properties destined for rentals. When owning a rental property, it is crucial to know and understand the tax implications of rental income. The short-term rental market also experiences a significant increase. The Cyprus Tax Department recently clarified that the […]
