Special Contribution for Defence (SDC) is dictated on income earned by Cyprus tax residents. On 9 June 2023, amendments to the Special Contribution for the Defence Law were published in the Cyprus Government Gazette amending the obligation to pay the SDC withheld on rents in two semi-annual installments instead of monthly payments. Every person who …
Amendment to the Special Defence Contribution Law Read More »
The submission of the income tax returns for individuals in Cyprus (form IR1) for the year 2022 is now available via TaxisNet portal. We would like to remind you that the deadline for the submission of the 2022 Personal tax return has been extended until 2 October 2023, as per the decree (No.183/2023) issued on 9 …
Personal Tax Return 2022 – TaxisNet portal is now open Read More »
The amending income tax law of Article 8(23A) was published on 30 June 2023 and has a retrospective effect as from 1 January 2022. As from 1st January 2022, according to Section 8(23A) of the Cypriot Income Tax (“ILT”), 50% of the gross remuneration from first (1st) employment* exercised in Cyprus, is exempt from personal …
As of the 1st June 2023, a major shift is happening in UAE. The Federal Tax Authority (FTA) will introduce a 9% corporation tax. We are explaining the implications of this substantial policy change. 1.For Business Owners This new mandate is applicable to all business entities across the UAE, including those within onshore and Free …
Tax-Free No More: Clarifying UAE’s Ground-breaking Corporate Tax Shift Read More »
We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Cyprus Companies are subject to an annual government levy of € 350 payable by 30.06.2023. Non-payment of the annual government levy will result in penalties and the de-registration (strike off) of the company from the registry of Cyprus companies. …
𝐇𝐨𝐰 𝐭𝐨 𝐜𝐨𝐧𝐟𝐢𝐫𝐦 𝐲𝐨𝐮𝐫 𝐍𝐨𝐧-𝐃𝐨𝐦 𝐬𝐭𝐚𝐭𝐮𝐬? A person who is a tax resident in Cyprus is liable to pay Cyprus Income Tax (CIT) on their worldwide income, from all sources. Additionally, domiciled residents of Cyprus pay a Special Defense Contribution (SDC) on their passive income derived from dividends, interest, and rentals as per the following …
On 2nd of May 2023, in accordance with the Regulation 6.2 of the Alien and Immigration Regulations, the new requirements for the investment scheme have been officially adopted after the revision by the Council of the Ministers. Category 6.2 (Fast Track Residence) is a permanent residential permit which can be obtained through the investment in …
New Immigration Rules for Investment Visa in Cyprus Read More »
On 20th of April 2023, the European Parliament has finally voted and adopted the new legislative changes in the European Union concerning cryptocurrency in the form of the Markets in Crypto Assts (MICA) Regulation. Moreover, since MICA is the Regulation, it is directly applicable among the Member States without a need for any additional transposition …
The recent changes in the offshore jurisdictions for the companies as well the main legal obligations are important to be analysed for those, who are planning to incorporate a company or already have the company in the offshore jurisdiction. In the corporate context, an offshore entity is the company, which business activity takes place outside …
Legal obligations and current changes in the offshore jurisdictions Read More »
On 27 October 2022, the law regulating the levying of a 0.4% tax on all sales of immovable property with the proceeds going to financially support Greek Cypriot refugees has been published in the Official Gazette by that amending the provisions of the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other …
Imposition of 0.4% Tax on Cyprus immovable property sales and shares Read More »
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