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 »
On 3 November 2022 the Department of Registrar of Companies and Intellectual Property (“ROC”) announced that it intends to proceed with the 𝐝𝐞𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬, 𝐢𝐟 𝐭𝐡𝐞𝐲 𝐟𝐚𝐢𝐥𝐞𝐝 𝐭𝐨 𝐬𝐞𝐭𝐭𝐥𝐞 𝐭𝐡𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐟𝐨𝐫 𝐚𝐧𝐧𝐮𝐚𝐥 𝐥𝐞𝐯𝐲. The ROC may remove a company from the register if the company fails to pay the annual fee provided for …
On 01.11.2022 the Tax Department has issued the Circular (Νο. 10/2022) for the purposes of clarifying new tax income exemptions for the practical application as well as conceptualizing the term “first employment”. By virtue of the Circular, it should be noted that the first employment of an individual ceased to exist or never existed in …
Tax Exemptions on the First Employment: Clarifications Read More »
On 13.10.2022 the Cyprus Tax Department notified all legal entities and their official representatives that the Bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America for Reporting Fiscal Years will be effective on or after 01.01.2022. As a result, if the Ultimate Parent Entity …
Clarification on Bilateral Agreement between Cyprus and United States Read More »
According to the recent interaction between the Commissioner of Taxation and the Tax Compliance Committee of ICPAC (“The Institute of Certified Public Accountants of Cyprus”), no penalties or interest should be imposed on the entity which was incorporated within the period from 31.07.2022 (first installment of the provisional tax) to 31.12.2022 ( second installment) in …
Provisional Tax Liability by Newly Incorporated Companies Read More »
Forward As part of the overall exertion to improve Cyprus’ attractiveness as an international business and financial center, and in order to remain highly compliant as a traditional jurisdiction, the House of Representatives on 16 July 2015 passed a number of new laws. One of the changes, introduced the new status of a “non-domicile” (non-dom) …
Z dniem 1 stycznia 2015 r. weszły w życie przepisy przewidujące opodatkowanie przez polskich podatników dochodów uzyskiwanych poprzez zagraniczne spółki kontrolowane (Controlled Foreign Corporation – CFC). Zgodnie z polską ustawą o podatku dochodowym od osób prawnych za zagraniczną spółkę uznaje się: osobę prawną, spółkę kapitałową w organizacji, transparentną podatkowo spółkę, jeżeli jest traktowana przez …
At IBCCS we are happy to announce the opening of our London office in order to enhance our presence within the region and further augment our services for clients in one of the world’s most influential financial centres, to offer our professional services which include: Registration and management of companies and partnerships; Legal & …
We would like to remind our clients and contacts about the upcoming deadline for submission of the 2nd declaration concerning provisional tax for the year 2015. Computation of Temporary Tax According to art. 24 of the Assessment and Collection of Taxes Law No.4 of 1978, as amended, the official deadline for submission of the Provisional …
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