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 »
Cyprus companies are required to apply a temporary tax assessment / calculation of their 2023 chargeable income under the Cyprus Income Tax Law. The temporary tax assessment/estimation is due in two equal instalments on or before following dates: If provisional tax payments were made based on an incorrectly calculated yearly taxable profit, the estimated taxable …
We would like to inform you that the deadline for the submission of the 2022 Personal Income Tax Return (T.D. 1 Form) in Cyprus has been extended until 2 October 2023, as per the decree (No.183/2023) issued on 9 June 2023. The extension also applies to the payment of the related income tax due via …
Extension to the filing date of Income Tax Return (IR1 2022) Read More »
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 »
On 3 November 2022 the Department of Registrar of Companies and Intellectual Property (โROCโ) announced that it intends to proceed with the ๐๐๐ซ๐๐ ๐ข๐ฌ๐ญ๐ซ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ, ๐ข๐ ๐ญ๐ก๐๐ฒ ๐๐๐ข๐ฅ๐๐ ๐ญ๐จ ๐ฌ๐๐ญ๐ญ๐ฅ๐ ๐ญ๐ก๐ ๐ฉ๐๐ฒ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ซ ๐๐ง๐ง๐ฎ๐๐ฅ ๐ฅ๐๐ฏ๐ฒ. 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 (ฮฮฟ. 10/2022) for the purposes of clarifying new tax income exemptions for the practical application as well as conceptualizing the term โfirst employmentโ. 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 (โThe Institute of Certified Public Accountants of Cyprusโ), 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 »
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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