Cyprus: Tax department publishes decree implementing regulations for DAC6

04 November, 2021

On 29 October 2021, the tax department of Cyprus published the Decree KDP 438/2021 for the implementation of the EU directives on reportable cross-border arrangements (DAC6). The decree provides guidance on the participants in a reportable arrangement, the intermediaries, the application of the main benefit test, and the hallmarks.

Note that DAC6 reporting requirements in Cyprus have been in effect since 1 January 2021, including for historical agreements, but due to delays in implementing the required changes and enacting the regulations, administrative penalties have been eased for DAC6 reporting. The most recent relief is for the overdue submission of DAC6 information by 30 November 2021.

Cyprus

«

Previous post
Transfer Pricing Brief: November 2021

Next post
Dominican Republic: DGII describes a guide on foreign tax credit

»

Cyprus announces temporary 0% VAT rate on essential items

November 04, 2024

The Cyprus Council of Ministers passed Decree No. 349/2024 on 31 October 2024. The Decree amends the VAT law to introduce a temporary zero VAT rate on certain essential items. The zero VAT rate will apply to basic essentials such as baby and

Cyprus extends 2022, 2023 income tax returns deadlines for select taxpayers

October 31, 2024

The Cyprus Tax Department (CTD) announced, on 25 October 2024, that the submission deadlines of income tax declarations for 2022 and 2023 have been extended. The income tax return for the year 2022 has been extended until 28 February 2025 and the

Cyprus revises transfer pricing FAQs

October 14, 2024

The Cyprus Tax Department announced that it updated its Frequently Asked Questions (FAQs) (English version) on transfer pricing on 24 September 2024. New questions are added from 25 through 43. The main question is 25, which highlights that

European Commission refers Spain, Cyprus, Poland, Portugal to court for failing to transpose Pillar Two Minimum Taxation Directive

October 07, 2024

The European Commission (EC) decided to refer Spain, Cyprus, Poland, and Portugal to the Court of Justice of the European Union for failing to notify measures for the transposition into national law of Council Directive (EU) 2022/2523 of

Cyprus sets deadline for ultimate beneficial owners information

October 01, 2024

The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has declared that all companies and partnerships registered under the Companies Law, including European Public Limited Liability Companies, should log into the UBO

Cyprus publishes FAQs on new transfer pricing rules

September 27, 2024

The tax authority has published additional frequently asked questions (FAQs) numbered 25 – 43 to provide clarity on specific provisions of the new transfer pricing rules in Cyprus. Notably, FAQ 25 clarifies that taxpayers do not need to