Recently the Ministry of Finance announced its intention to amend the country’s legislative framework in relation to country-by-country (CbC) reporting, following the EU Directive amending Directive 2011/16/EU. The amendments are expected to be in line with the recommendations of Action 13 of the OECD final reports on Base Erosion and Profit Shifting (BEPS).
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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
Read More 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
Read More 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
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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
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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
Read More 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
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