Cyprus: Tax Benefits for Holding Company
Cyprus has the most favourable tax system for the companies incorporated or registered under any Cyprus law, and any foreign company which carries on business or has an office or place of business (permanent establishment) in Cyprus. Now at 12.5%
See MoreTax Treaty Between Cyprus And Spain Enters Into Force
The Income Tax Treaty between Cyprus and Spain entered into force on 28 May 2014 and its provisions will come into effect on 1 January 2015. Under the treaty, the following withholding taxes will apply: Dividends: 0% if the beneficial owner is a
See MoreCyprus – Company incorporated, but not tax resident of Cyprus
Circular 2014/3 of March 2014 gives guidance in respect of the tax return requirements in the situation where a company is incorporated in Cyprus but is not tax resident in the country. According to the Circular companies in this position must be
See MoreCyprus – Due date for 2012 corporate return extended
According to a recent announcement of the Inland Revenue Department in Cyprus the deadline for electronic filing of corporate tax returns for 2012 has been extended and is not fixed at 30 June
See MoreDTA signed between Cyprus and Norway
The Government of Cyprus confirmed the signing of a double taxation agreement (DTA) with Norway on February 24,
See MoreCyprus – Tax guide 2014
A tax guide for 2014 has been published in Cyprus. The Tax Guide aims to provide a comprehensive introduction on the main aspects of the Cyprus Tax System for non-resident investors and corporations. The guide is of use to potential investors in
See MoreCyprus to cut tax appeal waiting time
Cyprus's Justice Minister has promised that a new Administrative Court due to open in September will cut the waiting time for tax appeals. Tax cases currently take two years to process in the Supreme Court, but the time required to hear a case will
See MoreCyprus and Norway: DTA signed
Cyprus and Norway have signed a Double Taxation Agreement on 24 February 2014, which will replace the current income tax treaty signed in 1951 by the UK and Norway. No further details of the agreement are currently
See MoreCyprus – New VAT rates in 2014
Following changes to the tax legislation, from 2014 the rates of value added tax in Cyprus are as follows: The standard VAT rate is 19% (increased from 18%) effective from 13 January 2014. Also the reduced VAT rate is 9% (increased from 8%)
See MoreCyprus: Five new double tax agreements in effect
Recently, Cyprus has put five new double tax agreements (DTAs) into effect, including a treaty with the Ukraine which includes beneficial treatment for real estate owned through a Cyprus holding company. The country’s DTA with Russia used to
See MoreEstonia – Six new DTA in effect
From 1 January 2014, six new Double Tax Treaties (DTA) were added to Estonia’s income tax treaty network. The treaties are with Bahrain, Thailand, Cyprus, Mexico, Turkmenistan, and
See MoreCyprus: VAT rates increased
Cyprus has increased the standard value added tax rate from 18% to 19%, while the 8% reduced rate was increased to 9%, from 13 January 2014. The standard rate applies to 80% of goods and services, percent, while reduced rate applies to accommodation
See MoreIndia is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreCyprus: VAT rate increases
From the 13 January 2014 there will be some changes to the VAT rates in Cyprus as follows: Standard rate of VAT increased to 19% from 18%; Reduced rate of VAT increased to 9% from 8%; and The super reduced and zero rates will remain
See MoreCyprus disagree with OECD forum report regarding “Non-Compliant” Tax Rating
The OECD forum released a compliance ratings report on Tax Transparency and Exchange of Information assessing the legal and regulatory frameworks in the jurisdiction and how these are executed. The meeting was held in Jakatra focusing 50
See MoreDTA between Cyprus and Portugal
The Cyprus and Portugal signed a double taxation agreement and this agreement will become effective from January 1, 2014, after the entry into force of the agreement on August 16,
See MoreCyprus – Effort to Resolve India Tax Treaty Suspension
The government of Cyprus is taking the initiative to resolve matters regarding the suspension of provisions within the tax treaty with India. The Indian government suspended the provisions of the 1994 tax agreement on 1 November 2013, with Cyprus
See MoreCyprus and India held negotiations towards a revision of DTA
Cyprus and India held negotiations towards a revision to the countries’ double taxation agreement (DTA), to incorporate provisions on tax information exchange. The discussions continued over three days concluding on November 28,
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