Cyprus extends the final payment due date for companies
On 30 July 2021, Cyprus' Ministry of Finance issued various decrees providing an extension for the payment the final tax due (as per the relevant income tax return) for tax year 2020 for companies with turnover that exceeds EUR 70,000 and with an
See MoreCyprus: Tax Department issues update XML Schema for DAC6/MDR submissions
On 29 July 2021, the Cypriot Tax Department published an announcement regarding a new XML Schema that entered into force on 5 August 2021. The XML should be used by Intermediaries and Taxpayers to submit the information for the purposes of the
See MoreCyprus publishes a decree on relief from interest and penalties on overdue taxes
On 23 July 2021, the Cyprus official gazette published a decree containing details of the extension to the scheme of settlement for overdue taxes providing partial relief from interest and penalties to the tax years 2016 through 2019. The
See MoreCyprus: Tax department issues a notice extending penalty relief for DAC6 reporting
On 3 June 2021, the Cyprus tax department has issued a notice providing an extension to the imposition of administrative fines for overdue submission of DAC6 reporting. The Tax Department informs that there will be no imposition of
See MoreCyprus gazettes the law to implement mandatory disclosure rules
On 31 March 2021, the Cyprus official gazette published the law (Ν. 41(Ι)/2021, the Law) amending the Law on Administrative Cooperation in the field of Taxation (Law N. 205(I)/2012). The Law transposed the EU Council Directive 2011/16 referred to
See MoreCyprus extends the deadlines for electronic submission of tax returns
On 12 March 2021, Cyprus’s Minister of Finance has published a decree extending the deadline for submission of certain direct tax returns. Accordingly, the deadline for electronic submission of the 2019 corporate tax return (T.D.4) has been
See MoreCyprus extends the deadline for the submission of DAC6 to 31 March 2021
On 3 February 2021, the Cyprus Tax Department has issued a notice regarding the extension to submission of DAC6. The Tax Department informs that the Directive is expected to be incorporated into the Cypriot legislation within the current month.
See MoreCyprus: Tax department extends CbC reporting deadline to 31 January 2021
On 15 December 2020, the Cyprus Tax Department announced an extension to the reporting deadline for country-by-country reports for the year 2019 and notifications for the year 2020. The reporting deadline for submission of country by country
See MoreCyprus: Tax authority issues directive implementing guidelines on tax residency
On 27 October 2020, the Cyprus Tax Department (CTD) issued Implementing Directive No. 04/2020, which clarifies the application of the Cyprus Income Tax Law provisions (Article 2) related to tax residency and PE during the COVID-19 crisis. The
See MoreCyprus: CbC reporting deadline is 31 December 2020
The deadline for multinational enterprise (MNE) groups to comply with the country-by-country (CbC) reporting and notification obligations in Cyprus is 31 December 2020 for the fiscal year 2019. CbC reports and notifications are submitted through
See MoreCyprus publishes a law amending the Assessment and Collection of Taxes Law
On 20 August 2020, Cyprus has published the Assessment and Collection of Taxes (Amendments) (No. 3) Law in the Official Gazette. The Amending Act introduces provisions aimed, among other things, at improving tax compliance and giving the Tax
See MoreCyprus: Tax department further extends deadlines for tax settlements of 2015
On 21 July 2020, the Cyprus tax department announced to further extends the deadlines for tax debt settlements for periods that ended by Dec. 31, 2015. The deadlines are extended to 14 January 2021 from 14 August 2020 to settle debts finalized by
See MoreDAC6 Updates: Optional deferral of DAC6 reporting deadlines
On 24 June 2020, the European Council reached agreement on an optional 6-month postponement to the reporting deadlines for relevant taxpayers under EU Directive 2018/822 (DAC6), and a delay to the exchange of information under
See MoreCyprus postpones reporting cross-border arrangements (DAC6)
On 27 July 2020, the tax authority of Cyprus issued a notice declaring an initial deferral of DAC6 reporting on cross-border arrangements. The submission of DAC6 information in Cyprus is extended as information on reportable arrangements
See MoreCyprus amends treatment of intangible assets
On 17 July 2020, the House of Representatives of Cyprus approved a bill amending Section 9(1)(l) of the Income Tax Law (ITL) which introduced a number of changes with respect to the tax treatment of intangible assets. As per section 9(1)(l)
See MoreCyprus Gazettes EU Anti-Tax Avoidance Directive
After the partial adoption of the EU Anti-Tax Avoidance Directive (ATAD I) of 12 July 2016 in 2019, on 19 June 2020 the Parliament of Cyprus voted into law the remaining provisions of ATAD I, as well as the provisions of the EU ATAD II of
See MoreCyprus: House of Representatives passed the law to implement EU ATAD
On 19 June 2020, the Cyprus Parliament adopted the law to implement the provisions EU Anti-Tax Avoidance Directive (ATAD I) with respect to exit taxation rules, as well as, the provisions of the amending Directive (ATAD II) with respect to
See MoreCyprus: BEPS MLI enters into force
On 13 May 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
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