Cyprus and Jordan agree to negotiate DTA

18 October, 2017

On 10 October 2017, during a meeting between the Foreign Ministers of Jordan and Cyprus, Ayman Safadi and Ioannis Kasoulides, emphasized the importance of concluding an agreement to avoid double taxation and an aviation agreement between the two

See More

Cyprus: Tax department announces the commencement of CbC reporting notification

10 October, 2017

On 09 October 2017, the Cyprus Tax Department informed that the submission of notification for country by country reporting for the year 2016 has started. The process will be performed through the Government Gateway Portal ‘Ariadni’. The

See More

Cyprus: Taxpayers must submit a temporary tax return before 31st July

25 July, 2017

All companies that are Cyprus tax residents and taxed in accordance with the Cyprus Income Tax Laws and Regulations are required to submit a temporary tax return Form T.D.6 by 31 July 2017. Temporary tax for 2017 is payable in two equal

See More

Cyprus: Tax Authority issues guidance on revised transfer pricing framework

23 July, 2017

On 30 June 2017, the Cyprus Tax Authorities (CTA) published a Circular revising the transfer pricing framework for companies carrying out intra-group financing activities in Cyprus. The Circular defines intra-group financing transactions as all

See More

Cyprus signs OECD Multilateral Instrument

12 June, 2017

Cyprus has signed the Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). More than 68 countries, including Cyprus, signed the Convention on 7 June 2017

See More

Cyprus: FATCA data submission begins for 2017

05 June, 2017

The Cyprus Tax Department has notified financial institutions and their representatives that the data submission under the FATCA Intergovernmental Agreement for the year 2016 has started. This process will be performed through the Government Gateway

See More

Cyprus signs Protocol to amend the double tax agreement with San Marino

05 June, 2017

A Protocol amending the Convention for the Avoidance of Double Taxation with respect to Taxes on Income was signed on May 19th 2017 in Nicosia. On behalf of the Republic of Cyprus Mr. Ioannis Kasoulidis, Minister of Foreign Affairs of the Republic

See More

Cyprus: Finance Ministry issues revised decree on country-by-country reporting

05 June, 2017

On 26 May 2017 the Ministry issued a revised decree on Country-by-Country (CbC) Reporting, under the powers conferred by Section 6(16) of the Assessment and Collection of Taxes Law. The obligation of a Cyprus tax resident Constituent Entity of a

See More

Cyprus: Double tax agreement with Luxembourg

16 May, 2017

The governments of Cyprus and Luxembourg have signed a convention for the elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance. The agreement was signed on 8 May 2017 in

See More

Cyprus signs DTA with Barbados

07 May, 2017

On 3 May 2017, the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between the Republic of Cyprus and Barbados was signed in London. The text of Double Taxation Agreement (DTA)

See More

Cyprus extends deadline for the submission of personal tax returns for 2016

01 May, 2017

The tax department of Cyprus has approved an extension of the deadline for filing tax returns for the tax on personal income for the year 2016 (Form TD 1) in paper and electronic formats. In paper form, deadline for submission of tax returns

See More

Cyprus: Tax department announced the decree for the automatic exchange of CbC reports

17 April, 2017

With reference to decree issued by the Ministry of Finance on 30 December 2016, the tax department of Cyprus has recently published an announcement regarding that decree for the automatic exchange of country by country reports. The deadline for

See More

Cyprus: Council of Ministers approves Multilateral Instrument signing to OECD

15 April, 2017

According to a press release issued by the Finance Ministry, the signing of the “Multilateral Instrument” has been approved by the Council of Ministers on April 5, 2017. Therefore, Cyprus is going to sign the ‘Multilateral Convention to

See More

DTA between Cyprus and Jersey entered into force

28 March, 2017

The income tax treaty between Cyprus and Jersey entered into force on 17 February 2017. The treaty was signed on 11 July 2016. The treaty generally applies from 1 January 2018. The treaty generally follows the OECD Model. Under the treaty, there

See More

DTA between Cyprus and Iran entered into force

28 March, 2017

The income tax treaty between Cyprus and Iran entered into force on 5 March 2017. The treaty was signed on 4 August 2015. The treaty generally applies from 1 January 2018. Under the treaty, the withholding tax on dividends is 5% if the beneficial

See More

Cyprus: Cyprus: Tax Authority abolishes minimum margins on loans effective from 1 July 2017

28 February, 2017

The Cypriot Tax Authorities (CTA) has announced their intention of withdrawing the Minimum Margin scheme (the MMS) with effect 1 July 2017. It is being reminded that in accordance with Article 33 of the Cyprus Income Tax Law, all transactions

See More

India and Cyprus Income tax treaty renegotiated

08 February, 2017

The Income Tax Treaty between Cyprus and India signed on 18 November 2016, have become available the treaty’s details. Both countries generally provide for the credit method to avoid double taxation. This treaty gives the following withholding tax

See More

Cyprus: Tax department issues guidance relating to exchange of information with Austria

07 February, 2017

Recently the Cyprus tax department issued a guidance which is related to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information along with Common Reporting Standard (“CRS”) based

See More