Cyprus: Tax department implemented electronic submission of VAT returns process
The Cyprus Tax Department has announced that it has completed implementation of the electronic registration system in the online TAXISnet service for electronic submission of VAT returns and the VIES summary table. Taxpayers are recommended to use
See MoreCyprus: Tax department issued a circular on provisional tax payment
The tax department of Cyprus has recently issued a circular on provisional tax payment. The department clarified that companies and self-employed individuals whose income is not subject to tax withholding by the employer are required to pay the
See MoreCyprus: Tax authority published circular on transfer pricing adjustment
The Cyprus Tax Department on 24 November 2016 issued Circular 2016/15 clarifying the application of article 33 of the Income Tax Law. Article 33 allows the tax authorities to adjust transactions between related parties on terms which, in the opinion
See MoreCyprus: Parliament approved budget for 2017
Cyprus' parliament has approved the state budget for 2017 with 28 votes in favour and 25 against on 7 December 2016. The budget provides for revenues estimated to reach EUR 6.96 billion, up 1.1% from the previous year, and EUR 7.06 billion in
See MoreIndia and Cyprus signed a revised income tax treaty and Protocol
A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed on 18th November, 2016 in Nicosia, which will replace
See MoreCyprus: Parliament amended the tax provisions on foreign permanent establishment
The Cyprus Parliament passed on 14 October 2016 amendments to the Cyprus Income Tax Law 118/2002, as amended, relating to foreign Permanent Establishments (PEs). Treatment of foreign PEs before the amendment Prior to amendment, profits from a PE
See MoreCyprus: Cyprus signed on Multilateral Competent Authority Agreement
Cyprus signed the Multilateral Competent Authority Agreement (MCAA) (2016) on 1 November 2016, on the automatic exchange of Country-by-Country reports (CbC MCAA). The agreement is based on article 6 of the Convention on Mutual Administrative
See MoreCyprus-Latvia tax treaty entered into force
The agreement between Cyprus and Latvia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in May 24, 2016. It came into force on October 27, 2016
See MoreCyprus and India signed an income tax treaty
Cyprus has signed an income tax treaty with India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty was signed on 18 November 2016. The new treaty will be replaced by the existing
See MoreCyprus: Tax incentives for innovative and start-up companies
The Council of Ministers approved a package, on 27 July 2016, of tax incentives intended to boost innovative and start-up companies. The incentives include the package of an exemption of up to 50% of the taxable income of the investor for
See MoreCyprus: Government announced CbC reporting legislation
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
See MoreSouth Africa-Cyprus amending protocol entered into force
The amending protocol between South Africa and Cyprus regarding income and capital tax treaty entered into force on 18 September, 2015. The protocol was signed on 1 April 2015. Under amending the protocol, withholding tax on dividend payments is 5%
See MoreIMF publishes letter of intent from Cyprus
The IMF has published on its website a Letter of Intent prepared by Cyprus in connection with a request for financial support. The Letter of Intent includes an updated Memorandum of Economic and Financial Policies that outlines policy Cyprus is
See MoreCyprus-Ukraine initial protocol to treaty
The governments of Cyprus and Ukraine initialed an amending protocol regarding the Cyprus - Ukraine Income Tax Treaty (2012) on 2 July 2015. A press release was published by the government of Cyprus in this regard on 8 September
See MoreCyprus and Iran sign Income Tax Treaty
The Republic of Cyprus and the Government of Iran signed an Income Tax Treaty on August 4, 2015 for the Avoidance of Double Taxation. The treaty will come into force after the two countries exchange ratification instruments. Under the treaty, the
See MoreCyprus: Parliament Enacts Tax Law Amendments
On 9 July 2015 the House of Representatives of Cyprus enacted into law a number of significant tax law proposals. The laws were published in the Cyprus Government Gazette on 16 July 2015. A number of changes to the Cyprus corporate and personal
See MoreCyprus: Sweeping tax reforms to encourage foreign investors
Cyprus has announced a series of tax reforms which aim to sustain Cyprus as an even more attractive choice for Individuals and companies aiming to structure their worldwide investments using Cyprus as the jurisdiction of choice for holding
See MoreSouth Africa: Parliament ratified Cyprus-South Africa amending protocol
The South African parliament ratified the amending protocol between Cyprus and South Africa on May 20, 2015. The treaty was signed on 1 April 2015. The protocol modifies the Cyprus - South Africa Income and Capital Tax Treaty
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