Cyprus: Double Tax Agreement With Iceland Come Into Force
The Income Tax Treaty between Cyprus and Iceland entered into force on 23 December 2014 and its provisions apply from 1 January 2015. The treaty was signed on 13 November 2014. Under the treaty, withholding tax on dividend will be 5 % if the
See MoreCyprus: Double Tax Agreements With Spain And Norway Come Into Effect
Cyprus's double tax treaties with Spain and Norway come into effect as of January 1, 2015. All of the new treaties concluded by Cyprus are generally based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention
See MoreUkrainian Cabinet Dissolves DTA With Cyprus
The Cabinet of Ministers of Ukraine approved the draft law on the denunciation of the Cyprus - Ukraine Income Tax Treaty (2012), on December 17, 2014. Prime Minister of Ukraine, Arseniy Yatseniuk said that when the convention was signed in 2012, it
See MoreUS And Cyprus Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Cyprus and the United States, on December 2, 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Cyprus
See MoreSwitzerland-Cyprus Treaty Approved By Swiss Federal Council
The Swiss Federal Council approved the Cyprus-Switzerland Double Tax Treaty on 12 November 2014 which was signed on 25 July 2014.The treaty will now be submitted to Parliament for
See MoreCyprus and Iceland sign Double Taxation Agreement
The Republic of Cyprus and the Government of Iceland signed a Double Taxation Avoidance Agreement, on 13 November 2014, concerning income and capital. The agreement is based on the OECD Model Convention. By signing this agreement both countries aim
See MoreCyprus: Association of Cyprus Banks (ACB) Plans to Implement FATCA
In against to tax evasion, member banks of the Association of Cyprus Banks (ACB) are currently in the process of implementing the Foreign Account Tax Compliance Act (FATCA). They have expected to implement the act in the upcoming intergovernmental
See MoreCyprus: Finance Minister Declares State Budget Report 2015
In a comprehensive report, the Finance Ministry predicts that the economy’s prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to
See MoreTreaty Between Cyprus And Norway Enters Into Force
The new Income Tax Treaty between Cyprus and Norway entered into force on 8 July 2014 and its provisions will apply from 1 January 2015. Under the treaty, withholding tax on dividends is 0% if the beneficial owner is a company (other than a
See MoreCyprus agrees to exchange of information on tax with India
Cyprus has accepted a key condition put forward by India on effective exchange of information on tax avoiders, hoping its move, which comes amid continuing talks on amending their mutual tax treaty, will persuade India to “rescind the
See MoreCyprus and Guernsey Sign bilateral Double Tax Agreement
In order to avoid double taxation, Cyprus and Guernsey signed an Income and Capital Tax Treaty on 29 July 2014. The treaty will enter into force after the two countries exchange ratification instruments. Under the treaty, there is no withholding tax
See MoreCyprus and Switzerland Sign bilateral Double Tax Agreement
In order to avoid double taxation, Cyprus and Switzerland signed an Income and Capital Tax Treaty on 25 July 2014. The treaty will enter into force after the two countries exchange ratification instruments. Under the treaty, the following
See MoreCyprus signs the OECD Convention on Mutual Administrative Assistance in Tax Matters
Cyprus signed the CoE-OECD Convention on Mutual Administrative Assistance in Tax Matters and its Protocol on 10 July 2014. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The
See MoreIndia: Refurbish Tax Treaty with Cyprus
India is seeking an amendment to its 1994 double tax agreement with Cyprus before the territory can be out as a notified jurisdictional area. From November 2013, the Indian Government raised powers under Section 94A of the Indian Income Tax Act
See MoreCyprus and UAE Tax treaty entered into force
The income tax treaty between Cyprus and UAE became effective as of 1 January 2014. The treaty was signed on April 02, 2013. Under the treaty, there is no withholding tax on interest, royalties and dividends. Capital gains from the disposal of
See MoreCyprus: 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
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