Cyprus Parliament Approves Major Tax Reform On 22 December 2025, the House of Representatives of Cyprus approved a comprehensive tax reform package, marking the most significant overhaul of the country’s tax system in over two decades. The reform is scheduled to enter into force on 1 January 2026. The reform aims to modernise the tax […]
The Parliament of Cyprus will soon consider one of the most important economic packages in recent years — a large-scale tax reform project. Finance Minister Makis Keravnos announced that the draft laws are already with the Legal Service. The government intended to submit them for discussion before the beginning of November. Speaking at a meeting
On the 21st of February 2024, President Nikos Christodoulidis of the Republic of Cyprus revealed a series of government initiatives in a televised address, aimed at mitigating existing financial burdens. Among these measures is the elimination of the fixed €350 annual company levy. Significance for Businesses in Cyprus The removal of this financial obligation, previously
In recent years, Cyprus has emerged as a strategic destination for global entrepreneurs seeking to establish their businesses. With its favorable business environment and a range of benefits, incorporating a company in Cyprus offers numerous advantages. One of the key attractions is Cyprus’ advantageous tax system. The corporate tax rate in Cyprus is one of
On November 10, 2023, the Cyprus Department of Registrar of Companies and Intellectual Property (Registrar) officially launched the implementation of the final version of the Beneficial Owners (BO) Register’s electronic system, set to become effective from November 14, 2023. Users registered with Cylogin can now access the upgraded system. Phase A: November 14, 2023 –
Introduction In a surprising and significant move, Russia has recently suspended its double tax treaties with a group of nations it has classified as “unfriendly.” This decision has sent ripples through the international community, raising questions about the potential consequences for global business, international relations, and the broader economic landscape. In this article, we delve
We would like to inform you that in accordance with the announcement by the Cyprus Tax Department, the deadline for the electronic submission of the 2022 Personal Income Tax Returns (IR1) was extended up to 2 October 2023 as well as for the payment of the final tax due (if any). The submission of the
Introduction We are pleased to present the latest developments in the continuously evolving realm of European corporate law. This article illuminates the substantial impact of the European Union’s (EU) Directive (EU) 2019/2121, commonly known as the Mobility Directive, which introduces crucial revisions to Directive (EU) 2017/1132, encompassing cross-border conversions, mergers, and divisions. The Mobility
As of November 23, 2022 the access to the Register of Beneficial Owners for the general public is suspended according to the Judgement of the Court of Justice of the European Union (CJEE). Following the above-mentioned Judgement of the CJEE, Article 1, point 15(c) of Directive (EU) 2018/843 of the European Parliament and the Council,
We would like to inform you that the special VAT regime which allowed for a 0% VAT rate on products used in the fight against the COVID-19 pandemic has come to an end on December 31st, 2022. The authorities have confirmed that this special regime will not be prolonged, and as of January 1st, 2023,
Please note that all Belize companies will need to be re-registered. The reason for the re-registration is due to the repeal in the IBC Act. These companies will now be governed under the Belize Companies Act. This takes place from November 28th, 2022 when the registry re-opened. There is no transaction that will be processed
We would like to remind that the following tax obligations are due on or before 31 December 2022: Payment of Special Contribution for Defence (SDC) on rents, dividends or interest income from sources outside of Cyprus for the second six months of 2022. Payment of General Health Contributions (GeSy) on rents, dividends or interest income for the second six months
We would like to inform you that on 11 November 2022, Decree K.Δ.Π. 423/2022 (available in Greek only) was issued in the Cypriot official gazette, amending the eighth schedule of the VAT law in relation to the supply of Immovable Property. The amendment introduces new criteria to determine whether the supply of a building, and the
