March 12, 2022 is the last date when companies or other legal entities incorporated in Cyprus before March 12, 2021 must report their beneficial owners. According to the Circular issued on January 25, 2022 by the Registrar of Companies, in the event of failure to comply with any of the obligations, the company or any […]
On October 15, 2021, the Council of Ministers approved the “Strategy for attracting businesses to operate and/or expand activities in Cyprus”. The goal is to help Cyprus become an international business center for foreign companies while attracting international investment and talent. Effective January 1, 2022, the existing “Fast Track Business Association Mechanism” will be reorganized
On 17 December 2021, Cyprus signed a Tax Treaty for the avoidance of double taxation (the “treaty”) with Jordan, which was ratified and published in the Official Gazette on 31 December 2021. The treaty is based on the OECD Model Tax Convention and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as
Choosing Cyprus as your next filming location offers many opportunities and a comprehensive package of benefits. For cinema, Cyprus offers grants and tax incentives in the form of cash rebates, tax credits, tax deductions for investments in infrastructure and equipment, and VAT refunds on expenses. The main characteristics of Cyprus as a filming location include:
We would like to inform you that as per the relevant announcement of the Department of Registrar of Companies and Intellectual Property, the deadline for payment of the 2021 Annual Levy for Cyprus companies has been further extended until 31 March 2022. Payments performed after 31 March 2022 will be subject to the standard penalty charges, while non-payment
On December 21, 2021, two amendment laws were published in the Official Gazette aimed at strengthening the tax base of Cyprus to prevent tax abuse. New provisions amending the Special Contributions for Defense Act (SCDL) and the Income Tax Act (ITL) are effective December 31, 2022. These laws are in line with the recent EU
We would like to inform you that the electronic service for the registration of beneficial owner particulars for companies and other legal entities is available as from 16 March 2021 under the section ‘e-filing services’ of the Companies section on the RoC website. Submission timelines: Companies and other legal entities can begin to submit the details
The European Commission’s work program for 2022 states that the EU will focus its tax policy priorities on the implementation of the global tax treaty on Pillars 1 and 2. The work program states that “The European Commission will now strive to demonstrate EU leadership in global tax equity. ensuring fast and consistent implementation across
On 28 September 2021, the European Commission began consultations on a proposed Directive that would oblige member states to introduce the same rules regarding withholding tax on dividends and interest payments. The directive will also include a system for information exchange and cooperation between tax authorities. In the Commission’s view, the Directive aims to improve
With the UK corporate tax rate set to rise 25 percent from April 2023, the UK government has announced various tax proposals aimed at supporting the UK business and economy in its recently released 2022 budget. Significant easing was announced in the area of commercial property tax rates in the UK. The government says it
The Cyprus Tax Department has announced that the period for the non-imposition of administrative fines for overdue submission of DAC6 information is further extended to 31 January 2022 (previously 30 November 2021), in the following cases: Reportable cross-border arrangements (RCBAs) that were implemented between 25 June 2018 and 30 June 2020 and had to be submitted by
The Dutch parliament approved the introduction of a notional withholding tax (25%) on dividends paid to low-tax jurisdictions on November 2, 2021, sources said. The deemed withholding tax will apply from 1 January 2024 on dividend payments in jurisdictions with a corporate tax rate below 9% and in so-called “non-EU” jurisdictions, which is the same
The Cyprus Ministry of Finance issued a release on the strategy for attracting companies to Cyprus, which was presented by the Minister of Finance Konstantinos Petrides on October 15, 2021. The strategy includes certain measures of tax incentives, namely: Extension of the 50% investment tax exemption for certified innovative companies, including for corporate investors (previously
