Policy Amendment for Registering Companies of Foreign Interests The Council of Ministers recently approved an amendment to the policy for registering companies of foreign interests through the Business Facilitation Unit (BFU). This policy pertains to the registration of companies in the Register of Foreign Interest Entities, which is currently [...]
Extension to the deadline for the payment of the 2022 annual company levy On 30 June 2022, the deadline for the payment of the 2022 annual company levy was extended from 30 June 2022 to 31 December 2022. Should the annual company levy be paid after 31 December 2022, [...]
Reduction to the financial penalty for late submission of annual returns (Form HE32) relating to 2021 and 2022 On 9 June 2022, the Cyprus Companies Law was amended to reduce the maximum amount of the total financial penalty for late submission of annual returns relating to the years 2021 and [...]
Ultimate Beneficial Owner (UBO) Register in Cyprus Cyprus proceeded with the transposition of the 4th AML Directive (EU 2015/849) and started the implementation of the Ultimate Beneficial Owner (UBO) Register of Companies and other legal entities in Cyprus. Registrar of Companies (RoC) The competent authority for the maintenance of the central [...]
Professional License Fee by Cyprus Municipalities As from 2021, the Committee of the Union of Cyprus Municipalities decided on the adoption of a uniform policy for the imposition of the annual professional license fee to legal entities who carry on any business, trade or profession within each municipality’s limits. [...]
Cyprus tax measures expected in 2021 On 22 October 2020, the Cyprus Council of Ministers announced certain tax measures to address aggressive tax planning. These measures follow Country Specific Recommendations (CSR) made to Cyprus by the European Commission. WHT to non-cooperative jurisdictions Currently, Cyprus does not impose any withholidng [...]
Administrative penalties for late filings to the Registrar of Companies New Administrative Fines As from 18 December 2019, the Registrar of Companies will impose administrative fines for late filing of the below notifications to the Registrar of Companies: Late filing of the annual return. The [...]
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