19 12, 2022

Minimum Taxation Directive

2022-12-19T13:43:47+00:00

Minimum Taxation Directive Introduction The European Union (EU) has recently reached an agreement on the Minimum Taxation Directive, which aims to ensure that large companies pay a minimum level of tax in the EU. This directive, also known as Pillar Two, is a set of rules agreed upon by [...]

Minimum Taxation Directive2022-12-19T13:43:47+00:00
18 12, 2022

Individual’s Tax Residence in Cyprus

2023-01-18T12:43:04+00:00

Individual's Tax Residence in Cyprus A physical person is considered tax resident in Cyprus for any calendar year if he/she fulfills any one of the following two tests: Tax Residence tests A. 60 days Physical presence in Cyprus of at least 60 days in [...]

Individual’s Tax Residence in Cyprus2023-01-18T12:43:04+00:00
14 12, 2022

How do I become a tax resident in Cyprus?

2022-12-17T11:18:55+00:00

How do I become a tax resident in Cyprus? A person is considered a tax resident in Cyprus if they are physically present in the country for more than 183 days in a calendar year, or if they are physically present for at least 60 days and meet certain [...]

How do I become a tax resident in Cyprus?2022-12-17T11:18:55+00:00
14 12, 2022

Deemed Dividend Distribution of 31 December 2022

2022-12-17T21:55:52+00:00

Deemed Dividend Distribution of 31 December 2022 We would like to bring to your attention the obligations arising from the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that will be in effect on December 31, 2022. What profits are within the scope of [...]

Deemed Dividend Distribution of 31 December 20222022-12-17T21:55:52+00:00
12 12, 2022

Payment of 2nd provisional tax installment for 2022

2022-12-17T21:56:59+00:00

Payment of 2nd provisional tax installment for 2022 We would like to remind you that the payment deadline for the 2nd and final provisional tax installment for the tax year 2022 is the 31st of January 2023. The timely payment of provisional tax can be made through the tax [...]

Payment of 2nd provisional tax installment for 20222022-12-17T21:56:59+00:00
10 12, 2022

Court Rules Against Israeli Company in IP Valuation Dispute

2022-12-17T11:20:54+00:00

Israeli Court Rules IP Value is Six Times Higher than Claimed Executive Summary The Tel Aviv District Court ruled in favor of the Israeli Tax Authorities (ITA), who claimed that the intellectual property (IP) which CA Software Israel Ltd. sold back in 2010 was worth ILS667m (rather than ILS111m [...]

Court Rules Against Israeli Company in IP Valuation Dispute2022-12-17T11:20:54+00:00
8 11, 2022

New income tax exemptions for employment income tax circular

2022-12-17T21:57:23+00:00

New income tax exemptions for employment income circular Further to our previous post, the Cypriot Income Tax Law was amended for certain income tax exemptions with respect to employment income. The amended law was voted in the context of the Government’s strategy to attract and retain foreign talent to Cyprus. [...]

New income tax exemptions for employment income tax circular2022-12-17T21:57:23+00:00
18 09, 2022

Taxes in relation to property in Cyprus

2022-12-18T21:18:40+00:00

Taxes in relation to property in Cyprus In Cyprus, there are several taxes that may be applicable to the purchase of real estate. These taxes include transfer fees, stamp duty, value-added tax (VAT), and capital gains tax (CGT). Transfer Fees - Payable by the buyer When a property is [...]

Taxes in relation to property in Cyprus2022-12-18T21:18:40+00:00
5 08, 2022

New income tax exemptions for employment income

2022-12-17T21:58:10+00:00

New income tax exemptions for employment income On 26 July 2022, The Cypriot Income Tax Law was amended for certain income tax exemptions with respect to employment income. The amended law was voted in the context of the Government’s strategy to attract and retain foreign talent to Cyprus. Existing income [...]

New income tax exemptions for employment income2022-12-17T21:58:10+00:00
1 08, 2022

Increased tax deduction for Research and Development expenses

2022-12-16T22:47:00+00:00

Increased tax deduction for Research and Development expenses On 7 July 2022, Article 9(1)(d) of the Cyprus Income Tax (“IT’’) Law was amended to allow a tax deduction for expenditure incurred for scientific research and Research and Development (“R&D”). The said amendments were gazetted in the official Cyprus Government Gazette [...]

Increased tax deduction for Research and Development expenses2022-12-16T22:47:00+00:00
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