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Ultimate Beneficial Owner (UBO) Register in Cyprus
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. [...]
Professional License Fee by Cyprus Municipalities
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 [...]
20% tax exemption for newly residents
20% tax exemption for newly residents Background Article 8(21) of the Income Tax Legislation provides that the lower of €8.550 and 20% of the remuneration from any employment exercised in Cyprus by an individual who was [...]
General Anti-Abuse Rule (GAAR)
General Anti-Abuse Rule (GAAR) in Cyprus The purpose of the general anti-abuse rule (GAAR) is to discourage artificial arrangements and counteract aggressive tax planning not yet been dealt with through specifically targeted provisions (SAARs). It applies [...]
Protocol to the Cyprus-Russia Double Tax Treaty (DTT)
Protocol to the Cyprus-Russia Double Tax Treaty (DTT) On 10 August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus-Russia tax treaty. 15% WHT on dividend [...]
Application of the Anti-Tax Avoidance Directive (ATAD) in Cyprus
Application of the Anti-Tax Avoidance Directive (ATAD) in Cyprus The ATAD aims to implement the recommendations arising from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and also introduce a general anti-abuse rule which is not [...]
Taxation of P2P Interest Income
Taxation of P2P Interest Income Recently we assisted a European private investor relocating to Cyprus. As part of our pre-arrival planning, we reviewed his worldwide incomes to determine his tax position in Cyprus and his global [...]
Changes on the taxation of intangible assets
Changes on the taxation of intangible assets On 17 July 2020, the Cypriot House of Representatives approved a bill amending the Income Tax Law introducing changes with respect to the taxation of intangible assets. The changes [...]
Payment of final tax for 2019
Payment of final tax for 2019 We would like to remind you that the payment deadline for the final tax for the tax year 2019 for companies and self-employed individuals preparing audited financial statements is the [...]
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