NEWS
Changes in the withholding payment of Special Defense and GESY contributions on payable rents of legal entities. The Cyprus tax authorities inform that a legal entity which pays ...
A revised treaty for avoidance of double taxation between Cyprus and France was signed on 11 December 2023 replacing the previous Treaty of 1981. The main provisions of the ...
The double tax treaty between Cyprus and Croatia was signed on 17 October 2023 and ratified on 27 October 2023. Following the ratification by Cyprus, the treaty will be in effect ...
Following the publication in the government gazette on 20 December 2023 and coming into force on 1 January 2024, the Special Defence Contribution rate on passive interest income ...
In accordance with the Cyprus social insurance law the contribution rates to the social insurance are increased as from 1 January 2024 as follows: - Employees and employer - the contribution rates to the social insurance for both the employees and the employer are increased from 8,3% to 8,8% on the insurable ...
The Ministry of Finance issued an announcement in relation to the extension of the deadline for the submission of the 2022 income tax return filed by individuals not preparing ...
The tax department announced on 15 July 2023 that the individual’s tax return for the year 2022 can now be filed with the tax department. Obligation to file such a tax return has all persons whose annual income exceeds €19.500. The tax return, and any taxes due, must be filed and paid by 2 October 2023. Late filing ...
In accordance with amendments to the SCD law as of 9 June 2023, every person who has the obligation to withhold a special contribution for defense from rental payments should now ...
It is a requirement of the Cyprus tax system that tax on a company's profits for the current tax year ending 31.12.2023 is prepaid. The temporary tax returns for 2023 must be ...
The tax department issued an announcement in relation to the extension of the deadline for the submission of the 2022 income tax return filed by individuals not preparing audited ...
The Republic of Cyprus and The Netherlands have signed on 1st June 2021 a Double Tax Treaty. The main provisions of the treaty are as follows:- Dividends - dividends paid by a company which is a resident in a contracting state to a resident of the other contracting state may be taxed in that state. The tax so charged ...
The following taxes are due for settlement as follows: The second instalment of the temporary tax for the year 2022 must be settled by 31 December 2022 The payment of the ...
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Social Insurance Services – electronic submission of applications and settlement of overdue amounts The following announcements have recently been made by the ministry of Labour and Social Insurance: From 19 September 2022 the electronic submission of applications for Unemployment benefit was put into effect through ...
On 9 June 2022, the House of Representatives approved amendments to the Companies Law and to the Assessment and Collection of taxes law in order to simplify the procedure of auditing the Financial Statements of small and medium-sized enterprises. Enterprises that satisfy the below thresholds will be allowed to submit ...
It is a requirement of the Cyprus tax system that tax on a company's profits for the current tax year ending 31.12.2022 is prepaid. The temporary tax returns for 2022 must be ...
On 26 of May 2022, the House of Representatives passed amendments to the Special Defence Contribution Law, the changes of which are as follows: - The reduced rate of three ...
The deadline for submitting the tax return for companies and self-employed individuals that have turnover exceeding the amount of €70.000 and therefore have an obligation to prepare audited financial statements for the year 2020 is extended to 31.7.2022
On 31 December 2021 Cyprus ratified the Double Tax Treaty with the Hashemite Kingdom of Jordan. The Treaty was signed on 17 December 2021 and it is based on both the OECD Model Tax Convention on Income and on Capital and the United Nations Model Double Taxation Convention. The Treaty incorporates the Base Erosion and ...
On 21 December 2021, amendments to the Income Tax Law and Special Defence Contribution Law were published for the introduction of legislative defensive tax measures that will ...
The House of Representatives on 9 December 2021 passed amendments to the income tax law and the defence tax law relating to the following: - The definition of tax residency of ...
Deadline for the electronic submission of Special Defence Contribution and General Healthcare System contribution withheld on interest and dividend payments The Cyprus Tax ...
A circular issued on 19 October 2021 by the Cyprus Tax Department and referring to Article 24 of the Assessment and Collection of Taxes Law states that if a taxpayer having ...
On 13 September 2021, the relevant Social Insurance (Contributions) (Amendment) regulations of 2017 (Regulations 167/2017) came into force. The main amendments are as follows: The application for registration of an employer should be submitted no later than one day prior to the date that the applicant is expected to ...
The Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return ...
As part of the measures to support companies facing liquidity problems due to the Covid-19 pandemic, the Ministry of Finance announces the extension of the payment extension for ...
On 1st June 2021 Cyprus and Netherlands have signed a Double Tax Treaty which follows the provisions of the OECD model. The Treaty will take effect in the year following the year ...
The Council of Ministers have passed a decree whereas individuals with annual gross income below €19.500 are exempted from the obligation to submit a personal income tax return for tax year 2020.
The following deadlines have been extended by the Cyprus government for the filing of tax returns by companies and individuals: The last date for the filing of an individual's ...
On 12 March 2021 the Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 ...
There are new declarations on Taxisnet through which Special Defence Contributions and GESY should be recorded on the payment of interest and dividends. The printed forms 61AT and 61AM are now also available in electronic form and can be submitted through the Taxisnet as follows: Form T.D.602 - declaration of Special ...
In order to attract foreign employees to work in Cyprus, law was passed in 2012 giving various tax incentives up to 31 December 2020 for foreign individuals. These stated that the lower of €8.550 or 20% of the remuneration from any employment exercised in Cyprus by an individual who was resident outside Cyprus the tax ...
It has been announced by the Commissioner of Taxation that if a person's gross income for the year 2019 exceeds €19.500 (it applies to employees, pensioners and self-employed persons who do not prepare audited financial statements) the date for filing of their electronic personal tax return (IR1) for the year 2019 and ...
Personal tax returns – up to the year 2019 an individual was only obliged under the law to file his personal tax return if his income exceeded €19.500. From year 2020 all individuals are obliged to file a personal tax return irrespective of their level of income. A revised tax return can now be filed within three ...
It has been announced by the Commissioner of Taxation that if a person's gross income for the year 2019 exceeds €19.500 (it applies to employees, pensioners and self-employed persons who do not prepare audited financial statements) the date for filing of their personal tax return (IR1) for the year 2019 and the ...
Negotiations to the Cyprus and Russian double taxation treaty have taken place following the request from Russia for an increase in the withholding tax on income from dividends and interest to 15% (currently the treaty provides for withholding tax of either 5% or 10% on dividends, and 0% on interest) It was finally ...
It is a requirement of the Cyprus tax system that tax on a company's profits for the current tax year ending 31.12.2020 is prepaid. The temporary tax returns for 2020 must be completed and filed on time. Any tax thereof, if applicable, must be paid in two equal installments these being 31 July and 31 December. Late ...
It has been announced by the Commissioner of Taxation that if a person's gross income for the year 2019 exceeds €19.500 (it applies to employees, pensioners and self-employed persons who do not prepare audited financial statements) the date for filing of their personal tax return (IR1) for the year 2019 and the ...
It has been announced by the Commissioner of Taxation that the date for filing of tax returns by companies or self-employed persons who prepare financial statements for the year ...
As a result of the disruption caused by Corona Virus disease, the Cyprus government has taken taxation and VAT measures in order to support the local economy. These are as follows: Taxation The new submission deadline for the 2018 corporate income tax returns and personal income tax returns of individuals preparing ...
On 7 February 2020 the Cyprus government passed a new Law providing significant reliefs (from 50% up to 95%) on interest and penalties on overdue taxes including income tax, VAT, special defence contribution tax, capital gains tax and stamp duty, depending on the number of instalments chosen for settlement of the ...
Kazakhstan implemented the Cyprus - Kazakhstan Double Tax Treaty on 30 December 2019 which Cyprus ratified on 24 May 2019. The Treaty is now in force and will be in effect as from 1st of January 2021. Below is a summary of the main provisions of the Treaty. Dividends · Withholding tax at 5% on ...
The second instalment of the 2019 temporary tax is due by the 31 December 2019. The 2019 temporary tax assessment can be revised any time before the 31 December 2019. If the revised amount is higher than when it was first declared there will be a 2% interest payable on the difference between the revised amount and ...
All Cyprus companies have an obligation to file with the Registrar of Companies an Annual Return (HE32), which must be accompanied by the company’s audited financial statements of the previous year. In accordance with the new Law N. 149(I)/2018 the Annual Returns (HE32) for all the years up to and including 2018 ...
The protocol to the Cyprus – Ukrainian double tax treaty which was signed in 2015 was enacted into law by Ukraine on 30 October 2019 and shall have effect on 1st January 2020. The main provisions of the protocol are as follows: - Dividends – a 5% withholding tax will be levied if the dividends are paid ...
A double tax treaty with Egypt was signed on 8 October 2019, the provisions of which will take effect on or after 1 January following the date the treaty enters into force. Currently Egypt levies withholding taxes of 10% on dividends and 20% on interest and royalties. Under the Cyprus – Egypt double tax treaty the ...
A new double tax treaty with The Netherlands was concluded in September 2019, the provisions of which will take effect on or after 1 January 2021. The taxes that are covered are as follows: - Dividends – the treaty provides for a 15% withholding tax on dividends unless the beneficial owner of the dividend ...
It is a requirement of the Cyprus tax system that tax on a company’s profits for the current tax year ending 31.12.2019 is prepaid. The temporary tax returns for 2019 must be completed filed on time. Any tax thereof, if applicable, must be paid in two equal installments these being 31 July and 31 December. Late ...
A double tax treaty with Kazakhstan was signed on 15 May 2019, the provisions of which will take effect on or after 1 January following the date the treaty enters into force. Currently Kazakhstan levies withholding taxes of 15% on dividends, interest and royalties. Under the Cyprus – Kazakhstan double tax treaty the ...
Turning global economic challenges into opportunities and facilitating greater member collaboration were the key themes of Morison KSi’s first conference of 2019. Download pdf
The double tax treaty with Andorra which was signed on 18 May 2018 will come into effect on 1st January 2020. The main provisions of the treaty are as follows: - Dividends, interest and royalties - no withholding tax will be levied on dividend interest or royalty payments. Capital gains – Cyprus retains the ...
It has been announced by the Cyprus Tax Authorities that the deadline for the submission of income tax returns for the year 2017 of a company (IR4) and self-employed persons who prepare financial statements (IR1) has been extended from 31 March 2019 to 30 April 2019. Late submission will result to a penalty of €100.
As from 1 March 2019 all employees, pensioners, self-employed and persons having rental income must contribute 1,7% of their monthly income (self-employed persons must contribute 2,55%) to the National Health Insurance System (ΓεΣΥ). Employer’s contributions will be 1,85% and the State will contribute 1,65% for each ...
The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the European Union. In the absence of a Withdrawal Agreement, the UK will be treated as a non-EU country as of 30 March 2019. Therefore, the provision of services and the imports and exports of goods from and to the United ...
The interest imposed on tax amounts payable / refundable for various tax years has been confirmed as follows:- From 1.1.2014 – 4,50% From 1.1.2015 – 4,00% From 1.1.2017 – 3,50% From 1.1.2019 – 2,00%
The Tax Department has published a guide which explains the tax treatment of certain benefits offered by employers to employees and persons who hold an office. The Tax Department ...
A double tax treaty with Luxembourg will come into effect on 1st January 2019. The main provisions of the treaty are as follows: - Dividends - no withholding tax will be levied on dividend payments where the recipient is a company, being the beneficial owner of the dividends and holds at least 10% of the capital of ...
Standard & Poor (one of the first credit rating agencies to downgrade Cyprus’ ratings to junk in 2012) has now upgraded Cyprus’ credit ratings to investment grade. Standard & Poor anticipate that strong economic growth through 2021, prudent policymaking, and moderate state support to the banking system will ...
The new double tax treaty with the United Kingdom which had been signed on the 22nd of March 2018, has now entered into force and will come into effect on 1st January 2019. It ...
The Law Regulating the settlement of overdue taxes has recently been amended and it provides for a six-month extension to the deadline for the submission of applications for ...
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