The Law Regulating the Settlement of Overdue Taxes

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In February 2017, the House of Representatives passed a law on the procedure for settling tax arrears. Baker Tilly published a document explaining the procedure. The taxes covered are the following: (a)  Income tax (b)  Special contribution for the defense (c)  Immovable property tax (d)  Capital gains tax (e)  Inheritance tax (f)  Special contribution for

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Tax Alert

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Amendments to the Cyprus Intellectual Property regime   In an effort to fully align the existing IP regime with the parameters of the relevant OECD recommendations of the BEPS Action 5, on 14th October 2016 amendments to the current Cyprus Intellectual Property (IP) regime have been adopted and will apply retrospectively as from 1st July

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Criteria for the Cypriot Citizenship by Investment

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       The Cyprus Government through the Ministry of Interior, has approved the revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus. The applicant must have made an investment of €2, 0 million (excluding VAT) in any qualifying investment category or combination as described below

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Tax news – 10th December 2015

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Tax measures for a more competitive environment │Second set of draft tax laws voted into law   The much expected developments in taxation aim to modernize and further enhance the competitiveness of the Cyprus tax system. The second set of draft Bills submitted to the Cyprus Parliament is in addition to the amendments already voted

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Rules for exchange of information

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EU: Rules for tax authorities to exchange information beginning 2016   Directive on Administrative Cooperation   The European Commission today announced new rules to ease the exchange of financial information by tax authorities of the EU Member States, thus allowing for tax transparency and cooperation. With these new rules, there are now practical arrangements in

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Cyprus Tax News Immovable Property Tax 2015

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With an amendment to the Immovable Property Tax Law, the deadline for paying the immovable property tax for 2015 is extended from 30 September 2015 to 31 December 2015. Furthermore the following discount will apply if the tax liability is settled by 1 December 2015: 20% discount for settling the tax due via the internet

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Tax changes in our tax legislation – 9th July 2015

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On 9 July 2015, the House of Representative enacted into laws a number of significant tax law proposals which were published in the Cyprus Government Gazette on 16 July 2015. The amendments to the Cyprus Tax Legislation are in an effort to improve the framework of the Cyprus tax system and improve Cyprus’ competitiveness in

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Naturalisation of Investors – Council of Ministers Decision dated 19.3.2014

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Naturalisation of Investors – Council of Ministers Decision  dated 19.3.2014   SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013   A non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/

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Tax Treatment of Royalty Profits

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According to the new tax regime, 80% of “Royalty Profit” generated from such Intellectual Property will be exempt from corporation tax.  The remaining 20% will be subject to the normal corporation tax rate (currently 12.5%) For the purpose of determining the “Royalty Profit” the law allows the deduction from the resulting royalty income of all

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