We would like to inform you that Cyprus has recently proceeded with the full transposition of the 4th European Directive (EU 2015/849) of the European Parliament (4th AML Directive) into domestic law and activated the implementation of the Ultimate Beneficial Owner (UBO) Register of Companies and other legal entities in Cyprus.

On 16 December 2020, the Council of Ministers of Cyprus has resolved to:

• appoint the Registrar of Companies (RoC) and Official Receiver of the Ministry of Energy, Trade, and Industry, as the competent authority for the maintenance of the central Register of UBO of companies and other legal entities and
• authorise the RoC and Official Receiver, to collect information about the UBOs of companies and other legal entities through the intermediate system solution that has been

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In an effort to improve tax compliance and give enhanced powers to the Commissioner of Taxation of Cyprus in respect to the overall tax collection, the Assessment and Collection of Taxes Law was amended and published on the 20 August 2020 in the Gazette together with the release of a subsequent explanatory circular 46 by the Tax Office.

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Increase of the limit for certain allowances for individuals from onesixth 1/6 to one-fifth 1/5

On 19 December 2019, an amending Income Tax Law (ITL) was published in the Official Gazette, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income.

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