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 place for entry into application of the amended ‘Directive on Administrative Cooperation’ from 1 January 2016.
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.
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 attracting foreign investments.
We briefly outline below the main provisions with respect to the various tax law amendments:
