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 into law in July 2015.
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.
