Recent Developments in Cyprus Companies Law

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Abolition of Capital Duty (ΚΔΠ 364/2018) The Council of Ministers abolished the obligation to pay capital duty of 0.6% on the authorised share capital or any increase thereof. As a result, effective as of 18 December 2018, no capital duty shall arise (i) on the initial authorized capital at incorporation of a new company and

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Income Tax Return for Individuals for the Year 2017

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Following a recent amendment to the Assessment and Collection of Taxes Law , the Cyprus Tax Authorities (CTA) has granted an extension of the deadline until the 31st October 2018 for electronic submission of income tax return, and  payment of income tax for the tax year 2017, as follows: The deadline refers to the submission

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TAX NEWS-ON LINE PAYMENT OF TAXES

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As part of the Government’s effort to improve the electronic services offered to taxpayers, the Tax Department has recently announced that as from the 1st of June 2018, the settlement of the following taxes can be effected only electronically through the JCCsmart website. 0100 Income tax deducted from emoluments (PAYE) 0114 Reduction in salaries and

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Cyprus Tax News-VAT on land

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On the 3rd of November 2017, an amendment to the VAT legislation has been voted into Law by the House of Representatives in relation to the imposition of VAT at 19% on land transactions for business purposes. Specifically, the Law provides for VAT to be charged on the following transactions: The transfer of undeveloped buildable

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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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