New exemption rules for new CY employment for individuals

On 26 July 2022 new amendments have been published in the Government Gazette (relevant publication can be found here) which concern Articles 8(21), 8(21A), 8(23) and 8(23A) of the Income

New Transfer Pricing Documentation requirements

New amendments to the Income Tax Law Section 33 and the Assessment and Collection of taxes Law have been published in the Government Gazette on 08 July 2022 (relevant ITL

New Corporate tax residency test/Definition of a Cyprus tax resident company

As per an Income tax law amendment published in the Official Gazette on 21 December 2021 (can be found here), an additional tax residency test is introduced, which captures Companies

Amendments to the Cyprus tax legislation for the prevention of tax abuse

On 21 December 2021, certain amendments were published in the Official Gazette (SDC amendments here and ITL amendments here) which refer to withholding tax (WHT) payments by Cyprus tax resident

TAX ALERT: 2022 TEMPORARY TAX

As per the Cyprus tax framework, Cypriot taxpayers have the obligation to self-assess/estimate their tax liability and make relevant settlements in this respect, during the year. For the upcoming deadline

Extension of 2020 income tax returns submission deadline for companies and physical persons

The House of Representatives has approved on 24 March 2022, an extension to the deadline for the below filings from 31 March 2022 until 31 July 2022: Electronic submission for

New Action Plan to Attract businesses to Cyprus

On October 15th 2021 the Council of Ministers approved an action plan for attracting companies to operate or expand their activities in Cyprus. The new strategy is in line with

Tax Alert concerning Deemed Dividend Distributions for the profits of tax year 2019

Cyprus tax resident companies are deemed to have distributed at least 70% of their 2019 DDD-adjusted profits, by 31 December 2021 and settle relevant SDC and/or GHS (if any) by