Termination of Intra-Group Financing Transactions Circular
As per the enclosed Circular 1/2023 issued by the Cyprus Tax Department on 05 January 2023, Interpretative Circular 3 dated 30 June 2017 which captured Intra-Group Financing Transactions should be
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