Nil returns for FATCA and CRS
The Cyprus Tax Department has issued an announcement to financial institutions that registration to the “Ariadne” Internet portal for submission of FATCA or CRS returns is not obligatory if they have nothing to report, unless they have already registered for the e-submission service. Financial institutions which already registered but have no reportable information must either […]
Proposed changes to the rules for determining tax residence for individuals
According to authoritative media reports a proposed law has been presented to the Cyprus parliament to amend the rules for determining tax residency of individuals in Cyprus. Under the existing law individuals are resident in Cyprus if they are physically present for at least 183 days in the tax year. The initial draft of the […]
Cyprus Securities and Exchange Commission guidance on changes in the persons who effectively direct the business of Cyprus Investment Firms
The Cyprus Securities and Exchange Commission has issued a circular to Cyprus Investment Firms (‘CIFs’) it regulates reminding them of their obligations under Article 32 of the Investment Services and Activities and Regulated Markets Law of 2007 to notify CySEC of any changes in the persons who effectively direct the business of the CIF. Article […]
Cyprus Tax Department guidance on exchange of information relating to the Common Reporting Standard
The Cyprus Tax Department has published guidance regarding automatic exchange of financial account information and other information relating to the Common Reporting Standard. The “Guidance Notes on Automatic Exchange of Financial Account Information” published on the department’s website, provide detailed, comprehensive guidance in English on the application of international agreements and Cyprus legislation on the […]
Payment of income tax and submission of returns for 2016 for employees and self-employed individuals who are not required to produce audited accounts
The Cyprus Tax Department has issued reminders to taxpayers that the last payment date for 2016 income tax for employees and self-employed individuals who are not required to produce audited accounts (those whose turnover for the year does not exceed €70,000) is 30 June 2017. The income tax return must be submitted by 30 June […]
Extension of CRS Reporting submission date
The Cyprus Tax Department announced on 16 June that the submission date for CRS reporting for financial institutions has been extended until 21 July 2017.
Amendments to the Companies Law
Law 97(Ι) of 2016 amended the Companies Law Cap 113 in order to transpose the EU Accounting Directive (2013/34/EU) into domestic law with effect from 23 September 2016.. One of the most significant changes is the abolition of the exemption from audit that was previously available to small or dormant companies. Other changes relate to […]
Deferral of amended provisions regarding taxation of capital gains on shares in companies holding immovable property in Russia
In December 2016 the Cyprus Ministry of Finance announced that the Russian government had agreed to defer the introduction of source-based taxation of capital gains on shares in “property-rich” Russian companies, which was due to take place on 1 January 2017. Under the 1998 double taxation agreement between Cyprus and Russia, gains on disposals of […]
The changes to the Cyprus “intellectual property box”
In October 2016 the Income Tax Law was amended to bring its provisions on taxation of income from the use or sale of intangible assets into line with the “modified nexus” approach. This approach, which was agreed by G20 leaders towards the end of 2014 and adopted by the OECD and the EU, allows a […]
The new double taxation agreement between Cyprus and India
The revised double taxation agreement between Cyprus and India, which was signed on 18 November, took effect as regards Cyprus taxes at the beginning of 2017. Simultaneously with the agreement entering into force, on 14 December 2016 the Indian tax authorities rescinded the designation of Cyprus under section 94A of the Income Tax Act 1961 […]
