News

January 2022: Amendments to the Cyprus Tax Legislation

Tax Newsletter – January 2022:  Amendments to the Cyprus Tax Legislation, with the purpose of strengthening the Cyprus tax framework for the prevention of tax abuse, tax evasion and tax avoidance.

BDO announces financial results 2021

Solid growth takes global revenues over US$ 11 billion

November 2021 - Action Plan presented by the Cyprus Government for attracting foreign companies to Cyprus

Indian Government approves Cyprus as a notified jurisdiction to grant privileged FPI Category I licence

On the 14th of June 2021, the Indian Capital Market regulator (SEBI) under the Foreign Portfolio Investor Regulations, 2019 (FPI), enhanced the scope of granting Category I  Licence not only to entities from Financial Action Task Force (FATF)  member Countries but also from any country specified...

Double Tax Treaty (DTT) between Cyprus and the Netherlands

On the 1st of June 2021 Cyprus and the Netherlands signed the long-awaited double tax treaty (DTT) for the avoidance of double taxation. The new DTT was ratified and published in the Official Gazette of the Republic of Cyprus on the 4th of June 2021.

New VAT Rules for cross border e-commerce

The Cyprus Tax Department issued an announcement on 19 May 2021 in respect of the new VAT rules relating to cross-border e-commerce transactions between businesses and consumers (B2C). These new rules will enter into force from 1st of July 2021. 

Implementation of the Register of Ultimate Beneficial Owners of Cyprus Companies

The maintenance of a central register of Ultimate Beneficial Owners of companies and other legal entities (“UBOs”) in Cyprus has been implemented as part of the process of full transposition of the 4th European Directive (EU 2015/849) of the European Parliament regarding the prevention of money...

Tax Newsletter January 2021: Implementation of EU Council Directive 2018/822 in relation to cross-border tax arrangements known as ‘’DAC6’’

The Cyprus Tax Department through an official announcement dated 5/1/21 has informed the public that the abovementioned EU Directive is expected to be transposed in the National Tax Legislation within this month and the relevant guidelines will then be issued in relation to the implementation and...

Tax Newsletter - September 2020 - Amendments to the Assessment and Collection of Taxes Law

In an effort to improve tax compliance and give enhanced powers to the Commissioner of Taxation of Cyprus in respect to the overall tax collection, the Assessment and Collection of Taxes Law was amended and published on the 20 August 2020 in the Gazette together with the release of a subsequent...