On 1 September 2023 the Cyprus Registrar of Companies issued an announcement in view of the upcoming implementation of the final solution of the electronic system of the Register of Beneficial Owners that is expected to take place around the end of October 2023.
Through a circular issued on 7 July 2023, the Cyprus Tax Department (TD) clarified the method it considers as the most appropriate for determining the arm’s length pricing for financing transactions, including those of a “back-to-back” nature.
The Cyprus Tax Department issued a circular for transactions falling below the threshold for the preparation of a Local File.
The amendment relates to the deadline for payment of Special Contribution for Defense on rental income, in cases this is withheld at source. The tax should be paid...
On 22 June 2023 the Cyprus Parliament approved further amendments to the Income Tax Law in relation to this incentive.
On 8 June 2023 the Cyprus Parliament approved the bill on the application of a 5% VAT rate on the purchase or construction of a property to be used as the main and permanent residence by the buyer/s.
The Cyprus Tax Department announced on 9 June 2023, that the deadline for submission of the Income Tax Return for the year 2022 is extended from 31 July 2023 to 2 October 2023.
The ratification procedure in both countries has been completed and the Double Tax Treaty will enter in to force on 30 June 2023. It will generally apply as from 1 January 2024.
