On the 24th of February 2023, FATF issued an updated list of jurisdictions under increased monitoring. The updated list includes Nigeria and South Africa to the jurisdictions subject to increased monitoring, and it also removed Cambodia and Morocco from…
On the 14th of February, the EU issued a press release updating its blacklist regarding non-cooperative countries adding the British Virgin Islands, Costa Rica, Marshall Islands and Russia to its list of non-cooperative jurisdictions for tax purposes. After this…
On 10 February 2023, the Cyprus Tax Department issued an updated text with Frequently Asked Questions regarding to transfer pricing. The article provides a few basic guidelines on certain matters of the new Transfer Pricing documentation rules that were…
All companies in Cyprus, following their incorporation with the Registrar of Companies, have the statutory obligation to maintain their registration up to date, by complying with their annual obligations and by notifying any changes in their details, within the…
The Ministers Council approved recently certain changes in the criteria for companies to register as foreign interest companies in Cyprus. These changes are valid from the 12th of December, 2022. The changes aim to attract companies, their employees, and their…
On 17/1/2023, the Cyprus Tax Department announced that the gradual implementation of the new Unified Tax Management System Tax For All (TFA) has already begun, which aims to gradually replace (among others) the TAXISnet platform and in the future…
In December 2022, an amending law on the Protection of Salaries was published in the Official Gazette of the Republic of Cyprus, which includes new terms regarding the employer’s obligations in matters relating to personnel, payroll and other issues….
General Healthcare System and Social Insurance contributions in Cyprus for the year 2023 will remain the same as in 2022. Contributions Employee Employer Self Employed Social Insurance 8.3% 8.3% 15.6% Social cohesion Fund 2% Redundancy Fund 1.2% Industrial…
On October 6, 2022, the Cyprus Shipping Deputy Ministry (SDM) announced that the “Law on the Shipping Limited Liability Company” of 2022, also known as the “SLLC Law,” had been approved by the House of Representatives. The SDM, with its…
The dates listed below are Bank and Public Holidays in Cyprus for 2023. On these dates, all public services, private companies, banks, and shops are closed, although many shops and certain services remain open in some areas, busy shopping…
Second instalment of temporary tax by 31st of December 2022. All Cyprus companies that have inventory must perform an annual stock take.
25/11/2022 After the debate of whether AML regulations can come in conflict with GDPR regulations for EU citizens, the European Court of Justice issued a judgment dated 22/11/2022 that (quoted from the press release) “…the general public’s access to information…
Based on legislation passed in February 2021, all transfers and sales of immovable property and/or shares of a company which is not listed on any recognized Stock Exchange and that directly or indirectly owns immovable property, a fee of…
Cyprus: The Deputy Ministry of Tourism announces that all self-catering accommodations (on AIRBNB, BOOKING.COM and other platforms) should be registered in the relevant registry of the Deputy Ministry by 06/02/2023. According to the relevant legislation, in order to be…
Contrary to owning tangible objects, such as for example owning a car, house or other objects, intellectual property refers to owning by a natural or legal person the creations of the human mind, such as an invention, design, distinctive mark, and artistic works.
The decree states that all individuals that during 2022 have an income not exceeding the amount of 19,500 euros are exempt from the obligation to file an income tax return for the year 2022.
AML Compliance has grown to become an integral part of the financial services sector. Following the law requirements, Our Cyprus-based AML Compliance team performs client identification and due diligence procedures comprised of the following four steps: identifying the client and…
The Cyprus Securities and Exchange Commission wishes to remind all trustees of express trusts or persons holding an equivalent position in similar legal arrangements, that they have a legal obligation to provide relevant requested information to the Register (Cyprus Trusts…
Cyprus: In the context of the digitization and modernization of the services offered to the Citizens, the Ministry of Labor and Social Insurance in cooperation with the Deputy Ministry of Research and Innovation, announced some changes in applying for unemployment…
Overseas entities with existing UK property interests or who intend to acquire property, must register their beneficial ownership information with the UK Companies House as soon as possible and before the 31st of January 2023 deadline. On 1 August…
September 2022: The Cyprus Minister of Labour and Social Insurance, announced yesterday (31/8/2022) the establishment of the National Minimum Wage after the meeting of the Council of Ministers. The Cyprus National Minimum Wage is set at 940 euros. For new…
The Department of Labor Inspection of the Ministry of Labor and Social Insurance will conduct, in September 2022, a special Inspection Campaign in hotels, restaurants and other premises for the distribution of ready-made food. Campaign purpose The purpose of the…
Income tax forms must be filed by employees, pensioners and self-employed individuals with gross income exceeding €19,500. An extension to the deadline for the submission of an income declaration and the payment of self-taxation by natural persons, for 2021, was…
After recommendations by the OECD, the Cyprus parliament approved certain documentation requirements on transfer pricing (June 30th, 2022). The legislation is effective from 1 January 2022. The purpose of the changed regulations is to warrant compliance of covered entities with…
The tax, calculated as 12.5% on the taxable income, is payable in two equal instalments, by 31 July and 31 December of 2022. Late filing of the return and payment of the tax will attract interest and penalties.
Interest and penalties will be imposed on any amounts due in case there is a failure to settle the relevant tax liabilities on time.
The Cyprus Parliament passed a law (23 June 2022) which reduces from 500 to 150 euros the maximum limit of the total financial burden (fine) that can be imposed on a company that fails to deliver its annual reports to the Department of the Registrar of Companies and Intellectual Property.
After the changes, the 3% will also apply to both Cyprus tax resident domiciled individuals and Cyprus tax resident legal entities.
Cyprus, June 2022. the House of Representatives passed an amending Law, changing the Cyprus Companies Law. The purpose of the changes is to help small businesses and audit firms reduce costs by simplifying the auditing procedure of the financial statements….
We would like to inform you that the final date for the annual levy tax for the year 2022, which is €350 per company, must be paid by 30 June 2022 at the latest.