On 7 February 2020 the Cyprus government passed a new Law providing significant reliefs (from 50% up to 95%) on interest and penalties on overdue taxes including income tax, VAT, special defence contribution tax, capital gains tax and stamp duty, depending on the number of instalments chosen...
Kazakhstan implemented the Cyprus - Kazakhstan Double Tax Treaty on 30 December 2019 which Cyprus ratified on 24 May 2019. The Treaty is now in force and will be in effect as from 1st of January 2021. Below is a summary of the main provisions of...
All Cyprus companies have an obligation to file with the Registrar of Companies an Annual Return (HE32), which must be accompanied by the company’s audited financial statements of the previous year. In accordance with the new Law N. 149(I)/2018 the Annual Returns (HE32) for all the...
The protocol to the Cyprus – Ukrainian double tax treaty which was signed in 2015 was enacted into law by Ukraine on 30 October 2019 and shall have effect on 1st January 2010. The main provisions of the protocol are as follows: Dividends – a 5% withholding...
A double tax treaty with Egypt was signed on 8 October 2019, the provisions of which will take effect on or after 1 January following the date the treaty enters into force. Currently, Egypt levies withholding taxes of 10% on dividends and 20% on interest and...
Following recent amendments to the Cyprus Companies Law, Cap. 113 the Cyprus Registrar of Companies will impose administrative penalties on certain filings submitted after the prescribed timeframes as provided by the Law. These penalties will be effective from 18 December 2019 and are as follows: Annual...
It is a requirement of the Cyprus tax system that tax on a company’s profits for the current tax year ending 31.12.2019 is prepaid. The temporary tax returns for 2019 must be completed filed on time. Any tax thereof, if applicable, must be paid in two...
A new double tax treaty with the Netherlands was concluded in September 2019, the provisions of which will take effect on or after 1 January 2021. The taxes that are covered are as follows: Dividends – the treaty provides for a 15% withholding tax on dividends unless...
Τhe GDP growth rate in real terms during the first quarter of 2019 is positive and estimated at +3,2% over the corresponding quarter of 2018 Total deposits in April 2019 recorded a net increase of €236,9 million, amounting to €47,7 billion, according to figures...
A double tax treaty with Kazakhstan was signed on 15 May 2019, the provisions of which will take effect on or after 1 January following the date the treaty enters into force. Currently Kazakhstan levies withholding taxes of 15% on dividends, interest and royalties. Under the...
