The European Court of Justice (the Court) has ruled that the provision of the European Anti-Money Laundering Directive (the Directive) - which provides that the information of the beneficial ownership of companies incorporated within the European Union shall be made accessible to the general public...
In accordance with article 327 (2 A) (b) of the Companies Law, Chapter 113 the department of the Registrar of Companies and Intellectual Property can proceed with the deletion of a company from the register if it fails to pay the annual fee for a...
On 30 June 2022 the House of Representatives voted that the deadline for the payment of the annual levy for the year 2022 is extended until 31 December 2022, without the imposition of any additional penalty....
In accordance with new amendments to the Companies Law, Cyprus Companies that fail to submit the Annual Return on time for the years 2021 to 2024 will have a reduction of the maximum penalty from €500 to €150....
All Cyprus companies must pay an annual fee of three hundred and fifty euros (€350) by the 30 of June of each year....
The Department of Registrar of Companies hereby announces that the Minister of Energy, Commerce and Industry, issued a decree on 21 of December 2021 according to Section 391(5)(b) Cap.113, by which, the deadline for payment of the Annual Levy by registered companies for the year...
The Cyprus Registrar of Companies on 8 July 2021 announced that the deadline for the payment of the 2021 annual company levy has been extended from 30 June 2021 to 31 December 2021....
The following deadlines have been extended by the Cyprus government for the filing of tax returns by companies and individuals:-...
On 12 March 2021 the Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited Financial Statements. ...
There are new declarations on Taxisnet through which Special Defence Contributions and GESY should be recorded on the payment of interest and dividends....
In order to attract foreign employees to work in Cyprus, law was passed in 2012 giving various tax incentives up to 31 December 2020 for foreign individuals. These stated that the lower of €8.550 or 20% of the remuneration from any employment exercised in Cyprus...
It has been announced by the Commissioner of Taxation that if a person's gross income for the year 2019 exceeds €19.500 (it applies to employees, pensioners and self-employed persons who do not prepare audited financial statements) the date for filing of their electronic personal tax...
Personal tax returns – up to the year 2019 an individual was only obliged under the law to file his personal tax return if his income exceeded €19.500. From year 2020 all individuals are obliged to file a personal tax return irrespective of their level...
It has been announced by the Commissioner of Taxation that if a person’s gross income for the year 2019 exceeds €19.500 (it applies to employees, pensioners and self-employed persons who do not prepare audited financial statements) the date for filing of their personal tax return...
Negotiations to the Cyprus and Russian double taxation treaty have taken place following the request from Russia for an increase in the withholding tax on income from dividends and interest to 15% (currently the treaty provides for withholding tax of either 5% or 10% on...
Part of the measures taken by the Cyprus government in order to support companies and businesses to restrict the spread of COVID-19, the Department of Registrar of Companies and Official Receiver issued the following announcement on 23 March 2020: The payment of the annual levy...
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...
As from 1 March 2019 all employees, pensioners, self-employed and persons having rental income must contribute 1,7% of their monthly income (self-employed persons must contribute 2,55%) to the National Health Insurance System (ΓεΣΥ). Employer’s contributions will be 1,85% and the State will contribute 1,65% for...
The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the European Union. In the absence of a Withdrawal Agreement, the UK will be treated as a non-EU country as of 30 March 2019. Therefore, the provision of services and...
Committed to boosting this highly promising sector, the government of the Republic of Cyprus introduced a package of incentives encouraging international producers to choose Cyprus as their next film destination. In specific, production companies that opt to film in Cyprus will be able to choose...
Capital Intelligence Ratings, the international credit rating agency, has announced that it has upgraded the Republic of Cyprus' Long–Term Foreign Currency Sovereign Rating to 'BB' from 'BB-' and affirmed its Short–Term Foreign Currency Rating at 'B'. At the same time, the Outlook for Cyprus' ratings...
There is a significant increase in the new Cyprus company registrations in the first six months of 2018 indicating the increase of international business activity on the island and the major progress of the economic activity. The average increase of the new Cyprus company registrations for the...
In accordance with the Registrar of Companies and Official Receiver in Cyprus, the number of company registration applications increased in July 2017 numbering 1.304. The number of company registration applications in the first seven months of 2017 was 7.750, showing an increase of 1,2% in the...
The Parliament of the Republic of Cyprus has recently passed a bill that establishes a shipping ministry. The Deputy Ministry of Shipping will handle all shipping issues fast as well as improving the state services, the promotion of the Cypriot flag, and the strengthening of...
On 13th September 2016 the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. These are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use...
Any companies who have outstanding filings regarding the annual returns and audited financial statements up to 31 December 2016 will be striked off from the Register of Companies. ...
The following Double Tax Treaties have been signed by the Cyprus government and will become effective as follows: 1. Switzerland (signed in 2014 – effective 1 January 2016) 2. Iran (signed in 2015 – effective 1 January 2016) 3. Guernsey (signed in 2014 – effective 1 January 2016) 4....
In an effort to improve global tax transparency, the Cyprus government has adopted the standard of automatic exchange of information developed by the Organization for Economic Co-Operation and Development (OECD) known as Common Reporting Standard (CRS). Starting from 1 January 2016, the Cyprus Tax Authorities require...
On 2 December 2014 the Republic of Cyprus has signed the FATCA Intergovernmental Agreement with the United States of America which aims at fighting the tax evasion of persons who are tax liable in the USA and use bank accounts and investments in securities held...
As from 6 April 2015 all capital controls and restrictions on the transfer of money by individuals or companies out of Cyprus have been lifted. ...
All companies registered in Cyprus must file their annual returns with the Registrar of Companies up to and inclusive the year 2013 immediately. Failure to do so will result to the striking off the company from the register. ...
The standard VAT rate is increased from 18% to 19% as from 13 January 2014. ...
It has been announced by the Cyprus Registrar of Companies that any company which is registered between 1 July 2013 and 30 June 2014 the annual fee payable is €350. ...
The rate of corporation tax has increased from 10% to 12,50% as from 1 January 2013. ...
