EXTENSION OF THE PERIOD FOR MAKING ARRANGEMENTS FOR SETTLEMENT OF TAXES IN ARREARS IN CYPRUS
04/10/2017

EXTENSION OF THE PERIOD FOR MAKING ARRANGEMENTS FOR SETTLEMENT OF TAXES IN ARREARS IN CYPRUS

in 2017, Finance, Tax
  1. Introduction

On 29 September 2017, a law which extends the deadline for submission of a claim for the payment of tax arrears from 3 October 2017 to 3 January 2018 was passed by the House of Representatives of Cyprus.

The new law also limits the time by which tax returns up to the tax year 2015 not yet filed may be filed. All such tax returns must now be filed until 30 June 2018 to benefit with the provisions of the law.

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Group Financing
23/02/2017

Group Financing

in 2017

Cyprus Tax Authorities have announced the intention that minimum margin scheme for Group financing will be abolished on 1 July 2017. Current regime was regulated according to the correspondence between the commissioner of Tax Department and the Taxation Committee of ICPAC dated 4 July 2011. According to the current legislation, minimum accepted margins for intra-group financing range between 0.125% – 0.35%

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Amendments to the IP Box regime in Cyprus
18/07/2016

Amendments to the IP Box regime in Cyprus

in 2016

A. Introduction

The Cypriot Government has presented to the House of Representatives this week amendments to the income tax laws in order to bring the Cypriot legislation on the taxation of the income from the exploitation or sale of intangible assets, in line with the provisions of the OECD BEPS Action 5 and within the new EU rules on the subject.

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Latest Cyprus Tax Updates
06/07/2016

Latest Cyprus Tax Updates

in 2016

July 6th, 2016 – Temporary tax – Preliminary self-assessment for the year 2016

Under the provisions of the Income Tax Law, every Company must submit to the Tax Authorities by 31st July a preliminary self-assessment, declaring the Company’s estimated Taxable income of the current year as well as the respective Tax payable. The general income tax rate for all companies for 2016 is 12.5%.

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